Splunk Inc. (SPLK) Coverage Initiated at Wells Fargo & Company
Equities researchers at Wells Fargo & Company began coverage on shares of Splunk Inc. (NASDAQ:SPLK) in a research report issued to clients and investors on Wednesday. The firm set an “outperform” rating on the software company’s stock.
SPLK has been the topic of several other research reports. DA Davidson set a $83.00 target price on Splunk and gave the stock a “buy” rating in a report on Thursday, November 24th. MKM Partners reaffirmed a “neutral” rating on shares of Splunk in a report on Friday, November 4th. BMO Capital Markets reaffirmed an “outperform” rating and issued a $66.00 price target on shares of Splunk in a report on Friday, September 30th. Vetr cut Splunk from a “strong-buy” rating to a “buy” rating and set a $66.00 price target on the stock. in a report on Monday, October 24th. Finally, Summit Redstone set a $72.00 price target on Splunk and gave the company a “buy” rating in a report on Monday, September 19th. Ten research analysts have rated the stock with a hold rating and twenty-six have issued a buy rating to the company’s stock. Splunk has an average rating of “Buy” and an average price target of $67.50.
Shares of Splunk (NASDAQ:SPLK) opened at 56.33 on Wednesday. Splunk has a 12-month low of $29.85 and a 12-month high of $65.75. The stock’s 50 day moving average price is $55.41 and its 200 day moving average price is $58.46. The firm’s market cap is $7.64 billion.
Splunk (NASDAQ:SPLK) last announced its earnings results on Tuesday, November 29th. The software company reported $0.12 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.08 by $0.04. Splunk had a negative return on equity of 41.28% and a negative net margin of 41.72%. The firm had revenue of $245 million for the quarter. During the same period in the previous year, the firm earned $0.05 EPS. Splunk’s revenue for the quarter was up 40.3% on a year-over-year basis. On average, equities research analysts predict that Splunk will post $0.32 EPS for the current fiscal year.
In other news, Director Godfrey Sullivan sold 40,000 shares of the stock in a transaction that occurred on Monday, November 14th. The shares were sold at an average price of $58.46, for a total transaction of $2,338,400.00. Following the sale, the director now directly owns 291,676 shares of the company’s stock, valued at $17,051,378.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Leonard R. Stein sold 3,436 shares of the stock in a transaction that occurred on Wednesday, December 14th. The shares were sold at an average price of $55.76, for a total transaction of $191,591.36. Following the sale, the senior vice president now directly owns 107,523 shares in the company, valued at $5,995,482.48. The disclosure for this sale can be found here. Company insiders own 3.00% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the stock. ETRADE Capital Management LLC boosted its stake in Splunk by 25.3% in the third quarter. ETRADE Capital Management LLC now owns 5,614 shares of the software company’s stock valued at $329,000 after buying an additional 1,132 shares during the period. Price T Rowe Associates Inc. MD boosted its stake in Splunk by 37.4% in the third quarter. Price T Rowe Associates Inc. MD now owns 5,247,157 shares of the software company’s stock valued at $307,903,000 after buying an additional 1,427,346 shares during the period. Credit Suisse AG boosted its stake in Splunk by 3.0% in the third quarter. Credit Suisse AG now owns 388,573 shares of the software company’s stock valued at $22,802,000 after buying an additional 11,237 shares during the period. Salem Investment Counselors Inc. bought a new stake in Splunk during the third quarter valued at approximately $210,000. Finally, Pioneer Investment Management Inc. bought a new stake in Splunk during the third quarter valued at approximately $5,602,000. 97.75% of the stock is currently owned by institutional investors and hedge funds.
Splunk Company Profile
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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