Splunk Inc. (NASDAQ:SPLK) was downgraded by research analysts at Guggenheim from a “buy” rating to a “neutral” rating in a research report issued to clients and investors on Tuesday.

SPLK has been the subject of several other research reports. Summit Redstone reiterated a “buy” rating and issued a $72.00 price objective on shares of Splunk in a research report on Tuesday, September 6th. DA Davidson reissued a “buy” rating and issued a $83.00 target price on shares of Splunk in a report on Wednesday, August 24th. Drexel Hamilton reissued a “buy” rating and issued a $85.00 target price on shares of Splunk in a report on Tuesday, August 23rd. Pacific Crest reissued a “buy” rating and issued a $70.00 target price on shares of Splunk in a report on Friday, August 26th. Finally, Maxim Group upped their target price on Splunk from $75.00 to $84.00 and gave the company a “buy” rating in a report on Thursday, July 21st. Twelve analysts have rated the stock with a hold rating and twenty-nine have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $67.61.

Analyst Recommendations for Splunk (NASDAQ:SPLK)

Shares of Splunk (NASDAQ:SPLK) opened at 61.18 on Tuesday. The stock’s market capitalization is $8.23 billion. The company has a 50-day moving average of $60.46 and a 200 day moving average of $55.83. Splunk has a one year low of $29.85 and a one year high of $66.90.

Splunk (NASDAQ:SPLK) last released its quarterly earnings data on Thursday, August 25th. The software company reported $0.05 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.03 by $0.02. The firm earned $212.80 million during the quarter, compared to analysts’ expectations of $200.52 million. Splunk had a negative return on equity of 38.45% and a negative net margin of 42.84%. Splunk’s revenue was up 43.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.03 earnings per share. Equities research analysts forecast that Splunk will post $0.29 earnings per share for the current fiscal year.

In other news, Director Godfrey Sullivan sold 40,000 shares of Splunk stock in a transaction that occurred on Monday, July 11th. The stock was sold at an average price of $57.47, for a total value of $2,298,800.00. Following the completion of the transaction, the director now owns 505,426 shares in the company, valued at approximately $29,046,832.22. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, SVP Leonard R. Stein sold 7,000 shares of Splunk stock in a transaction that occurred on Tuesday, July 12th. The stock was sold at an average price of $59.00, for a total value of $413,000.00. Following the completion of the transaction, the senior vice president now owns 124,699 shares of the company’s stock, valued at approximately $7,357,241. The disclosure for this sale can be found here. 3.00% of the stock is owned by insiders.

Several hedge funds and other institutional investors have recently modified their holdings of SPLK. Vanguard Group Inc. raised its position in Splunk by 4.7% in the second quarter. Vanguard Group Inc. now owns 9,693,325 shares of the software company’s stock worth $525,184,000 after buying an additional 438,237 shares in the last quarter. Baillie Gifford & Co. raised its position in Splunk by 0.9% in the second quarter. Baillie Gifford & Co. now owns 7,750,654 shares of the software company’s stock worth $419,930,000 after buying an additional 69,890 shares in the last quarter. JPMorgan Chase & Co. raised its position in Splunk by 31.7% in the second quarter. JPMorgan Chase & Co. now owns 4,642,643 shares of the software company’s stock worth $251,538,000 after buying an additional 1,118,339 shares in the last quarter. Winslow Capital Management LLC raised its position in Splunk by 488.5% in the second quarter. Winslow Capital Management LLC now owns 4,021,073 shares of the software company’s stock worth $217,863,000 after buying an additional 3,337,773 shares in the last quarter. Finally, BlackRock Institutional Trust Company N.A. raised its position in Splunk by 4.4% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 3,359,248 shares of the software company’s stock worth $182,004,000 after buying an additional 143,029 shares in the last quarter. Institutional investors own 98.34% of the company’s stock.

About Splunk

Splunk Inc is a provider of software solutions. The Company’s offerings enable users to collect, index, search, explore, monitor and analyze data. It operates through the development and marketing of software solutions segment, which enables its customers to gain real-time operational intelligence by harnessing the value of their data.

5 Day Chart for NASDAQ:SPLK

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