Elliott Management purchased shareholdings in NetApp Inc and true to its activist hedge fund nature, the firm is moving the company to change its board and look for ways to increase shareholder value. 

The moves were confirmed by individuals familiar with the situation who spoke on condition of anonymity.

NetApp increased in value by as much as 8.1%, all the while the hedge fund firm has been in discussion with the NetApp management for the last few weeks. The proposals under discussion include cash returns to shareholders as well as changes in management personnel.

Currently, Elliott has less than 5% shareholdings in the company. NetApp has long been rumored to be the target of takeover bids from Oracle Corp and Cisco Systems. NetApp has been able to position itself with beneficial business store data management on the Web, it still lags behind larger rivals in terms of technological innovation and advancement.