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Meg Whitman has managed Hewlett Packard Enterprise (HPE) - Get Hewlett Packard Enterprise Co. (HPE) Report  straight out of the activist playbook.

The enterprise technology company split from consumer-focused PC and printer maker HP (HPQ) - Get HP Inc. (HPQ) Report  in November of last year, and has been breaking off units and paying cash to shareholders ever since.

In May, the company said it would spin out its enterprise services unit and merge the business with Computer Sciences (CSC)  in an $8.5 billion transaction.

Then, in September, Hewlett Packard Enterprise announce a similar, $8.8 billion deal to merge its software operations with Micro Focus International plc.

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As Hewlett Packard Enterprise focused the business through divestitures, it returned cash to shareholders-another favorite of activists. "We were aggressive in 2016 with our share repurchases," CFO Timothy Stonesifer said during the company's fiscal fourth-quarter earnings call in November. The company returned $3 billion, triple the originally planned number, and committed another $3 billion for 2017.

Still, one technology investor said, there is a thesis that the company could continue to break off pieces and perhaps go private. Hewlett Packard Enterprise declined to comment for this story.

"The company is on track to sell non-core assets, which should allow for narrowed focus toward the higher-margin, more predictable Enterprise Services busines," wrote Jack Mohr, TheStreet's chief investment strategist and co-portfolio manager of the Action Alerts PLUS Charitable Trust portfolio, which owns HPE, in a recent note. "HPE's stock continues to trade at a discount to the base case as a result of weak conviction by its potential ownership base."

Mohr has a valuation of $27 per share on HPE stock, while its shares traded at $24.56 per share Friday. 

In recent quarters, Jana Partners, Starboard Value and FrontFour Capital have taken stakes, according to FactSet. One person suggested that Starboard's stake is held in the firm's investment fund rather than its activist fund.

The positions are small but activist-minded investors often acquire minor stakes before bulking up their holdings. Jana, which started buying shares of Hewlett Packard Enterprise in the second quarter, had a .41% stake by the close of the third quarter, data from FactSet shows. Starboard Value picked up a .33% stake in the third quarter. FrontFour's position at the end of the third quarter was less than a tenth of a percent. Starboard and FrontFour did not respond to queries about whether they intend to discuss strategy with the company, though one person said such conversations have not occurred. Jana declined comment.

Wells Fargo analyst Maynard Um noted investments in the company in a report ahead of the fourth-quarter report, but suggested that the tax issues related to the ongoing spins could limit the options for Hewlett Packard Enterprise. "While there has been increased interest from activist investor, we believe a go-private transaction is unlikely near/medium term as we believe [Hewlett Packard Enterprise] is unlikely to insert any risk to its tax-free spins," Um wrote.

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The bulk of what's left after the spins is the enterprise group, which includes servers, technology services, storage and networking units and generated $6.7 billion in sales during the most recent quarter, or 51% of Hewlett Packard Enterprise's top line. The company's financial services business generates $814 million in revenue in the fourth quarter, or 6% of total sales.

Richard Kugele of Needham suggests that Hewlett Packard Enterprise is undervalued by a few dollars a share.

Kugele values the company at $25.95 per share. The sum includes $14.30 per share for the businesses that will remain with the company after the spins, $7.38 per share for the compensation from the divestiture of the enterprise services business that is combining with Computer Sciences and $4.27 per share for the software unit being merged with Micro Focus.

The splits are likely done and as a result Morningstar analyst Tim Feeney questioned whether there is still much upside for activists to realize.

"Hewlett Packard Enterprise has just revamped itself so much in the last year shedding their enterprise services and software segments. I don't think you would see further carve outs or divestitures," Feeney said.

Jack Mohr, TheStreet's cheif investment officer and co-portfolio manager of the that shareholders need to focus on "management's ability to drive shareholder value creation by streamlining the business, better positioning HPE for growth and, most importantly, unlocking value via strategic actions/asset sales to further buffer its powerful capital return program," going forward.

While HPE may have settled on its mix of units, cloud offerings from Amazon (AMZN) - Get Amazon.com, Inc. Report , Alphabet's (GOOGL) - Get Alphabet Inc. Class A Report  Google and Microsoft (MSFT) - Get Microsoft Corporation (MSFT) Report  have introduced difficult questions for large IT groups.

"We're almost in almost in sort of a purgatory right now, in terms of understanding what the impact of the public cloud is going to be on some of these legacy IT infrastructure data center companies," Feeney said.

The former Dell and EMC have gone private to remake themselves and weather the transitions in technology outside of the glare of the public markets.  Michael Dell and Silver Lake Partners took Dell private in 2013, and last year acquired EMC for $67 billion to form Dell Technologies Inc.

Whitman has gone a different route, by streamlining Hewlett Packard Enterprise through spins.  "If you viewed Hewlett Packard Enterprise as an LBO candidate, it should have already happened" Morningstar's Feeney said. "They are transforming the business and are well on the way through that process."

The company could bolster some of the divisions by acquisitions. Next generation storage companies such as Nimble Storage (NMBL) , Pure Storage (PSTG) - Get Pure Storage, Inc. Class A Report  and Nutanix (NTNX) - Get Nutanix, Inc. Class A Report  have gotten cheaper in the last week or so.

Nimble tumbled more than 16% after disappointing earnings on Nov. 23, and has continued to drop. Of the group, it is the most affordable with a $630 million market cap.

Pure and Nutanix plummeted on Thursday after reporting earnings. Pure dropped 10% Thursday market cap around $2.47 billion, while Nutanix fell 11.6% to bring its market cap below $4 billion.  Nimble, Pure and Nutanix declined to comment.

Hewlett Packard Enterprise and Alphabet are holdings in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells HPE or GOOGL? Learn more now.