Splunk Inc. (SPLK) Receives Buy Rating from Jefferies Group
Splunk Inc. (NASDAQ:SPLK)‘s stock had its “buy” rating restated by analysts at Jefferies Group in a research report issued to clients and investors on Wednesday. They currently have a $81.00 price target on the software company’s stock. Jefferies Group’s price objective indicates a potential upside of 41.16% from the company’s previous close.
The analysts wrote, “SPLK reported strong headline numbers and raised guidance, but billings growth slightly decelerated and license rev growth was again below 40%. While mgmt noted exceptionally strong Cloud bookings, this is buried in the Services line. Anecdotal evidence points to significant tailwinds, though it’s difficult to measure business momentum with confidence given a lack of metrics to calculate it. We anticipate further disclosure at FAD in Jan. Details. Non-GAAP EPS of $0.12 on total rev of $244.8M and license of $139.7M easily exceeded consensus of $0.08, $230.3M, and $128.1M, respectively. Non-GAAP op margin of 6.8% was about 150 bps better than consensus. OCF grew 25% yoy to $45.3M, but shy of $49.2 million consensus. Deferred was slightly below consensus at $499M vs. $504M. Rev guidance for F4Q of $286-288M was slightly above consensus $285M, and guidance for F17 was raised to $930-932M from $910-914M. Margin guidance was raised slightly to 5-6% from prior approx. 5%. OCF guidance was for approx.””
Other analysts have also issued research reports about the company. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $60.00 price target on shares of Splunk in a report on Wednesday. Wedbush boosted their price target on Splunk from $72.00 to $75.00 and gave the company an “outperform” rating in a report on Wednesday. Pacific Crest reiterated an “overweight” rating on shares of Splunk in a report on Wednesday. Vetr upgraded Splunk from a “sell” rating to a “buy” rating and set a $67.00 price target for the company in a report on Tuesday, September 6th. Finally, Summit Redstone reiterated a “buy” rating and issued a $72.00 price target on shares of Splunk in a report on Tuesday, September 6th. Eleven research analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $66.97.
Shares of Splunk (NASDAQ:SPLK) traded up 4.697% during mid-day trading on Wednesday, reaching $60.075. The company’s stock had a trading volume of 4,511,777 shares. The firm’s 50 day moving average is $59.05 and its 200 day moving average is $58.63. The firm’s market cap is $8.08 billion. Splunk has a one year low of $29.85 and a one year high of $65.75.
Splunk (NASDAQ:SPLK) last announced its quarterly earnings results on Tuesday, November 29th. The software company reported $0.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.08 by $0.04. The firm 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 firm’s revenue for the quarter was up 40.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.05 EPS. On average, equities analysts anticipate that Splunk will post $0.29 earnings per share for the current fiscal year.
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In other news, Director Godfrey Sullivan sold 40,000 shares of the firm’s stock in a transaction on Wednesday, October 12th. The shares were sold at an average price of $57.66, for a total value of $2,306,400.00. Following the sale, the director now directly owns 311,676 shares in the company, valued at approximately $17,971,238.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Leonard R. Stein sold 3,435 shares of the firm’s stock in a transaction on Wednesday, September 14th. The shares were sold at an average price of $58.64, for a total transaction of $201,428.40. Following the completion of the sale, the senior vice president now owns 116,437 shares in the company, valued at $6,827,865.68. The disclosure for this sale can be found here. 3.00% of the stock is currently owned by company insiders.
Large investors have recently made changes to their positions in the stock. LS Investment Advisors LLC raised its stake in shares of Splunk by 5.5% in the second quarter. LS Investment Advisors LLC now owns 2,367 shares of the software company’s stock worth $128,000 after buying an additional 123 shares during the last quarter. Advisor Group Inc. purchased a new stake in shares of Splunk during the second quarter worth $157,000. Seven Eight Capital LLC purchased a new stake in shares of Splunk during the second quarter worth $193,000. Mn Services Vermogensbeheer B.V. raised its stake in shares of Splunk by 5.5% in the third quarter. Mn Services Vermogensbeheer B.V. now owns 3,397 shares of the software company’s stock worth $199,000 after buying an additional 177 shares during the last quarter. Finally, Shelton Capital Management purchased a new stake in shares of Splunk during the second quarter worth $206,000. Institutional investors and hedge funds own 98.58% of the company’s stock.
Splunk Company Profile
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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