MKM Partners reissued their neutral rating on shares of Splunk Inc. (NASDAQ:SPLK) in a report released on Monday morning. The firm currently has a $68.00 price target on the software company’s stock, up from their prior price target of $63.00.

Several other research firms have also recently issued reports on SPLK. Royal Bank Of Canada increased their target price on shares of Splunk from $70.00 to $75.00 and gave the stock an outperform rating in a research note on Tuesday, May 23rd. Wedbush reiterated an outperform rating and issued a $78.00 target price on shares of Splunk in a research note on Monday, May 22nd. Oppenheimer Holdings, Inc. reiterated a buy rating and issued a $80.00 target price on shares of Splunk in a research note on Friday. Robert W. Baird set a $75.00 price target on shares of Splunk and gave the stock a buy rating in a report on Friday. Finally, Maxim Group reissued a buy rating and issued a $85.00 price target on shares of Splunk in a report on Friday. Eleven investment analysts have rated the stock with a hold rating and twenty-seven have given a buy rating to the company’s stock. The stock has an average rating of Buy and an average price target of $72.53.

Shares of Splunk (SPLK) opened at 64.48 on Monday. Splunk has a 1-year low of $50.64 and a 1-year high of $69.23. The company’s market capitalization is $8.97 billion. The stock 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 earnings results on Thursday, August 24th. The software company reported $0.08 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.06 by $0.02. Splunk had a negative net margin of 36.81% and a negative return on equity of 75.18%. The business had revenue of $279.96 million for the quarter, compared to analysts’ expectations of $268.72 million. During the same period in the prior year, the company posted $0.05 EPS. The business’s revenue for the quarter was up 31.6% compared to the same quarter last year. Analysts forecast that Splunk will post $0.54 earnings per share for the current year.

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In related news, CFO David F. Conte sold 1,044 shares of Splunk stock in a transaction dated 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 transaction, the chief financial officer now directly owns 207,965 shares of the company’s stock, valued at approximately $12,935,423. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Godfrey Sullivan sold 40,000 shares of Splunk stock in a transaction dated Tuesday, August 15th. The shares were sold at an average price of $58.13, for a total transaction of $2,325,200.00. Following the transaction, the director now directly owns 744,540 shares of the company’s stock, valued at $43,280,110.20. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 558,056 shares of company stock valued at $32,554,124. Corporate insiders own 3.00% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Public Employees Retirement System of Ohio boosted 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 worth $2,839,000 after buying an additional 3,483 shares during the period. Raymond James Financial Services Advisors Inc. boosted 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 worth $1,851,000 after buying an additional 9,165 shares during the period. The Manufacturers Life Insurance Company boosted 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 worth $282,000 after buying an additional 389 shares during the period. Migdal Insurance & Financial Holdings Ltd. boosted 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 worth $195,000 after buying an additional 656 shares during the period. Finally, Cubist Systematic Strategies LLC boosted 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 worth $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.

Analyst Recommendations for Splunk (NASDAQ:SPLK)

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