Splunk Likely To Significantly Improve Cash Flow After New CFO Appointment, Analyst Says

Rosenblatt analyst Blair Abernethy rated Splunk Inc (NASDAQ:SPLK) shares at Buy with a price target of $130.  Splunk appointed Brian Roberts as…
  • 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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