Splunk Inc. (NASDAQ:SPLK) was the recipient of a large growth in short interest during the month of October. As of October 31st, there was short interest totalling 13,822,788 shares, a growth of 26.1% from the October 14th total of 10,966,103 shares. Based on an average trading volume of 1,232,984 shares, the days-to-cover ratio is currently 11.2 days. Approximately 10.5% of the company’s shares are sold short.

In other news, insider Douglas Merritt sold 6,155 shares of the firm’s stock in a transaction dated Wednesday, September 14th. The shares were sold at an average price of $58.10, for a total value of $357,605.50. Following the completion of the sale, the insider now owns 164,117 shares in the company, valued at approximately $9,535,197.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Godfrey Sullivan sold 40,000 shares of the firm’s stock in a transaction dated Tuesday, November 15th. The stock was sold at an average price of $59.48, for a total transaction of $2,379,200.00. Following the completion of the sale, the director now owns 291,676 shares of the company’s stock, valued at approximately $17,348,888.48. The disclosure for this sale can be found here. 3.00% of the stock is currently owned by insiders.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. State Street Corp increased its position in Splunk by 3.4% in the first quarter. State Street Corp now owns 2,472,035 shares of the software company’s stock valued at $120,959,000 after buying an additional 80,177 shares during the period. Geode Capital Management LLC boosted its stake in Splunk by 4.5% in the first quarter. Geode Capital Management LLC now owns 826,773 shares of the software company’s stock worth $40,432,000 after buying an additional 35,328 shares in the last quarter. Wellington Management Group LLP bought a new stake in Splunk during the first quarter worth approximately $93,277,000. Renaissance Technologies LLC bought a new stake in Splunk during the first quarter worth approximately $11,058,000. Finally, Nuveen Asset Management LLC boosted its stake in Splunk by 1,306.2% in the first quarter. Nuveen Asset Management LLC now owns 50,398 shares of the software company’s stock worth $2,466,000 after buying an additional 46,814 shares in the last quarter. 98.36% of the stock is owned by institutional investors and hedge funds.

A number of equities research analysts recently weighed in on the stock. Robert W. Baird lifted their price objective on shares of Splunk from $62.00 to $65.00 and gave the company an “outperform” rating in a report on Friday, August 26th. Stifel Nicolaus lowered 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. Canaccord Genuity reiterated a “buy” rating and set a $75.00 price objective (up previously from $65.00) on shares of Splunk in a report on Friday, August 26th. Barclays PLC lifted their price objective 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. Finally, Citigroup Inc. lifted their price objective on shares of Splunk from $62.00 to $65.00 and gave the company a “neutral” rating in a report on Friday, August 26th. Eleven equities research analysts have rated the stock with a hold rating and twenty-nine have assigned a buy rating to the company. Splunk currently has a consensus rating of “Buy” and a consensus price target of $67.50.

Splunk (NASDAQ:SPLK) opened at 62.25 on Friday. Splunk has a 52-week low of $29.85 and a 52-week high of $66.90. The firm has a 50-day moving average of $59.26 and a 200-day moving average of $57.99. The firm’s market cap is $8.38 billion.

Splunk (NASDAQ:SPLK) last released its quarterly earnings results on Thursday, August 25th. The software company reported $0.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.03 by $0.02. The business earned $212.80 million during the quarter, compared to the consensus estimate of $200.52 million. Splunk had a negative return on equity of 38.45% and a negative net margin of 42.84%. The business’s revenue was up 43.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.03 EPS. Equities analysts anticipate that Splunk 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.

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