- Rosenblatt analyst Blair Abernethy rated Splunk Inc (NASDAQ:SPLK) shares at Buy with a price target of $130.
- Splunk appointed Brian Roberts as CFO, effective immediately.
- On September 26, Splunk disclosed that the former CFO Jason Child stepped down to take another position in early November. Softbank Group Corp (OTC: SFTBY) owned British chipmaker Arm Ltd appointed Splunk Inc’s SPLK Jason Child as its new CFO.
- Since then, Splunk has been operating with an Office of the CFO that includes the CEO and others.
- Roberts was previously CFO of Ozone Networks, before that, CFO of Lyft, Inc (NASDAQ: LYFT), and held senior roles at Walmart Inc (NYSE: WMT) and Evercore Inc (NYSE: EVR).
- The analyst views the appointment of Roberts as an incremental positive for Splunk as it provides greater certainty and brings a fresh perspective to the executive team when Splunk completes its model transition.
- The analyst expects Splunk to demonstrate significant cash flow improvements over the next year.
- The analyst views Splunk’s trading multiple at an attractive discount to its peers despite its rapidly growing Cloud business, and it is nearing the end of its model transition.
- Price Action: SPLK shares traded lower by 0.93% at $92.23 on the last check Tuesday.
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