The two hedge funds had each cut their investments in Salesforce during the second quarter. Still Starboard Value the first activist to speak publicly in October 2022 about needed changes at Salesforce cut its stake again, the filings show. On Sept. 30, the hedge fund owned 1.7 million shares, marking a 14% drop from what it owned at the end of the second quarter. Light Street Capital Management cut its stake by 44%, while Polen Capital Management trimmed it by 3.2%, the filings show. While Salesforce's stock price lost some ground during the third quarter, it has continued to move higher and closed trading at $221.18 on Tuesday.

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Persons: Porte, Benoit Tessier, Salesforce, Mason Morfit, Svea Herbst, Bayliss, Aurora Ellis Organizations: Viva Technology, Porte de, REUTERS, Capital Management, Farallon Capital Management, Elliott Investment Management, ValueAct, Investment, Securities and Exchange, Street Capital Management, Polen Capital Management, Svea, Thomson Locations: Paris, France, Salesforce, Polen