Shares of Splunk Inc. (NASDAQ:SPLK) fell 10.8% during mid-day trading on Friday . The stock traded as low as $57.81 and last traded at $58.07, with a volume of 6,852,904 shares traded. The stock had previously closed at $65.10.

Several analysts have recently weighed in on the stock. Vetr downgraded shares of Splunk from a “sell” rating to a “strong sell” rating and set a $48.68 price target for the company. in a research note on Thursday, May 26th. Morgan Stanley lifted their price target on shares of Splunk from $53.00 to $58.00 and gave the company an “overweight” rating in a research note on Friday, May 27th. DA Davidson reaffirmed a “buy” rating and set a $83.00 price target on shares of Splunk in a research note on Wednesday. Needham & Company LLC reaffirmed a “hold” rating on shares of Splunk in a research note on Friday, May 27th. Finally, Drexel Hamilton reaffirmed a “buy” rating and set a $85.00 price target on shares of Splunk in a research note on Tuesday. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and twenty-nine have given a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $68.81.

The firm’s market capitalization is $7.78 billion. The stock’s 50 day moving average is $60.97 and its 200 day moving average is $52.11.

Splunk (NASDAQ:SPLK) last issued its quarterly earnings data on Thursday, August 25th. The software company reported $0.05 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.03 by $0.02. The business had revenue of $212.80 million for the quarter, compared to analysts’ expectations of $200.52 million. During the same period in the previous year, the business posted $0.03 earnings per share. The company’s revenue for the quarter was up 43.5% on a year-over-year basis. Equities analysts expect that Splunk Inc. will post $0.28 earnings per share for the current year.

In other news, SVP Leonard R. Stein sold 1,000 shares of Splunk stock in a transaction dated Wednesday, June 8th. The shares were sold at an average price of $60.00, for a total value of $60,000.00. Following the sale, the senior vice president now owns 147,595 shares of the company’s stock, valued at $8,855,700. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO David F. Conte sold 10,575 shares of Splunk stock in a transaction dated Friday, August 12th. The shares were sold at an average price of $63.87, for a total transaction of $675,425.25. The disclosure for this sale can be found here.

An institutional investor recently raised its position in Splunk stock. Advisors Asset Management Inc. boosted its stake in shares of Splunk Inc. (NASDAQ:SPLK) by 8.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 20,027 shares of the software company’s stock after buying an additional 1,598 shares during the period. Advisors Asset Management Inc.’s holdings in Splunk were worth $1,178,000 as of its most recent SEC filing.

Splunk Inc is a provider of software solutions. The Company’s offerings enable users to collect, index, search, explore, monitor and analyze data. It operates through the development and marketing of software solutions segment, which enables its customers to gain real-time operational intelligence by harnessing the value of their data.

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