Splunk Inc. (SPLK) Raised to Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of Splunk Inc. (NASDAQ:SPLK) from a hold rating to a buy rating in a report published on Wednesday morning. The firm currently has $65.00 price objective on the software company’s stock.
According to Zacks, “Splunk Inc. provides a software platform, which collects and indexes data and enables users to search, correlate, analyze, monitor and report on this data, all in real time. Its software is designed to help users in various roles, including IT and business professionals. Splunk Inc. is based in San Francisco, California. “
A number of other research analysts have also recently weighed in on SPLK. UBS AG set a $72.00 price objective on shares of Splunk and gave the stock a buy rating in a research note on Tuesday, March 21st. BMO Capital Markets reissued an outperform rating and set a $71.00 price objective on shares of Splunk in a research note on Thursday, March 30th. BTIG Research initiated coverage on shares of Splunk in a research note on Monday, April 17th. They set a buy rating and a $80.00 price objective for the company. Royal Bank Of Canada reissued a buy rating on shares of Splunk in a research note on Friday, April 21st. Finally, Wedbush reaffirmed an outperform rating and issued a $78.00 target price on shares of Splunk in a research note on Monday, May 22nd. Eleven investment analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company. The stock presently has an average rating of Buy and a consensus price target of $71.26.
Splunk (SPLK) traded up 0.48% during midday trading on Wednesday, hitting $60.13. The stock had a trading volume of 427,066 shares. The firm’s market cap is $8.32 billion. Splunk has a 12-month low of $50.64 and a 12-month high of $69.23. The stock has a 50-day moving average price of $61.66 and a 200 day moving average price of $60.34.
Splunk (NASDAQ:SPLK) last issued its quarterly earnings data on Thursday, May 25th. The software company reported ($0.01) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.04) by $0.03. Splunk had a negative net margin of 35.19% and a negative return on equity of 40.82%. The business had revenue of $242.40 million during the quarter, compared to analysts’ expectations of $233.79 million. During the same period last year, the company posted ($0.02) EPS. The company’s revenue was up 30.4% on a year-over-year basis. On average, equities analysts anticipate that Splunk will post $0.52 earnings per share for the current fiscal year.
In other news, SVP Leonard R. Stein sold 4,851 shares of the company’s stock in a transaction dated Tuesday, June 13th. The shares were sold at an average price of $58.20, for a total value of $282,328.20. Following the sale, the senior vice president now owns 103,909 shares in the company, valued at approximately $6,047,503.80. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO David F. Conte sold 1,044 shares of the company’s stock in a transaction dated Friday, June 2nd. The shares were sold at an average price of $62.20, for a total transaction of $64,936.80. Following the completion of the sale, the chief financial officer now owns 207,965 shares in the company, valued at approximately $12,935,423. The disclosure for this sale can be found here. In the last 90 days, insiders sold 358,056 shares of company stock worth $20,784,524. Company insiders own 3.00% of the company’s stock.
Several large investors have recently made changes to their positions in SPLK. DnB Asset Management AS acquired a new stake in shares of Splunk during the first quarter worth $685,000. Bank of Montreal Can increased its stake in shares of Splunk by 293.5% in the first quarter. Bank of Montreal Can now owns 103,462 shares of the software company’s stock worth $6,445,000 after buying an additional 77,166 shares in the last quarter. Gulf International Bank UK Ltd increased its stake in shares of Splunk by 1.2% in the first quarter. Gulf International Bank UK Ltd now owns 41,660 shares of the software company’s stock worth $2,595,000 after buying an additional 500 shares in the last quarter. Chevy Chase Trust Holdings Inc. acquired a new stake in shares of Splunk during the first quarter worth $1,860,000. Finally, Deane Retirement Strategies Inc. increased its stake in shares of Splunk by 5.3% in the first quarter. Deane Retirement Strategies Inc. now owns 30,691 shares of the software company’s stock worth $1,913,000 after buying an additional 1,535 shares in the last quarter.
Splunk Company Profile
Splunk Inc (Splunk) is engaged in the development and marketing of software solutions. The Company’s offerings enable users to collect, index, search, explore, monitor and analyze data. Its offerings address diverse data sets that are referred to as big data and are specifically used for machine data.
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