Microsoft Shareholder Revolt Ahead?

Microsoft's shareholders could be gearing up flex their muscle, Normura's Richard Sherlund said Wednesday.

"The stock really hasn't done anything on a net basis. It's moved from $20 to $37," he said. "The last 13 years, it's actually down 4 percent."

Microsoft stock traded at $34.79 per share in the early afternoon.

On CNBC's "Fast Money," Sherlung said that shareholders might be pushing for change soon.

"We think there's a change in the wind here, where investors are probably not going to be as polite as they were before," he said. "I think things are about to change, and we could see some real activity here on the board level."

While PC sales continue to slip and tablets increase their market share, Microsoft doesn't have as much of a catalyst for gains as competitors such as Apple or Samsung, Sherlund said.

"I think the next level up in the stock, we think is more likely to be driven by this focus on enhancing shareholder value," he added.

(Read More: Buy Microsoft on Windows 8 Weakness: Richard Sherlund)

Sherlund said he expected shareholders to request a seat on Microsoft's board of directors.

"If they don't get it the nice way by asking for it, they have to go through the proxy process. It's much more public. They'll have to break a lot more glass to sort of achieve their goals," he said. "But if they can get a board seat, I think they start to work on the more independent board members and trying to move the company to more realization of some of these issues."

(Read More: Porter Bibb's Tough Questions for Tim Cook)

Trader disclosure: On May 29, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Pete Najarian is long AAPL; Pete Najarian is long BAC CALLS; Pete Najarian is long C CALLS; Pete Najarian is long JPM CALLS; Pete Najarian is long XLF CALLS; Pete Najarian is long CSCO CALLS; Pete Najarian is long YHOO CALLS; Pete Najarian is long BBRY ; Pete Najarian is long SBUX; Pete Najarian is long FB; Pete Najarian is long F CALLS; Pete Najarian is long BMY; Jon Najarian is long BAC; Jon Najarian is long GLD; Jon Najarian is long MSFT; Jon Najarian is long SFD; Jon Najarian is long F; Jon Najarian is long JOY; Jon Najarian is long NTAP; Jon Najarian is long OC; Jon Najarian is long TMO; Jon Najarian is long ZNGA; Jon Najarian is long UVXY; Mike Murphy is long BAC; Mike Murphy is long FB; Mike Murphy is long F; Josh Brown is long AAPL; Josh Brown is long GLD; Josh Brown is long TGT; Josh Brown is long KORS; Josh Brown is long F; Josh Brown is long VAW.