Shares of Cornerstone OnDemand are jumping after Jose Feliciano’s Clearlake Capital Group disclosed an 8.3% stake in the company, which represents over 5.5M shares. The filing with the SEC allows for activism. Clearlake initially acquired the shares for investment purposes, but said it changed its intent and is “currently evaluating alternatives for their current investment and potential future investment” in Cornerstone. Towards that end, Clearlake has engaged in communications with members of management and the board for the “review and evaluation of strategic alternatives, opportunities to increase shareholder value, Issuer operations, governance and control.” Clearlake Capital added that it may seek to enter into a non-disclosure agreement. Shares of Cornerstone OnDemand are up 5%, or $2.20, to $46.17 in morning trading.