Splunk (NASDAQ:SPLK) stock is on the move Monday as talk suggests that an activist investor is interested in the U.S. software company.
According to the latest reports, activist investor Starboard Value has obtained a roughly 5% stake in SPLK stock. The investor is apparently interested in pushing Splunk to take actions that will boost the price of its shares.
At least, that’s what insiders are saying about SPLK stock today. They also claim that Starboard Value CEO Jeff Smith will take part in a conference call tomorrow to discuss the firm’s stake and intentions with Splunk.
What This Means for SPLK Stock
An activist investor like Starboard Value taking an interest in SPLK stock could be good news for shareholders. The firm could push for changes at the company that force it toward leaner operations and higher profits. While that might not excite executives, it’s something traders will want to keep an eye on.
Shareholders seem receptive to the idea, with SPLK rising on heavy trading today. As of this writing, more than 3.5 million shares have been traded. That’s already above the daily average trading volume of about 2.2 million shares.
SPLK stock is up 6.8% as of Monday afternoon but down 36% since the start of the year.
Investors seeking out all of the latest stock market news will want to keep reading!
InvestorPlace is home to all of the most recent stock market news traders need to know about on Monday! Among that is why shares of Roblox (NYSE:RBLX), Leafly (NASDAQ:LFLY) and Canoo (NASDAQ:GOEV) stock are moving today. You can read up all about these topics at the following links!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.