Splunk Inc. (SPLK) Lifted to “Buy” at Zacks Investment Research
Splunk Inc. (NASDAQ:SPLK) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Wednesday. The firm currently has a $74.00 price target on the software company’s stock. Zacks Investment Research‘s price objective would suggest a potential upside of 12.94% from the stock’s previous close.
According to Zacks, “Splunk Inc. provides a software platform, which collects and indexes data and enables users to search, correlate, analyze, monitor and report on this data, all in real time. Its software is designed to help users in various roles, including IT and business professionals. Splunk Inc. is based in San Francisco, California. “
SPLK has been the subject of several other reports. Robert W. Baird set a $75.00 target price on shares of Splunk and gave the company a “buy” rating in a research report on Sunday. Morgan Stanley lowered shares of Splunk from an “overweight” rating to an “equal weight” rating and set a $77.00 price target on the stock. in a report on Monday. Cowen and Company reissued a “buy” rating and issued a $72.00 price target on shares of Splunk in a report on Thursday, September 28th. BMO Capital Markets restated a “buy” rating and set a $71.00 price objective on shares of Splunk in a research report on Wednesday, September 27th. Finally, Drexel Hamilton restated a “buy” rating and set a $93.00 price objective on shares of Splunk in a research report on Monday, September 18th. Twelve equities research analysts have rated the stock with a hold rating and twenty-seven have given a buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $73.06.
Shares of Splunk (NASDAQ:SPLK) traded up 0.61% during trading on Wednesday, reaching $65.92. 1,008,147 shares of the company traded hands. The firm’s 50-day moving average is $65.53 and its 200-day moving average is $62.38. Splunk has a 12-month low of $50.64 and a 12-month high of $69.61. The stock’s market capitalization is $9.23 billion.
Splunk (NASDAQ:SPLK) last posted its quarterly earnings data on Thursday, August 24th. The software company reported $0.08 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.06 by $0.02. The company had revenue of $279.96 million for the quarter, compared to analysts’ expectations of $268.72 million. Splunk had a negative net margin of 36.81% and a negative return on equity of 75.81%. Splunk’s revenue for the quarter was up 31.6% compared to the same quarter last year. During the same period in the prior year, the business earned $0.05 earnings per share. On average, equities analysts predict that Splunk will post $0.54 earnings per share for the current fiscal year.
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In other Splunk news, Director Godfrey Sullivan sold 128,750 shares of the firm’s stock in a transaction that occurred on Wednesday, September 13th. The shares were sold at an average price of $67.84, for a total transaction of $8,734,400.00. Following the completion of the transaction, the director now owns 699,540 shares of the company’s stock, valued at $47,456,793.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Ledger Susan St. sold 677 shares of the firm’s stock in a transaction that occurred on Friday, September 22nd. The shares were sold at an average price of $69.52, for a total transaction of $47,065.04. Following the transaction, the senior vice president now directly owns 168,376 shares of the company’s stock, valued at approximately $11,705,499.52. The disclosure for this sale can be found here. Insiders sold a total of 588,881 shares of company stock worth $37,078,452 over the last ninety days. Insiders own 1.43% of the company’s stock.
A number of hedge funds have recently bought and sold shares of SPLK. Vanguard Group Inc. raised its stake in Splunk by 5.1% during the second quarter. Vanguard Group Inc. now owns 11,347,936 shares of the software company’s stock valued at $645,584,000 after buying an additional 546,338 shares during the last quarter. BlackRock Inc. boosted its holdings in Splunk by 2.1% in the second quarter. BlackRock Inc. now owns 7,075,105 shares of the software company’s stock worth $402,503,000 after acquiring an additional 143,138 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in Splunk by 40.1% in the second quarter. Bank of New York Mellon Corp now owns 3,942,003 shares of the software company’s stock worth $224,259,000 after acquiring an additional 1,128,410 shares in the last quarter. Bank of America Corp DE boosted its holdings in Splunk by 0.5% in the first quarter. Bank of America Corp DE now owns 3,076,286 shares of the software company’s stock worth $191,622,000 after acquiring an additional 16,089 shares in the last quarter. Finally, State Street Corp boosted its holdings in Splunk by 1.9% in the second quarter. State Street Corp now owns 2,807,558 shares of the software company’s stock worth $159,709,000 after acquiring an additional 52,796 shares in the last quarter.
Splunk Inc (Splunk) is engaged in the development and marketing of software solutions. The Company’s offerings enable users to collect, index, search, explore, monitor and analyze data. Its offerings address diverse data sets that are referred to as big data and are specifically used for machine data.
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