Salesforce’s firm stock price wooed some investors during third quarter-filings. According to regulatory records, Salesforce (CRM.N), a software business, drew more capital from investors during the third quarter despite one of its early public detractors cutting its position even further. The company’s share price was rising.

According to records, Farallon Capital Management grew its investment by 30% to own 2.5 million shares on September 30, while Sachem Head Capital Management increased its interest by 33% during the third quarter. During the second quarter, the two hedge funds reduced their stake in Salesforce.

Early in 2023, five well-known corporate agitators—including Elliott Investment Management—began pressuring Salesforce, making it a hot target for activist investors.

More robust profitability combined with cost reductions, a rise in share buybacks, and the mergers and acquisition committee dissolution strengthened investor support. According to those acquainted with the proceedings, word spread that Mason Morfit, the activist who manages ValueAct Capital, had been invited to join the board, which helped quiet some critics.

Since January, Salesforce’s stock price has increased by 64%.

According to the papers, Starboard Value, the first activist to openly discuss the need for reforms at Salesforce in October 2022, again reduced its investment. The hedge fund’s holdings as of September 30 were 1.7 million shares, a 14% decrease from their position after the second quarter. It reduced its investment by 20% in the second quarter.

After each quarter, investment managers must declare to the Securities and Exchange Commission the amount of U.S. equities they own, and they have 45 days to do so. This Tuesday is the deadline for third-quarter “13-F” filings.

Even though 13-F filings look backward, investors carefully watch them to spot patterns.

During the third quarter, several investors who might not have advocated for changes also decreased their shares. According to the documents, Light Street Capital Management reduced its position by 44%, while Polen Capital Management did the same by 3.2%.

Unlike other mutual funds, activist investors frequently sell their holdings when they experience success or failure in securing reforms.

Salesforce’s stock price has been rising even though it lost some ground in the third quarter. On Tuesday, it finished trading at $221.18.