Splunk Inc. (SPLK) Given New $63.00 Price Target at Citigroup Inc.
Splunk Inc. (NASDAQ:SPLK) had its price target dropped by investment analysts at Citigroup Inc. from $65.00 to $63.00 in a report issued on Wednesday. The firm presently has a “neutral” rating on the software company’s stock. Citigroup Inc.’s price objective suggests a potential upside of 5.65% from the stock’s current price.
A number of other brokerages have also recently commented on SPLK. Barclays PLC upped their target price on shares of Splunk from $51.00 to $56.00 and gave the company an “equal weight” rating in a report on Friday, August 26th. Stifel Nicolaus cut shares of Splunk from a “buy” rating to a “hold” rating in a report on Friday, August 26th. They noted that the move was a valuation call. Morgan Stanley upped their target price on shares of Splunk from $58.00 to $74.00 and gave the company an “overweight” rating in a report on Monday, August 8th. Drexel Hamilton reaffirmed a “buy” rating and set a $85.00 target price on shares of Splunk in a report on Wednesday, July 13th. Finally, Wedbush reiterated an “outperform” rating and issued a $72.00 price target (up from $70.00) on shares of Splunk in a research report on Sunday, August 28th. Twelve analysts have rated the stock with a hold rating and twenty-nine have given a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $67.55.
Splunk (NASDAQ:SPLK) traded down 3.663% on Wednesday, hitting $57.446. 842,431 shares of the stock were exchanged. Splunk has a 12 month low of $29.85 and a 12 month high of $66.90. The company has a 50-day moving average of $59.84 and a 200-day moving average of $56.32. The stock’s market cap is $7.73 billion.
Splunk (NASDAQ:SPLK) last announced its earnings results on Thursday, August 25th. The software company reported $0.05 EPS for the quarter, beating the Zacks’ consensus estimate of $0.03 by $0.02. Splunk had a negative net margin of 42.84% and a negative return on equity of 38.45%. The business earned $212.80 million during the quarter, compared to analysts’ expectations of $200.52 million. During the same period in the prior year, the company earned $0.03 earnings per share. The firm’s revenue was up 43.5% on a year-over-year basis. On average, equities analysts predict that Splunk will post $0.29 EPS for the current year.
In other Splunk news, SVP Leonard R. Stein sold 1,075 shares of the firm’s stock in a transaction that occurred on Monday, September 19th. The shares were sold at an average price of $60.00, for a total transaction of $64,500.00. Following the completion of the transaction, the senior vice president now directly owns 115,262 shares of the company’s stock, valued at approximately $6,915,720. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Douglas Merritt sold 6,155 shares of the firm’s stock in a transaction that occurred on Wednesday, September 14th. The stock was sold at an average price of $58.10, for a total transaction of $357,605.50. Following the transaction, the insider now directly owns 164,117 shares of the company’s stock, valued at $9,535,197.70. The disclosure for this sale can be found here. Company insiders own 3.00% of the company’s stock.
Several institutional investors have recently bought and sold shares of SPLK. Aperio Group LLC raised its position in Splunk by 89.0% in the first quarter. Aperio Group LLC now owns 22,172 shares of the software company’s stock valued at $1,085,000 after buying an additional 10,443 shares during the period. Ngam Advisors L.P. raised its position in Splunk by 22.2% in the first quarter. Ngam Advisors L.P. now owns 22,227 shares of the software company’s stock valued at $1,088,000 after buying an additional 4,040 shares during the period. BlackRock Inc. raised its position in Splunk by 17.1% in the first quarter. BlackRock Inc. now owns 96,675 shares of the software company’s stock valued at $4,731,000 after buying an additional 14,147 shares during the period. BlackRock Group LTD raised its position in Splunk by 8.8% in the first quarter. BlackRock Group LTD now owns 746,224 shares of the software company’s stock valued at $36,514,000 after buying an additional 60,633 shares during the period. Finally, JPMorgan Chase & Co. raised its position in Splunk by 2.3% in the first quarter. JPMorgan Chase & Co. now owns 3,524,304 shares of the software company’s stock valued at $172,444,000 after buying an additional 79,896 shares during the period. 98.34% of the stock is owned by hedge funds and other institutional investors.
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.
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