What happened Shares of Box (NYSE: BOX) have surged today, up by 12% as of 11:50 a.m. EDT, after activist investor Starboard Value disclosed a new stake in the cloud storage provider. In a regulatory filing, the hedge fund said it had acquired 11 million shares, good for a 7.5% stake. So what In the filing, Starboard states that it purchased the shares believing that they were "undervalued and represented an attractive investment opportunity" at the time of the transaction. The fund "may endeavor to increase or decrease their position" in Box based on overall market conditions. Image source: Box. The newly acquired stake makes Starboard Box's third-largest shareholder behind Vanguard and BlackRock. Box has underperformed the broader market by a significant margin since going public in 2015. Now what "While we do not comment on interactions with our investors, Box is committed to maintaining an active and engaged dialogue with stockholders," Box responded in a statement. "The Board of Directors and management team are focused on delivering growth and profitability to drive long-term stockholder value as we continue to pioneer the Cloud Content Management market." Starboard has not yet come up with any detailed plan or proposals regarding changes it wants to see but intends to engage with Box's management team and board of directors. Those talks could potentially include a sale of the company or other efforts to maximize shareholder value, such as "changes to the capitalization." Like many tech companies, Box has a dual-class structure that gives insiders outsize voting power. 10 stocks we like better than BoxWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has quadrupled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Box wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of June 1, 2019 Evan Niu, CFA has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Box. The Motley Fool has a disclosure policy.Source