StockNews.com Initiates Coverage on Splunk (NASDAQ:SPLK)

StockNews.com assumed coverage on shares of Splunk (NASDAQ:SPLK) in a research note issued to investors on Tuesday morning. The firm issued a buy rating on the software company’s stock.

Several other research firms have also recently commented on SPLK. Truist Financial cut Splunk from a buy rating to a hold rating and set a $157.00 price target for the company. in a report on Wednesday, November 29th. TheStreet raised Splunk from a c rating to a b rating in a report on Tuesday, February 27th. Finally, Jefferies Financial Group reaffirmed a hold rating and issued a $157.00 price target on shares of Splunk in a report on Monday, November 27th. Twenty-three investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of Hold and an average target price of $135.31.

Splunk Stock Performance

NASDAQ SPLK opened at $156.90 on Tuesday. The company has a market cap of $26.44 billion, a PE ratio of 124.52, a price-to-earnings-growth ratio of 4.42 and a beta of 1.00. The stock’s 50 day simple moving average is $155.20 and its 200-day simple moving average is $149.98. Splunk has a 1-year low of $82.19 and a 1-year high of $156.97. The company has a debt-to-equity ratio of 15.61, a current ratio of 1.69 and a quick ratio of 1.69.

Splunk (NASDAQ:SPLK) last released its earnings results on Tuesday, February 27th. The software company reported $2.47 earnings per share for the quarter, beating the consensus estimate of $1.05 by $1.42. The business had revenue of $1.49 billion for the quarter, compared to the consensus estimate of $1.26 billion. Splunk had a return on equity of 32,117.42% and a net margin of 6.26%. As a group, equities research analysts anticipate that Splunk will post 1.62 EPS for the current fiscal year.

Insider Activity at Splunk

In related news, SVP Scott Morgan sold 5,017 shares of Splunk stock in a transaction on Tuesday, January 9th. The stock was sold at an average price of $152.28, for a total value of $763,988.76. Following the completion of the transaction, the senior vice president now directly owns 89,265 shares in the company, valued at $13,593,274.20. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.17% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Carmignac Gestion purchased a new stake in Splunk during the 3rd quarter worth about $6,248,000. Nordea Investment Management AB lifted its holdings in Splunk by 682.1% during the 4th quarter. Nordea Investment Management AB now owns 84,838 shares of the software company’s stock worth $12,909,000 after buying an additional 73,990 shares during the last quarter. DNB Asset Management AS lifted its holdings in Splunk by 25.8% during the 4th quarter. DNB Asset Management AS now owns 48,043 shares of the software company’s stock worth $7,319,000 after buying an additional 9,847 shares during the last quarter. Capula Management Ltd purchased a new stake in Splunk during the 3rd quarter worth about $2,486,000. Finally, QRG Capital Management Inc. purchased a new stake in Splunk during the 3rd quarter worth about $320,000. 87.56% of the stock is currently owned by hedge funds and other institutional investors.

Splunk Company Profile

Splunk Inc, together with its subsidiaries, develops and markets cloud services and licensed software solutions in the United States and internationally. The company offers unified security and observability platform, including Splunk Security that helps security leaders fortify their organization's digital resilience by mitigating cyber risk and meeting compliance requirements; and Splunk Observability, which provides visibility across the full stack of infrastructure, applications, and the digital customer experience.