Zacks Investment Research Upgrades Splunk Inc. (SPLK) to “Hold”
Splunk Inc. (NASDAQ:SPLK) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Wednesday.
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. “
Other equities analysts have also issued reports about the stock. Royal Bank Of Canada increased their price objective 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. Wedbush reaffirmed an “outperform” rating and issued a $78.00 price objective on shares of Splunk in a research report on Monday, May 22nd. Susquehanna Bancshares Inc began coverage on shares of Splunk in a research report on Wednesday, June 7th. They issued a “neutral” rating and a $68.00 price objective for the company. MKM Partners reaffirmed a “neutral” rating and issued a $63.00 price objective (up from $60.00) on shares of Splunk in a research report on Tuesday, May 30th. Finally, Morgan Stanley reaffirmed an “overweight” rating and issued a $74.00 price objective on shares of Splunk in a research report on Tuesday, May 30th. Twelve equities research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $70.77.
Shares of Splunk (NASDAQ SPLK) opened at 58.26 on Wednesday. The company’s market capitalization is $8.06 billion. The stock has a 50 day moving average of $59.10 and a 200-day moving average of $61.39. Splunk has a 52 week low of $50.64 and a 52 week high of $69.23.
Splunk (NASDAQ:SPLK) last released its quarterly earnings results on Thursday, May 25th. The software company reported ($0.01) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.04) by $0.03. The business had revenue of $242.40 million during the quarter, compared to analyst estimates 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 quarterly revenue was up 30.4% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.02) earnings per share. On average, analysts anticipate that Splunk will post $0.52 EPS for the current year.
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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 value of $282,328.20. Following the transaction, 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 legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Godfrey Sullivan sold 40,000 shares of the firm’s stock in a transaction on Wednesday, July 12th. The shares were sold at an average price of $60.27, for a total value of $2,410,800.00. Following the completion of the transaction, the director now owns 789,540 shares in the company, valued at approximately $47,585,575.80. The disclosure for this sale can be found here. Insiders sold a total of 358,056 shares of company stock worth $20,784,524 in the last three months. 3.00% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in SPLK. Dimensional Fund Advisors LP raised its position in shares of Splunk by 1.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 126,859 shares of the software company’s stock worth $6,490,000 after buying an additional 2,193 shares during the last quarter. Teachers Advisors LLC raised its position in shares of Splunk by 2.0% in the fourth quarter. Teachers Advisors LLC now owns 247,016 shares of the software company’s stock worth $12,635,000 after buying an additional 4,922 shares during the last quarter. Chevy Chase Trust Holdings Inc. purchased a new position in shares of Splunk during the first quarter worth $1,860,000. Gulf International Bank UK Ltd raised its position 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 during the last quarter. Finally, Bank of Montreal Can raised its position 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 during the last quarter.
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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