Why Splunk (SPLK) Shares Are Trading Higher Premarket Today

Activist investor Starboard Value LP owning a sizable stake in Splunk Inc SPLK, plans to push the software maker to take action to boost its stock price.
Starboard's stake is just under 5%, the Wall Street Journal reported.
Starboard founder and CEO Jeff Smith will appear at an activist-investing conference on October 18 and will likely detail the fund's thesis.
Also Read: Splunk's Observability Platform Likely To Add Value, Analyst Says
Splunk makes software used by companies in information technology and security operations to monitor threats and analyze data.
It has a market value of $11.4 billion after the shares dropped nearly 40% this year amid a broader selloff.
Earlier this year, when Splunk was without a CEO, and its shares had plummeted following a series of disappointing earnings reports, it attracted takeover interest from at least Cisco Systems, Inc CSCO.
Splunk named Gary Steele as its new CEO in March after Doug Merritt stepped down in late 2021.
In September, Splunk disclosed that its CFO would depart in November to take a position at Softbank Corp SFTBY SFTBF owned British chipmaker Arm Ltd.
Price Action: SPLK shares traded higher by 11.10% at $78 in the premarket on the last check Monday.