![]() ![]() I’ve walked over four marathons during conference calls in the last year. It’s really exciting to be here.Īs for my Million Data Points. It’s so great to be a Splunker! I’ve actually admired Splunk for a long time as a partner from AWS and have heard incredible praise for Splunk from customers throughout the years. ![]() I’ve said it a million times, but welcome to Splunk, Teresa! Can you please share a couple of your “ Million Data Points” we wouldn’t easily find on the web? Teresa told us how excited she is to join Splunk, so instead of my telling you more, let’s go to the source: Her expertise will be invaluable to Splunk as we continue to build on our strong foundation and rapid expansion - but she also embodies the values that define our Splunk culture. Having served as Vice President for Amazon Web Services' worldwide Industry and Public Sector business and Vice President for Microsoft’s federal government business, Teresa brings deep industry, software and cloud knowledge. The consensus price target of $188 and change calls for over 50% upside from current levels.As we announced a couple of weeks ago, we are thrilled that Teresa Carlson is joining our Splunk team as President and Chief Growth Officer. The Bottom Line on Splunk StockĪnalysts are still mostly bullish on shares of Splunk, even after the slate of recent price target downgrade. The average Splunk price target of $188.38 implies 50.6% upside potential.Īnalyst price targets range from a low of $153 per share to a high of $225 per share. Turning to Wall Street, Splunk has a Moderate Buy consensus rating, based on 12 Buys and six Holds assigned in the past three months. The only question is if Splunk can find a top boss that can steer the ship back on course because the rough waters have made many investors woozy. That said, I certainly wouldn't dare short the stock, as it still has secular tailwinds at its back. ![]() For that reason, it's tough to get behind the stock on weakness. Only time will tell if that's the case, but there is a bit of haze surrounding the firm's future and its direction from here, with competitive pressures that could intensify over the coming years. Such high-level departures give investors the right to be concerned. Indeed, CTO Tim Tully also left Splunk less than a year ago. Moreover, given that Merritt is leaving after the stock had already shed nearly half of its value from peak to trough, investors may think the man is jumping off a sinking ship. Having an interim CEO in Graham Smith stepping up doesn't bode too well for investor confidence, like a groomed, permanent CEO would. Are Management Departures Reason for Concern?Īlthough there's a chance Merritt may have left on good terms, the situation does not look good in the slightest. Indeed, a company can take steps to avoid an immediate 18% drop when delivering such news. There are many reasons why a CEO would want to leave a company. As such, I would not be surprised if further analyst downgrades cause even more selling pressure on the name. The management move introduces another layer of uncertainty to an already difficult-to-evaluate company with an incredibly uncertain outlook. While such a transition was meant to be turbulent, with numbers that looked weaker than they were, investors now have another major reason to give up on the stock, with Merritt no longer at the helm. Undoubtedly, Splunk has been spending a lot of cash, and the fundamentals have been clouded by the firm's transition into the cloud. Splunk has been quite the laggard of late, now down around 43% from its all-time high in the summer of 2020. Cloud Transition Clouds Performance, CEO Departure Is Untimely ![]()
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