Splunk Inc. (SPLK) Lifted 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 issued on Wednesday morning. They currently have $74.00 target price 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 weighed in on SPLK. Susquehanna Bancshares Inc started coverage on shares of Splunk in a research report on Wednesday, June 7th. They set a neutral rating and a $68.00 price target on the stock. BidaskClub lowered shares of Splunk from a buy rating to a hold rating in a research report on Saturday, June 10th. Wedbush lowered shares of Splunk from an outperform rating to a neutral rating and dropped their price target for the company from $72.00 to $63.00 in a research report on Thursday, June 15th. Guggenheim raised shares of Splunk from a neutral rating to a buy rating and raised their price target for the company from $69.00 to $70.00 in a research report on Thursday, June 22nd. Finally, Robert W. Baird reissued an outperform rating and set a $71.00 price target on shares of Splunk in a research report on Monday, July 10th. Twelve investment analysts have rated the stock with a hold rating and twenty-seven have given a buy rating to the stock. Splunk currently has a consensus rating of Buy and an average target price of $73.06.
Shares of Splunk (SPLK) traded up 0.63% during midday trading on Wednesday, reaching $66.85. 816,094 shares of the company’s stock traded hands. The stock’s market cap is $9.36 billion. Splunk has a 12 month low of $50.64 and a 12 month high of $69.61. The stock has a 50 day moving average of $66.13 and a 200-day moving average of $62.47.
Splunk (NASDAQ:SPLK) last released its quarterly earnings results on Thursday, August 24th. The software company reported $0.08 earnings per share for the quarter, beating analysts’ consensus estimates of $0.06 by $0.02. Splunk had a negative net margin of 36.81% and a negative return on equity of 75.81%. The company had revenue of $279.96 million for the quarter, compared to analyst estimates of $268.72 million. During the same period last year, the firm earned $0.05 earnings per share. The firm’s revenue was up 31.6% on a year-over-year basis. On average, equities research analysts forecast that Splunk will post $0.54 EPS for the current fiscal year.
In other news, Director Thomas M. Neustaetter sold 3,614 shares of the company’s stock in a transaction dated Wednesday, September 20th. The shares were sold at an average price of $67.70, for a total value of $244,667.80. Following the sale, the director now directly owns 12,871 shares of the company’s stock, valued at approximately $871,366.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Ledger Susan St. sold 677 shares of the company’s stock in a transaction dated Friday, September 22nd. The stock was sold at an average price of $69.52, for a total transaction of $47,065.04. Following the completion of the sale, the senior vice president now directly owns 168,376 shares in the company, valued at $11,705,499.52. The disclosure for this sale can be found here. Insiders have sold a total of 588,881 shares of company stock valued at $37,078,452 over the last quarter. 1.43% of the stock is currently owned by company insiders.
Large investors have recently added to or reduced their stakes in the company. Patten Group Inc. grew its position in shares of Splunk by 3.6% in the 1st quarter. Patten Group Inc. now owns 2,154 shares of the software company’s stock worth $131,000 after buying an additional 75 shares during the period. Migdal Insurance & Financial Holdings Ltd. grew its position in shares of Splunk by 24.1% in the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 3,375 shares of the software company’s stock worth $195,000 after buying an additional 656 shares during the period. ProShare Advisors LLC purchased a new stake in shares of Splunk in the 1st quarter worth about $200,000. IFP Advisors Inc grew its position in shares of Splunk by 6.2% in the 2nd quarter. IFP Advisors Inc now owns 3,508 shares of the software company’s stock worth $200,000 after buying an additional 204 shares during the period. Finally, Suntrust Banks Inc. purchased a new stake in shares of Splunk in the 1st quarter worth about $217,000.
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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