Mitsubishi UFJ Financial Group Reaffirms “Buy” Rating for Splunk Inc. (SPLK)
Splunk Inc. (NASDAQ:SPLK)‘s stock had its “buy” rating restated by Mitsubishi UFJ Financial Group in a research report issued on Friday. They currently have a $75.00 target price on the software company’s stock. Mitsubishi UFJ Financial Group’s target price would indicate a potential upside of 14.70% from the stock’s current price.
Several other analysts have also weighed in on the company. Guggenheim upgraded Splunk from a “neutral” rating to a “buy” rating and upped their price objective for the company from $69.00 to $70.00 in a report on Thursday, June 22nd. Citigroup Inc. upped their price objective on Splunk from $62.00 to $64.00 and gave the company a “neutral” rating in a report on Tuesday, May 30th. Zacks Investment Research lowered Splunk from a “buy” rating to a “hold” rating in a report on Thursday, April 27th. Robert W. Baird restated an “outperform” rating and issued a $71.00 price objective on shares of Splunk in a report on Monday, July 10th. Finally, Wedbush lowered Splunk from an “outperform” rating to a “neutral” rating and cut their price objective for the company from $72.00 to $63.00 in a report on Thursday, June 15th. Eleven analysts have rated the stock with a hold rating and twenty-seven have issued a buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $72.38.
Splunk (SPLK) traded up 8.48% during trading on Friday, hitting $65.39. 8,358,068 shares of the company traded hands. Splunk has a 52-week low of $50.64 and a 52-week high of $69.23. The company’s 50-day moving average is $59.92 and its 200 day moving average is $61.47. The firm’s market cap is $9.09 billion.
Splunk (NASDAQ:SPLK) last announced its quarterly earnings data on Thursday, August 24th. The software company reported $0.08 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.06 by $0.02. The business had revenue of $279.96 million during the quarter, compared to analyst estimates of $268.72 million. Splunk had a negative return on equity of 75.18% and a negative net margin of 36.81%. The company’s revenue was up 31.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.05 earnings per share. On average, equities analysts anticipate that Splunk will post $0.52 earnings per share for the current year.
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In related news, CFO David F. Conte sold 1,044 shares of the business’s stock in a transaction that occurred on Friday, June 2nd. The stock was sold at an average price of $62.20, for a total value 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 sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Godfrey Sullivan sold 4,236 shares of the business’s stock in a transaction that occurred on Wednesday, June 7th. The shares were sold at an average price of $61.77, for a total value of $261,657.72. Following the completion of the sale, the director now owns 818,456 shares of the company’s stock, valued at $50,556,027.12. The disclosure for this sale can be found here. Insiders sold 558,056 shares of company stock worth $32,554,124 in the last ninety days. 3.00% of the stock is owned by company insiders.
Large investors have recently modified their holdings of the stock. BlackRock Inc. boosted its stake in Splunk by 5,553.3% in the first quarter. BlackRock Inc. now owns 6,931,967 shares of the software company’s stock valued at $431,791,000 after buying an additional 6,809,349 shares during the last quarter. Wellington Management Group LLP boosted its stake in Splunk by 2,492.5% in the first quarter. Wellington Management Group LLP now owns 1,350,153 shares of the software company’s stock valued at $84,102,000 after buying an additional 1,298,074 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in Splunk by 40.1% in the second quarter. Bank of New York Mellon Corp now owns 3,942,003 shares of the software company’s stock valued at $224,259,000 after buying an additional 1,128,410 shares during the last quarter. Harbour Capital Advisors LLC boosted its stake in Splunk by 6,237.5% in the second quarter. Harbour Capital Advisors LLC now owns 1,061,852 shares of the software company’s stock valued at $18,665,000 after buying an additional 1,045,097 shares during the last quarter. Finally, Pictet Asset Management Ltd. boosted its stake in Splunk by 113.8% in the first quarter. Pictet Asset Management Ltd. now owns 1,510,716 shares of the software company’s stock valued at $94,103,000 after buying an additional 804,201 shares during the last quarter.
Splunk Company Profile
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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