Splunk Inc. (SPLK) Price Target Raised to $72.00 at Cowen and Company
Splunk Inc. (NASDAQ:SPLK) had its price target hoisted by Cowen and Company from $67.00 to $72.00 in a report published on Friday. They currently have an outperform rating on the software company’s stock.
Several other research analysts also recently commented on the company. Guggenheim raised Splunk from a neutral rating to a buy rating and lifted their price target for the stock from $69.00 to $70.00 in a research report on Thursday, June 22nd. Citigroup Inc. lifted their price target on Splunk from $62.00 to $64.00 and gave the stock a neutral rating in a research report on Tuesday, May 30th. Zacks Investment Research downgraded Splunk from a buy rating to a hold rating in a research report on Thursday, April 27th. Robert W. Baird reaffirmed an outperform rating and issued a $71.00 price target on shares of Splunk in a research report on Monday, July 10th. Finally, Wedbush downgraded Splunk from an outperform rating to a neutral rating and dropped their price target for the stock from $72.00 to $63.00 in a research report on Thursday, June 15th. Eleven investment analysts have rated the stock with a hold rating and twenty-seven have assigned a buy rating to the stock. Splunk currently has a consensus rating of Buy and a consensus target price of $71.91.
Splunk (NASDAQ SPLK) traded up 8.48% on Friday, reaching $65.39. 8,358,068 shares of the company’s stock traded hands. The stock has a 50-day moving average of $59.92 and a 200 day moving average of $61.47. Splunk has a 52 week low of $50.64 and a 52 week high of $69.23. The firm’s market capitalization is $9.09 billion.
Splunk (NASDAQ:SPLK) last posted its earnings results on Thursday, August 24th. The software company reported $0.08 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.06 by $0.02. Splunk had a negative return on equity of 75.18% and a negative net margin of 36.81%. The firm had revenue of $279.96 million during the quarter, compared to analyst estimates of $268.72 million. During the same period in the previous year, the company earned $0.05 EPS. The company’s revenue for the quarter was up 31.6% on a year-over-year basis. On average, equities analysts expect that Splunk will post $0.52 EPS for the current fiscal year.
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In other news, insider Douglas Merritt sold 10,125 shares of the company’s stock in a transaction on Wednesday, June 14th. The stock was sold at an average price of $58.01, for a total transaction of $587,351.25. Following the transaction, the insider now owns 231,440 shares of the company’s stock, valued at $13,425,834.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO David F. Conte sold 1,044 shares of the company’s stock in a transaction on Friday, June 2nd. The shares were sold at an average price of $62.20, for a total value of $64,936.80. Following the transaction, the chief financial officer now directly owns 207,965 shares in the company, valued at approximately $12,935,423. The disclosure for this sale can be found here. Insiders have sold 558,056 shares of company stock worth $32,554,124 in the last ninety days. 3.00% of the stock is currently owned by insiders.
Institutional investors have recently modified their holdings of the stock. Public Employees Retirement System of Ohio raised its position in shares of Splunk by 7.5% in the second quarter. Public Employees Retirement System of Ohio now owns 49,910 shares of the software company’s stock valued at $2,839,000 after buying an additional 3,483 shares during the period. Raymond James Financial Services Advisors Inc. raised its position in shares of Splunk by 39.2% in the second quarter. Raymond James Financial Services Advisors Inc. now owns 32,533 shares of the software company’s stock valued at $1,851,000 after buying an additional 9,165 shares during the period. The Manufacturers Life Insurance Company raised its position in shares of Splunk by 8.5% in the second quarter. The Manufacturers Life Insurance Company now owns 4,950 shares of the software company’s stock valued at $282,000 after buying an additional 389 shares during the period. 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 during the period. Finally, Cubist Systematic Strategies LLC raised its position in shares of Splunk by 38.9% in the second quarter. Cubist Systematic Strategies LLC now owns 9,924 shares of the software company’s stock valued at $565,000 after buying an additional 2,778 shares during the period.
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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