(Bloomberg) -- Salesforce Inc. will probably be urged by activist investors Elliott Investment Management and Starboard Value to cut more jobs, make changes to the board and spin off big acquisitions in search of greater profit, Wall Street analysts said.

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The company, the top maker of customer relations software, has been struggling with slowing growth, executive departures and investor pressure. The shares have lost half their value since a late 2021 peak, and were in the bottom 10th of S&P 500 stocks last year.

Investors greeted the news Sunday that Elliott had taken a multibillion-dollar stake by sending shares up 3.1% Monday to close at $155.87 — the highest price since the company announced co-Chief Executive Officer Bret Taylor’s departure on Nov. 30.

Salesforce said earlier in January that it would eliminate about 10% of its workforce, which had increased more than 60% in almost three years to about 80,000 employees by the end of October 2022. Some of that growth came from multiple acquisitions, including the 2021 takeover of business chat application Slack for more than $27 billion. Elliott’s presence as an activist investor reduces concerns that co-founder Marc Benioff might make impulsive mergers to invigorate growth as the sole CEO in the wake of Taylor’s exit, wrote Jordan Klein, an analyst at Mizuho Securities.

Activist investors often push for strategic changes and board representation. Salesforce’s directors are particularly vulnerable to shareholder activism since each member is up for reelection this year, and four non-founders have been on the board for more than 15 years, wrote Patrick Walravens, an analyst at JMP Securities. Discussions over potential board candidates are likely to move quickly, because the current nomination window begins in three weeks.