Canaccord Genuity Reiterates “Buy” Rating for Splunk Inc. (SPLK)
Splunk Inc. (NASDAQ:SPLK)‘s stock had its “buy” rating reissued by investment analysts at Canaccord Genuity in a research note issued on Tuesday. They presently have a $80.00 target price on the software company’s stock, up from their prior target price of $75.00. Canaccord Genuity’s price target indicates a potential upside of 32.71% from the stock’s current price.
SPLK has been the subject of a number of other research reports. Drexel Hamilton reissued a “buy” rating and issued a $93.00 price objective on shares of Splunk in a report on Thursday, July 13th. Royal Bank Of Canada reissued a “buy” rating and issued a $75.00 price objective on shares of Splunk in a report on Monday, July 31st. Robert W. Baird set a $71.00 price objective on shares of Splunk and gave the company a “buy” rating in a report on Saturday, May 27th. Zacks Investment Research raised shares of Splunk from a “sell” rating to a “hold” rating in a report on Wednesday, August 16th. Finally, Wedbush reissued an “outperform” rating and issued a $78.00 price objective on shares of Splunk in a report on Monday, May 22nd. Eleven investment analysts have rated the stock with a hold rating and twenty-seven have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $71.56.
Splunk (NASDAQ SPLK) traded up 8.86% during trading on Tuesday, hitting $65.62. 6,594,885 shares of the stock were exchanged. The company has a 50-day moving average price of $59.66 and a 200 day moving average price of $61.43. Splunk has a 1-year low of $50.64 and a 1-year high of $69.23. The firm’s market capitalization is $9.08 billion.
Splunk (NASDAQ:SPLK) last posted its quarterly earnings data on Thursday, August 24th. The software company reported $0.08 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.06 by $0.02. The firm had revenue of $279.96 million during the quarter, compared to the consensus estimate of $268.72 million. Splunk had a negative net margin of 35.19% and a negative return on equity of 40.82%. The business’s revenue for the quarter was up 31.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.05 EPS. Equities analysts predict that Splunk will post $0.52 earnings per share for the current fiscal year.
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In other news, CFO David F. Conte sold 1,044 shares of the stock in a transaction on Friday, June 2nd. The shares were sold at an average price of $62.20, for a total transaction of $64,936.80. Following the completion of the sale, the chief financial officer now directly owns 207,965 shares in the company, valued at $12,935,423. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Godfrey Sullivan sold 128,750 shares of the stock in a transaction on Wednesday, June 14th. The stock was sold at an average price of $57.58, for a total transaction of $7,413,425.00. Following the sale, the director now owns 843,290 shares of the company’s stock, valued at $48,556,638.20. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 558,056 shares of company stock valued at $32,554,124. 3.00% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of the company. TLP Group LLC bought a new position in shares of Splunk during the first quarter valued at about $102,000. Patten Group Inc. raised its position in shares of Splunk by 3.6% in the first quarter. Patten Group Inc. now owns 2,154 shares of the software company’s stock valued at $131,000 after buying an additional 75 shares in the last quarter. Acrospire Investment Management LLC raised its position in shares of Splunk by 79.9% in the first quarter. Acrospire Investment Management LLC now owns 2,701 shares of the software company’s stock valued at $168,000 after buying an additional 1,200 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. raised its position in shares of Splunk by 24.1% in the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 3,375 shares of the software company’s stock valued at $195,000 after buying an additional 656 shares in the last quarter. Finally, ProShare Advisors LLC bought a new position in shares of Splunk during the first quarter valued at about $200,000.
Splunk Inc (Splunk) is engaged in the development and marketing of software solutions. The Company’s offerings enable users to collect, index, search, explore, monitor and analyze data. Its offerings address diverse data sets that are referred to as big data and are specifically used for machine data.
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