- 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.
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