Splunk Inc. (NASDAQ:SPLK)‘s stock had its “neutral” rating reaffirmed by investment analysts at JPMorgan Chase & Co. in a research note issued on Wednesday. They currently have a $60.00 price target on the software company’s stock. JPMorgan Chase & Co.’s price objective points to a potential upside of 4.57% from the company’s previous close.

The analysts wrote, “revenue and EPS in the quarter. Looking ahead, some of the term contract wins are weighted more to the second half of this year as compared to FY16 where we saw some of the significant wins come in the first half. Europe remains a key area of investment for growth, while the US is still paying dividends from the company‚Äôs market position and initiatives that P&C carriers are focused on.””

Several other equities analysts also recently weighed in on SPLK. Pacific Crest reaffirmed an “overweight” rating on shares of Splunk in a research note on Wednesday. Vetr raised Splunk from a “sell” rating to a “buy” rating and set a $67.00 price objective for the company in a research note on Tuesday, September 6th. Summit Redstone reaffirmed a “buy” rating and issued a $72.00 price objective on shares of Splunk in a research note on Tuesday, September 6th. JMP Securities set a $70.00 price objective on Splunk and gave the company a “buy” rating in a research note on Monday. Finally, Drexel Hamilton reaffirmed a “buy” rating and issued a $85.00 price objective on shares of Splunk in a research note on Tuesday, August 23rd. Eleven analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company. Splunk currently has a consensus rating of “Buy” and a consensus target price of $67.28.

Analyst Recommendations for Splunk (NASDAQ:SPLK)

Splunk (NASDAQ:SPLK) traded up 0.42% during trading on Wednesday, reaching $57.62. The company’s stock had a trading volume of 7,552,675 shares. The company has a 50 day moving average price of $59.05 and a 200-day moving average price of $58.63. The company’s market capitalization is $7.75 billion. Splunk has a 52 week low of $29.85 and a 52 week high of $65.75.

Splunk (NASDAQ:SPLK) last issued its earnings results on Tuesday, November 29th. The software company reported $0.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.08 by $0.04. The business earned $245 million during the quarter. Splunk had a negative return on equity of 38.45% and a negative net margin of 42.84%. The business’s quarterly revenue was up 40.3% on a year-over-year basis. During the same period last year, the company posted $0.05 earnings per share. Equities research analysts anticipate that Splunk will post $0.29 earnings per share for the current year.

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In other news, insider Douglas Merritt sold 6,155 shares of the company’s stock in a transaction on Wednesday, September 14th. The shares were sold at an average price of $58.10, for a total value of $357,605.50. Following the sale, the insider now directly owns 164,117 shares of the company’s stock, valued at approximately $9,535,197.70. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Godfrey Sullivan sold 128,750 shares of the company’s stock in a transaction on Wednesday, September 14th. The shares were sold at an average price of $58.93, for a total transaction of $7,587,237.50. Following the completion of the sale, the director now directly owns 440,426 shares in the company, valued at $25,954,304.18. The disclosure for this sale can be found here. Corporate insiders own 3.00% of the company’s stock.

Large investors have recently bought and sold shares of the stock. Winslow Capital Management LLC raised its stake 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. Price T Rowe Associates Inc. MD increased its position in Splunk by 37.4% in the third quarter. Price T Rowe Associates Inc. MD now owns 5,247,157 shares of the software company’s stock worth $307,903,000 after buying an additional 1,427,346 shares during the last quarter. JPMorgan Chase & Co. increased 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 during the last quarter. Fiera Capital Corp bought a new position in Splunk during the second quarter worth about $46,849,000. Finally, Sumitomo Mitsui Asset Management Company LTD increased its position in Splunk by 516.0% in the third quarter. Sumitomo Mitsui Asset Management Company LTD now owns 968,979 shares of the software company’s stock worth $56,859,000 after buying an additional 811,681 shares during the last quarter. 98.58% of the stock is currently owned by institutional investors.

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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