Splunk (NASDAQ:SPLK) was downgraded by analysts at BidaskClub from a “strong-buy” rating to a “buy” rating in a report issued on Thursday, September 20th.

A number of other research analysts have also recently issued reports on the stock. Citigroup cut shares of Splunk from a “neutral” rating to a “sell” rating in a report on Friday, June 15th. Bank of America raised their price objective on shares of Splunk from $128.00 to $135.00 and gave the stock a “buy” rating in a research note on Thursday, August 16th. Rosenblatt Securities reissued a “buy” rating and set a $135.00 price objective on shares of Splunk in a research note on Sunday, August 26th. Wells Fargo & Co raised their price objective on shares of Splunk from $135.00 to $145.00 and gave the stock an “outperform” rating in a research note on Friday, August 24th. Finally, Zacks Investment Research raised shares of Splunk from a “hold” rating to a “buy” rating and set a $139.00 price objective for the company in a research note on Tuesday, August 28th. Two analysts have rated the stock with a sell rating, five have issued a hold rating, thirty have given a buy rating and one has assigned a strong buy rating to the company. Splunk has an average rating of “Buy” and an average price target of $122.77.

NASDAQ:SPLK traded up $4.45 during mid-day trading on Thursday, reaching $103.54. The stock had a trading volume of 3,046,700 shares, compared to its average volume of 1,917,996. The company has a market cap of $17.53 billion, a P/E ratio of -79.04 and a beta of 2.07. Splunk has a twelve month low of $62.39 and a twelve month high of $130.00.

Splunk (NASDAQ:SPLK) last issued its earnings results on Thursday, August 23rd. The software company reported $0.08 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.05 by $0.03. Splunk had a negative net margin of 20.55% and a negative return on equity of 26.44%. The company had revenue of $388.30 million during the quarter, compared to analysts’ expectations of $358.46 million. During the same period last year, the company posted $0.08 earnings per share. The firm’s quarterly revenue was up 38.6% compared to the same quarter last year. As a group, analysts predict that Splunk will post -1.15 earnings per share for the current fiscal year.

In other Splunk news, CFO David F. Conte sold 15,519 shares of the business’s stock in a transaction on Wednesday, September 12th. The shares were sold at an average price of $125.29, for a total value of $1,944,375.51. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Godfrey Sullivan sold 8,750 shares of the business’s stock in a transaction on Monday, September 10th. The stock was sold at an average price of $126.00, for a total transaction of $1,102,500.00. Following the completion of the transaction, the director now owns 144,755 shares in the company, valued at approximately $18,239,130. The disclosure for this sale can be found here. Insiders sold a total of 69,032 shares of company stock worth $8,640,864 in the last quarter. 0.36% of the stock is currently owned by company insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in SPLK. Robeco Institutional Asset Management B.V. increased its position in shares of Splunk by 207.5% in the 1st quarter. Robeco Institutional Asset Management B.V. now owns 16,012 shares of the software company’s stock worth $1,577,000 after purchasing an additional 10,805 shares during the last quarter. Aperio Group LLC grew its position in shares of Splunk by 81.6% during the 1st quarter. Aperio Group LLC now owns 26,870 shares of the software company’s stock valued at $2,644,000 after buying an additional 12,074 shares during the last quarter. Neuberger Berman Group LLC bought a new stake in shares of Splunk during the 1st quarter valued at about $204,000. Envestnet Asset Management Inc. boosted its stake in Splunk by 21.4% during the 1st quarter. Envestnet Asset Management Inc. now owns 12,712 shares of the software company’s stock valued at $1,251,000 after purchasing an additional 2,239 shares during the period. Finally, Cambridge Investment Research Advisors Inc. boosted its stake in Splunk by 22.8% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 6,760 shares of the software company’s stock valued at $665,000 after purchasing an additional 1,255 shares during the period. 90.20% of the stock is owned by institutional investors.

About Splunk

Splunk Inc provides software solutions that enable organizations to gain real-time operational intelligence in the United States and internationally. Its products enable users to collect, index, search, explore, monitor, correlate, and analyze data regardless of format or source. The company offers Splunk Enterprise, a machine data platform with collection, indexing, search, reporting, analysis, alerting, monitoring, and data management capabilities; and Splunk Cloud.

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Analyst Recommendations for Splunk (NASDAQ:SPLK)

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