Splunk Inc. (SPLK) Stock Rating Reaffirmed by Mizuho
Splunk Inc. (NASDAQ:SPLK)‘s stock had its “hold” rating reissued by research analysts at Mizuho in a note issued to investors on Thursday. They presently have a $60.00 price objective on the software company’s stock. Mizuho’s price target suggests a potential downside of 8.24% from the stock’s current price.
The analysts wrote, “We note that: 1) interest for the product offering remains high within ITOM and SIEM; 2) discounting levels were largely in-line with recent quarters; 3) pricing remains a key area of pushback among customers looking to expand deployments, SPLK seems more open to considering options for its largest customers; 4) we continue to pick up on complementary solutions being deployed alongside SPLK to limit data volume growth.””
Several other research firms have also weighed in on SPLK. Cowen and Company reaffirmed a “buy” rating on shares of Splunk in a report on Friday, August 18th. Susquehanna Bancshares Inc started coverage on shares of Splunk in a report on Wednesday, June 7th. They set a “neutral” rating and a $68.00 price objective for the company. Zacks Investment Research lowered shares of Splunk from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. Guggenheim reaffirmed a “buy” rating and set a $70.00 price objective on shares of Splunk in a report on Saturday, August 19th. Finally, Canaccord Genuity reaffirmed a “buy” rating and set a $80.00 price objective (up previously from $75.00) on shares of Splunk in a report on Tuesday. Eleven analysts have rated the stock with a hold rating and twenty-seven have issued a buy rating to the stock. Splunk currently has a consensus rating of “Buy” and an average target price of $71.78.
Splunk (SPLK) opened at 65.39 on Thursday. Splunk has a 52 week low of $50.64 and a 52 week high of $69.23. The stock’s market capitalization is $9.05 billion. The firm has a 50 day moving average price of $59.92 and a 200 day moving average price of $61.47.
Splunk (NASDAQ:SPLK) last posted its quarterly earnings data 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. The company had revenue of $279.96 million during the quarter, compared to analyst estimates of $268.72 million. Splunk had a negative net margin of 36.81% and a negative return on equity of 75.18%. The company’s revenue was up 31.6% on a year-over-year basis. During the same quarter last year, the business posted $0.05 earnings per share. Equities research analysts predict that Splunk will post $0.52 earnings per share for the current year.
In related news, insider Douglas Merritt sold 10,125 shares of the business’s stock in a transaction on Wednesday, June 14th. The shares were sold at an average price of $58.01, for a total value of $587,351.25. Following the sale, the insider now directly owns 231,440 shares of the company’s stock, valued at approximately $13,425,834.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Godfrey Sullivan sold 128,750 shares of the business’s stock in a transaction on Wednesday, June 14th. The shares were sold at an average price of $57.58, for a total transaction of $7,413,425.00. Following the completion of the sale, the director now directly owns 843,290 shares in the company, valued at $48,556,638.20. The disclosure for this sale can be found here. Insiders sold a total of 558,056 shares of company stock worth $32,554,124 over the last ninety days. 3.00% of the stock is currently owned by insiders.
Large investors have recently bought and sold shares of the stock. Sumitomo Mitsui Asset Management Company LTD boosted its stake in Splunk by 2.8% in the first quarter. Sumitomo Mitsui Asset Management Company LTD now owns 1,858,320 shares of the software company’s stock valued at $115,754,000 after buying an additional 50,887 shares in the last quarter. Essex Investment Management Co. LLC boosted its stake in Splunk by 24.8% in the first quarter. Essex Investment Management Co. LLC now owns 69,231 shares of the software company’s stock valued at $4,312,000 after buying an additional 13,770 shares in the last quarter. Wesbanco Bank Inc. boosted its stake in Splunk by 0.4% in the first quarter. Wesbanco Bank Inc. now owns 80,822 shares of the software company’s stock valued at $5,034,000 after buying an additional 283 shares in the last quarter. IFP Advisors Inc boosted its stake in Splunk by 0.6% in the first quarter. IFP Advisors Inc now owns 3,304 shares of the software company’s stock valued at $206,000 after buying an additional 20 shares in the last quarter. Finally, Nikko Asset Management Americas Inc. boosted its stake in Splunk by 63.6% in the first quarter. Nikko Asset Management Americas Inc. now owns 5,400 shares of the software company’s stock valued at $336,000 after buying an additional 2,100 shares in 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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