Splunk Inc. (NASDAQ:SPLK)’s share price fell 3.2% during mid-day trading on Wednesday after Citigroup lowered their price target on the stock from $65.00 to $63.00. Citigroup currently has a neutral rating on the stock. Splunk traded as low as $56.89 and last traded at $57.74, with a volume of 1,509,173 shares traded. The stock had previously closed at $59.63.

A number of other brokerages have also recently issued reports on SPLK. Barclays PLC upped their price target on shares of Splunk from $51.00 to $56.00 and gave the stock an “equal weight” rating in a research note on Friday, August 26th. Canaccord Genuity reiterated a “buy” rating and issued a $75.00 price target (up previously from $65.00) on shares of Splunk in a research note on Friday, August 26th. Stifel Nicolaus cut shares of Splunk from a “buy” rating to a “hold” rating in a research note on Friday, August 26th. They noted that the move was a valuation call. Robert W. Baird upped their price target on shares of Splunk from $62.00 to $65.00 and gave the stock an “outperform” rating in a research note on Friday, August 26th. Finally, Pacific Crest reiterated a “buy” rating and issued a $70.00 price target on shares of Splunk in a research note on Friday, August 26th. Twelve equities research analysts have rated the stock with a hold rating and twenty-nine have given a buy rating to the company’s stock. Splunk presently has an average rating of “Buy” and an average target price of $67.55.

In other Splunk news, SVP Leonard R. Stein sold 1,075 shares of the firm’s stock in a transaction dated Monday, September 19th. The stock was sold at an average price of $60.00, for a total value of $64,500.00. Following the completion of the sale, the senior vice president now owns 115,262 shares of the company’s stock, valued at $6,915,720. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, SVP Steven R. Sommer sold 5,000 shares of the firm’s stock in a transaction dated Thursday, August 18th. The stock was sold at an average price of $63.80, for a total value of $319,000.00. Following the completion of the sale, the senior vice president now directly owns 212,527 shares of the company’s stock, valued at approximately $13,559,222.60. The disclosure for this sale can be found here. Corporate insiders own 3.00% of the company’s stock.

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

The firm has a 50 day moving average of $59.84 and a 200 day moving average of $56.32. The firm’s market capitalization is $7.78 billion.

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

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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