Yes the C:\Program Files\Splunk folder is essentially your "Home" folder. We migrated the Search Heads, Cluster Master, Deployment Server, and Indexers to new servers by coping over the Splunk folder. (Albeit, ours was Linux so '/opt/splunk') Personally we decided to upgrade our version of Splunk to the latest version so that we would be able to receive assistance from Splunk if need be. How many servers are you migrating and what are their roles (Search Head, Indexer, Cluster Master, etc)?
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