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HPE shares pop after activist Elliott Management takes $1.5 billion stake

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Shares of Hewlett Packard Enterprise jumped nearly 7% after Elliott Investment Management took a more than $1.5 billion stake in the server maker, a person familiar with the matter told CNBC.

The activist investor hopes to engage the company in discussions on how to improve shareholder value, the source said.

Elliott declined to comment on the news. HPE did not immediately respond to CNBC’s request.

Shares of the data center equipment maker have lost more than a fourth in value this year. Last month, the company topped quarterly revenues expectations, but issued weak fiscal full-year guidance. HPE also said it grappled with higher discounting.

Bloomberg first reported the news.

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