He added that Steele’s “unwavering commitment to driving innovation and customer success” will be invaluable as Splunk strives to become a $5 billion annual revenue company.
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Splunk’s interim CEO and Chairman Graham Smith, who will remain chairman, said the company chose Steele because he is a “visionary leader” with a “deep understanding of SaaS and recurring revenue models” with tons of experience in the software and cybersecurity markets. That’s a special-purpose acquisition company that’s looking to merge with a promising startup that operates in the cloud computing, cybersecurity or mission intelligence markets. Carlson does, however, have other interests, notably serving as the nonexecutive chair of KnightSwan Acquisition Corp. Meanwhile, Splunk announced that President and Chief Growth Officer Teresa Carlson, will be leaving the company to pursue other career opportunities.Ĭarlson had only joined Splunk in April 2021 and it was assumed she would play a key role as it moved forward to a new era, though the departure of Merritt cast some doubt on her continuing role. SiliconANGLE co-founder and CEO John Furrier said at the time that Splunk’s board likely felt the need to reboot things to keep up with the scale of the cloud. That transformation was largely successful, but the company delivered a string of disappointing quarterly results in the run-up to Merritt’s departure. Under Merritt’s tenure, Splunk not only grew its market presence but also transformed itself to a cloud-centric business model, in line with the much wider industry shift to the cloud. By the time he left, Splunk’s annualized recurring revenue was closer to $3 billion. Merritt oversaw dramatic growth at Splunk, taking over a company that did just $300 million in annual revenue in 2014. Steele will take over Splunk’s hot seat from Merritt, who had led the company for six years until his surprise departure last November. Steele, who is currently the CEO of cybersecurity firm Proofpoint Inc., will assume the role on April 11, when he will also join Splunk’s board of directors. Splunk, which makes software that’s used by enterprises to monitor and analyze data, said it has appointed Gary Steele (pictured) as its new CEO. unveiled its new chief executive officer today, about three months after its longtime leader Doug Merritt stepped down from the company. To read this article on click here.Big data software company Splunk Inc.
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Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. It may therefore be prudent to be a little cautious with the Buy-equivalent ABR for Splunk. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here > The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #3 (Hold) for Splunk. In terms of earnings estimate revisions for Splunk, the Zacks Consensus Estimate for the current year has remained unchanged over the past month at $3.10.Īnalysts' steady views regarding the company's earnings prospects, as indicated by an unchanged consensus estimate, could be a legitimate reason for the stock to perform in line with the broader market in the near term. But, since brokerage analysts keep revising their earnings estimates to account for a company's changing business trends, and their actions get reflected in the Zacks Rank quickly enough, it is always timely in indicating future price movements. The ABR is not necessarily up-to-date when you look at it. In other words, at all times, this tool maintains a balance among the five ranks it assigns.Īnother key difference between the ABR and Zacks Rank is freshness. And near-term stock price movements are strongly correlated with trends in earnings estimate revisions, according to empirical research.įurthermore, the different grades of the Zacks Rank are applied proportionately across all stocks for which brokerage analysts provide earnings estimates for the current year.
In contrast, the Zacks Rank is driven by earnings estimate revisions. Since the ratings issued by these analysts are more favorable than their research would support because of the vested interest of their employers, they mislead investors far more often than they guide. It is displayed in whole numbers - 1 to 5.Īnalysts employed by brokerage firms have been and continue to be overly optimistic with their recommendations. The Zacks Rank, on the other hand, is a quantitative model designed to harness the power of earnings estimate revisions. Broker recommendations are the sole basis for calculating the ABR, which is typically displayed in decimals (such as 1.28).
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