Cannon Global Investment Management LLC Purchases Shares of 8,000 Splunk Inc. (NASDAQ:SPLK)

Cannon Global Investment Management LLC purchased a new stake in shares of Splunk Inc. (NASDAQ:SPLK) in the fourth quarter, HoldingsChannel reports. The institutional investor purchased 8,000 shares of the software company’s stock, valued at approximately $1,219,000. Splunk accounts for 9.1% of Cannon Global Investment Management LLC’s holdings, making the stock its 3rd biggest holding.

A number of other large investors have also made changes to their positions in the company. Schechter Investment Advisors LLC grew its stake in shares of Splunk by 4.7% during the 4th quarter. Schechter Investment Advisors LLC now owns 1,570 shares of the software company’s stock valued at $239,000 after purchasing an additional 71 shares during the period. Geneos Wealth Management Inc. lifted its position in shares of Splunk by 1.8% during the 4th quarter. Geneos Wealth Management Inc. now owns 5,018 shares of the software company’s stock valued at $764,000 after buying an additional 91 shares in the last quarter. V Square Quantitative Management LLC lifted its position in shares of Splunk by 9.6% during the 3rd quarter. V Square Quantitative Management LLC now owns 1,107 shares of the software company’s stock valued at $162,000 after buying an additional 97 shares in the last quarter. Harbour Investments Inc. lifted its position in shares of Splunk by 30.4% during the 3rd quarter. Harbour Investments Inc. now owns 442 shares of the software company’s stock valued at $65,000 after buying an additional 103 shares in the last quarter. Finally, Meiji Yasuda Life Insurance Co lifted its position in shares of Splunk by 3.6% during the 1st quarter. Meiji Yasuda Life Insurance Co now owns 3,062 shares of the software company’s stock valued at $455,000 after buying an additional 105 shares in the last quarter. 87.56% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

SPLK has been the topic of a number of analyst reports. TheStreet raised Splunk from a “c” rating to a “b” rating in a research report on Tuesday, February 27th. StockNews.com initiated coverage on Splunk in a research report on Friday. They set a “buy” rating on the stock. Twenty-three analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Splunk has a consensus rating of “Hold” and a consensus target price of $135.31.

Splunk Stock Performance

Shares of SPLK remained flat at $156.90 during mid-day trading on Friday. The stock had a trading volume of 5,546 shares, compared to its average volume of 2,084,977. The stock has a market cap of $26.44 billion, a P/E ratio of 124.52, a PEG ratio of 4.42 and a beta of 1.00. Splunk Inc. has a twelve month low of $82.19 and a twelve month high of $156.97. The stock has a 50-day simple moving average of $156.33 and a 200-day simple moving average of $152.55. The company has a current ratio of 1.69, a quick ratio of 1.69 and a debt-to-equity ratio of 15.61.

Splunk (NASDAQ:SPLK) last issued its quarterly earnings data on Tuesday, February 27th. The software company reported $2.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.05 by $1.42. The business had revenue of $1.49 billion for the quarter, compared to analysts’ expectations of $1.26 billion. Splunk had a return on equity of 32,117.42% and a net margin of 6.26%. On average, sell-side analysts predict that Splunk Inc. will post 1.62 EPS for the current year.

Splunk 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.