Zacks Investment Research Downgrades Splunk Inc. (NASDAQ:SPLK) to Sell
Zacks Investment Research cut shares of Splunk Inc. (NASDAQ:SPLK) from a buy rating to a sell rating in a research report released on Thursday.
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. “
SPLK has been the subject of a number of other research reports. Royal Bank Of Canada increased their target price on shares of Splunk from $70.00 to $75.00 and gave the company an outperform rating in a research report on Tuesday, May 23rd. Robert W. Baird set a $71.00 target price on shares of Splunk and gave the company a buy rating in a research report on Saturday, May 27th. Maxim Group reissued a buy rating on shares of Splunk in a research report on Sunday, May 28th. Citigroup Inc. increased their target price on shares of Splunk from $62.00 to $64.00 and gave the company a neutral rating in a research report on Tuesday, May 30th. Finally, Susquehanna Bancshares Inc initiated coverage on shares of Splunk in a research report on Wednesday, June 7th. They set a neutral rating and a $68.00 target price for the company. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and twenty-four have assigned a buy rating to the stock. The stock has an average rating of Buy and an average price target of $70.83.
Splunk (NASDAQ:SPLK) last released its earnings results on Thursday, May 25th. The software company reported ($0.01) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.03. The business had revenue of $242.40 million during the quarter, compared to the consensus estimate of $233.79 million. Splunk had a negative net margin of 35.19% and a negative return on equity of 40.82%. The company’s revenue for the quarter was up 30.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.02) EPS.
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In other Splunk news, SVP Leonard R. Stein sold 4,851 shares of the firm’s stock in a transaction on Tuesday, June 13th. The stock was sold at an average price of $58.20, for a total transaction of $282,328.20. Following the transaction, the senior vice president now directly 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 available through this hyperlink. Also, Director Godfrey Sullivan sold 48,750 shares of the firm’s stock in a transaction on Monday, June 12th. The shares were sold at an average price of $56.94, for a total value of $2,775,825.00. Following the transaction, the director now owns 843,290 shares in the company, valued at $48,016,932.60. The disclosure for this sale can be found here. Over the last quarter, insiders sold 358,056 shares of company stock worth $20,784,524. 3.00% of the stock is owned by company insiders.
A number of institutional investors have recently modified their holdings of SPLK. TLP Group LLC bought a new position in shares of Splunk during the first quarter valued at $102,000. Patten Group Inc. boosted its position in shares of Splunk by 3.6% in the first quarter. Patten Group Inc. now owns 2,154 shares of the software company’s stock valued at $131,000 after buying an additional 75 shares during the period. Acrospire Investment Management LLC boosted its position in shares of Splunk by 79.9% in the first quarter. Acrospire Investment Management LLC now owns 2,701 shares of the software company’s stock valued at $168,000 after buying an additional 1,200 shares during the period. ProShare Advisors LLC bought a new position in shares of Splunk during the first quarter valued at $200,000. Finally, Tokio Marine Asset Management Co. Ltd. bought a new position in shares of Splunk during the first quarter valued at $204,000.
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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