It's not surprising that an analysis of activist investors shows Starboard Value and Elliott Management are among the most, well, active of activists. Both feature frequently in high-profile fights ranging from Salesforce to eBay. What is more surprising is that some smaller firms, such as Engaged Capital and Legion Capital Management, are heavily in the fray and making waves. As it turns out, you don’t have to be huge to get a company’s attention.
Engaged and Legion’s presence in the company of those other behemoths shows how crowded the activist field has become in the tech sector. That was particularly noticeable last fall when five activist firms began piling into Salesforce, one of a number of tech companies targeted in the past couple of years as stock prices have fallen across the board. Other targets have included Pinterest and Twilio. In each case, the activists have had an impact, prompting changes in management approach and sometimes asset sales.