Should You Consider Buying Splunk (SPLK) Shares?

Carillon Tower Advisers, an investment management firm, published its “Carillon Eagle Mid Cap Growth Fund” first quarter 2022 investor letter – a copy of which can be downloaded here. Mid-cap stocks overall posted solid gains in the final quarter of 2021. As was the case for the majority of the year, the Russell Midcap® Growth Index (up 2.85%) lagged behind its Russell Midcap® Value Index (up 8.54%) counterpart.  Try to spend some time taking a look at the fund’s top 5 holdings to be informed about their best picks for 2022.

In its Q1 2022 investor letter, Carillon Eagle Mid Cap Growth Fund mentioned Splunk Inc. (NASDAQ:SPLK) and explained its insights for the company. Founded in 20003, Splunk Inc. (NASDAQ:SPLK) is a San Francisco, California-based software company with a $14.9 billion market capitalization. Splunk Inc. (NASDAQ:SPLK) delivered a -19.69% return since the beginning of the year, while its 12-month returns are down by -35.41%. The stock closed at $92.93 per share on June 28, 2022.

Here is what Carillon Eagle Mid Cap Growth Fund has to say about Splunk Inc. (NASDAQ:SPLK) in its Q1 2022 investor letter:

“Splunk’s (NASDAQ:SPLK) software analyzes data from servers and network equipment, from which insights can be gleaned about business trends, security, and operations. The company delivered revenue above expectations for the quarter and provided an outlook for cash flow generation above expectations. Splunk also announced the hiring of a new CEO with cloud and security software experience, indicating a favorable shift toward a customer-centric sales approach. The stock also benefitted late in the quarter from a more general bounce in beaten-down software stocks.”

Our calculations show that Splunk Inc. (NASDAQ:SPLK) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. Splunk Inc. (NASDAQ:SPLK) was in 42 hedge fund portfolios at the end of the first quarter of 2022, compared to 44 funds in the previous quarter. Splunk Inc. (NASDAQ:SPLK) delivered a -35.23% return in the past 3 months.

In June 2022, we also shared another hedge fund’s views on Splunk Inc. (NASDAQ:SPLK) in another article. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters 2022 Q1 page.

Disclosure: None. This article is originally published at Insider Monkey.