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Benzinga
Benzinga
Business
Anusuya Lahiri

Here's Why Splunk Shares Are Soaring Today

Splunk SPLK Gary Steele Splunk Inc Wall Street Journal
  • Private-equity firm Hellman & Friedman LLC acquired a 7.5% stake in Splunk Inc (NASDAQ:SPLK) worth about $1.4 billion.
  • The Wall Street Journal reports that Hellman & Friedman started buying the stake in mid-late December after Splunk shares plunged when the company's former CEO resigned following several quarters of disappointing results. 
  • The stake would make Hellman & Friedman the most prominent active shareholder of Splunk, which has a market value of nearly $20 billion.
  • Related Content: Read How Analysts View Cisco's Potential Takeover Offer For Splunk
  • Earlier this week, Splunk appointed Gary Steele as its new CEO. He was the founding CEO of Proofpoint Inc.
  • Splunk also reported fourth-quarter FY21 revenue growth of 21% from a year ago to $901.1 million, beating consensus of $774.6 million. Annual recurring revenue rose 32% Y/Y to $3.12 billion.
  • Price Action: SPLK shares traded higher by 6.36% at $129.58 on the last check Friday.
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