Splunk (SPLK) Rose on Acquisition News

ClearBridge Investments, an investment management firm, released its third-quarter 2023 “Mid Cap Growth Strategy” investor letter, a copy of which can be downloaded here. The strategy underperformed its benchmark Russell Midcap Growth Index in the quarter. Overall, the effects of stock selection impacted the performance on a relative basis. The strategy gained three of the 11 sectors it was invested during the quarter on an absolute basis. In addition, please check the fund’s top five holdings to know its best picks in 2023.

ClearBridge Mid Cap Growth Strategy highlighted stocks like Splunk Inc. (NASDAQ:SPLK) in the Q3 2023 investor letter. Headquartered in San Francisco, California, Splunk Inc. (NASDAQ:SPLK) is a cloud solutions and software provider. On December 13, 2023, Splunk Inc. (NASDAQ:SPLK) stock closed at $152.04 per share. One-month return of Splunk Inc. (NASDAQ:SPLK) was 0.65%, and its shares gained 65.98% of their value over the last 52 weeks. Splunk Inc. (NASDAQ:SPLK) has a market capitalization of $25.625 billion.

ClearBridge Mid Cap Growth Strategy made the following comment about Splunk Inc. (NASDAQ:SPLK) in its Q3 2023 investor letter:

“Stock selection in the IT sector was the main detractor during the quarter, as the prospect of a higher-for-longer rate environment weighed on longer-duration, higher growth stocks. Despite these challenges, there were also strong positive contributions from Splunk Inc. (NASDAQ:SPLK) and AppLovin. Splunk’s price rallied on the news of its acquisition by Cisco, and investors applauded AppLovin’s new, AI-enabled platform which is improving productivity in its mobile games ad network.”

An experienced software developer architecting a cloud software solution on multiple monitors.

Splunk Inc. (NASDAQ:SPLK) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 67 hedge fund portfolios held Splunk Inc. (NASDAQ:SPLK) at the end of third quarter which was 50 in the previous quarter.

We discussed Splunk Inc. (NASDAQ:SPLK) in another article and shared Carillon Clarivest Capital Appreciation Fund’s views on the company. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.

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