Cathie Wood’s Ark Next Generation Internet ETF bought 119,677 shares of Splunk on Monday after the stock tumbled more than 18% following the departure of the software company’s CEO.
Splunk (ticker: SPLK) closed Monday at $137.38, down 18.1%, after the company said CEO Doug Merritt was stepping down and would be replaced on an interim basis by Chairman Graham Smith. No reason was given for Merritt’s resignation, which comes seven months after its chief technology officer, Tim Tully, resigned.
Splunk shares were rising 0.9% in premarket trading Tuesday to $138.65. The stock has fallen 19% in 2021 and more than 29% over the past 12 months.
Analysts surveyed by FactSet rate the stock, on average, at Overweight with an average price target of $180.97.
According to the daily trades posted by the ARK funds, Wood’s Ark Next Generation Internet ETF also purchased 86,340 shares of Walt Disney (DIS) on Monday and 30,800 shares of Zoom Video Communications (ZM).
Tesla (TSLA) is the top holding in the Ark Next Generation Internet ETF, with a market value of more than $553 million. The weighting of the stock in the fund is 10.25%.
Write to Joe Woelfel at [email protected]
