Splunk Inc. (NASDAQ:SPLK) has been assigned a $72.00 target price by equities researchers at Summit Redstone in a report issued on Monday. The firm currently has a a “buy” rating on the software company’s stock. Summit Redstone’s price objective would suggest a potential upside of 23.35% from the stock’s current price.

Other equities analysts have also recently issued research reports about the stock. Barclays PLC reiterated a “hold” rating on shares of Splunk in a research report on Sunday, May 29th. BMO Capital Markets reiterated a “buy” rating on shares of Splunk in a research report on Sunday, May 29th. Morgan Stanley reiterated a “buy” rating on shares of Splunk in a research report on Sunday, May 29th. Macquarie reiterated a “buy” rating on shares of Splunk in a research report on Sunday, May 29th. Finally, Jefferies Group reiterated a “buy” rating on shares of Splunk in a research report on Sunday, May 29th. Ten analysts have rated the stock with a hold rating, twenty-nine have assigned a buy rating and one has given a strong buy rating to the stock. Splunk has a consensus rating of “Buy” and an average target price of $68.42.

Analyst Recommendations for Splunk (NASDAQ:SPLK)

Splunk (NASDAQ:SPLK) opened at 58.37 on Monday. The company has a 50-day moving average of $61.16 and a 200 day moving average of $55.05. The company’s market cap is $7.85 billion. Splunk has a 12 month low of $29.85 and a 12 month high of $66.90.

Splunk (NASDAQ:SPLK) last issued its earnings results on Thursday, August 25th. The software company reported $0.05 EPS for the quarter, topping analysts’ consensus estimates of $0.03 by $0.02. The company had revenue of $212.80 million for the quarter, compared to analysts’ expectations of $200.52 million. Splunk had a negative net margin of 42.84% and a negative return on equity of 38.45%. The firm’s revenue was up 43.5% compared to the same quarter last year. During the same quarter last year, the company earned $0.03 EPS. On average, equities analysts forecast that Splunk will post $0.29 earnings per share for the current fiscal year.

In other news, Director Godfrey Sullivan sold 40,000 shares of the company’s stock in a transaction that occurred on Monday, July 11th. The shares were sold at an average price of $57.47, for a total value of $2,298,800.00. Following the transaction, the director now owns 505,426 shares in the company, valued at $29,046,832.22. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO David F. Conte sold 10,575 shares of the company’s stock in a transaction that occurred on Friday, August 12th. The stock was 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. 3.00% of the stock is currently owned by insiders.

Hedge funds and other institutional investors have recently modified their holdings of the company. Pioneer Investment Management Inc. purchased a new position in shares of Splunk during the fourth quarter valued at about $4,715,000. Fjarde AP Fonden Fourth Swedish National Pension Fund increased its position in shares of Splunk by 14.0% in the first quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 40,363 shares of the software company’s stock valued at $1,975,000 after buying an additional 4,951 shares in the last quarter. Independent Portfolio Consultants Inc. purchased a new position in shares of Splunk during the first quarter valued at about $253,000. Fisher Asset Management LLC increased its position in shares of Splunk by 11.9% in the first quarter. Fisher Asset Management LLC now owns 22,648 shares of the software company’s stock valued at $1,129,000 after buying an additional 2,405 shares in the last quarter. Finally, Fox Run Management L.L.C. purchased a new position in shares of Splunk during the first quarter valued at about $435,000. Hedge funds and other institutional investors own 99.57% of the company’s stock.

About Splunk

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.

5 Day Chart for NASDAQ:SPLK

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