Splunk Inc. (SPLK) Upgraded by Vetr Inc. to “Strong-Buy”
Several other equities analysts have also commented on SPLK. RBC Capital Markets reaffirmed a buy rating and issued a $70.00 price target (up previously from $60.00) on shares of Splunk in a research note on Friday, August 19th. Stifel Nicolaus boosted their price objective on Splunk from $56.00 to $62.00 and gave the company a buy rating in a report on Thursday, June 16th. Royal Bank Of Canada boosted their price objective on Splunk from $60.00 to $70.00 and gave the company an outperform rating in a report on Friday, August 19th. Barclays PLC reiterated an equal weight rating and issued a $51.00 price objective on shares of Splunk in a report on Thursday, August 25th. Finally, Canaccord Genuity reiterated a buy rating and issued a $75.00 price objective (up previously from $65.00) on shares of Splunk in a report on Friday, August 26th. Twelve equities research analysts have rated the stock with a hold rating, twenty-eight have assigned a buy rating and one has given a strong buy rating to the company. Splunk currently has an average rating of Buy and an average price target of $67.55.
Shares of Splunk (NASDAQ:SPLK) opened at 55.847 on Wednesday. The company’s market capitalization is $7.51 billion. The company has a 50-day moving average price of $59.62 and a 200-day moving average price of $56.33. Splunk has a 12 month low of $29.85 and a 12 month high of $66.90.
Splunk (NASDAQ:SPLK) last announced its quarterly earnings results on Thursday, August 25th. The software company reported $0.05 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.03 by $0.02. Splunk had a negative return on equity of 38.45% and a negative net margin of 42.84%. The business had revenue of $212.80 million for the quarter, compared to analyst estimates of $200.52 million. During the same quarter in the prior year, the company posted $0.03 EPS. The company’s quarterly revenue was up 43.5% on a year-over-year basis. On average, analysts forecast that Splunk will post $0.29 EPS for the current fiscal year.
In related news, Director Godfrey Sullivan sold 128,750 shares of Splunk stock in a transaction on Wednesday, September 14th. The stock was sold at an average price of $58.93, for a total value of $7,587,237.50. Following the transaction, the director now owns 440,426 shares in the company, valued at $25,954,304.18. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO David F. Conte sold 10,575 shares of Splunk stock in a transaction on Friday, August 12th. The shares were sold at an average price of $63.87, for a total value of $675,425.25. The disclosure for this sale can be found here. Insiders own 3.00% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Winslow Capital Management LLC boosted its position in shares of Splunk by 488.5% in the second quarter. Winslow Capital Management LLC now owns 4,021,073 shares of the software company’s stock worth $217,863,000 after buying an additional 3,337,773 shares during the last quarter. Wellington Management Group LLP purchased a new position in shares of Splunk during the first quarter worth $93,277,000. JPMorgan Chase & Co. boosted its position in shares of Splunk by 31.7% in the second quarter. JPMorgan Chase & Co. now owns 4,642,643 shares of the software company’s stock worth $251,538,000 after buying an additional 1,118,339 shares during the last quarter. Fiera Capital Corp purchased a new position in shares of Splunk during the second quarter worth $46,849,000. Finally, 1832 Asset Management L.P. purchased a new position in shares of Splunk during the second quarter worth $60,529,000. Hedge funds and other institutional investors own 98.34% of the company’s stock.
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.
To view Vetr’s full report, visit Vetr’s official website.
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