Splunk’s (SPLK) Overweight Rating Reiterated at Morgan Stanley
Morgan Stanley reaffirmed their overweight rating on shares of Splunk Inc. (NASDAQ:SPLK) in a report published on Friday. The brokerage currently has a $77.00 price objective on the software company’s stock, up from their prior price objective of $74.00.
Several other equities research analysts have also recently weighed in on the company. Zacks Investment Research upgraded Splunk from a sell rating to a hold rating in a report on Wednesday, August 16th. Cowen and Company reaffirmed a buy rating on shares of Splunk in a research report on Friday, August 18th. MKM Partners reissued a neutral rating and issued a $63.00 target price (up previously from $60.00) on shares of Splunk in a research report on Tuesday, May 30th. Stifel Nicolaus reissued a hold rating and issued a $61.00 target price on shares of Splunk in a research report on Sunday, May 28th. Finally, Guggenheim raised Splunk from a neutral rating to a buy rating and increased their target price for the stock from $69.00 to $70.00 in a research report on Thursday, June 22nd. Eleven research analysts have rated the stock with a hold rating and twenty-seven have given a buy rating to the stock. Splunk currently has a consensus rating of Buy and an average target price of $72.53.
Shares of Splunk (SPLK) opened at 64.48 on Friday. The stock’s market capitalization is $8.97 billion. 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.
Splunk (NASDAQ:SPLK) last posted its earnings results on Thursday, August 24th. The software company reported $0.08 EPS 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 business had revenue of $279.96 million during the quarter, compared to analysts’ expectations of $268.72 million. During the same period in the previous year, the business earned $0.05 earnings per share. The firm’s revenue was up 31.6% on a year-over-year basis. On average, equities research analysts predict that Splunk will post $0.54 EPS for the current fiscal year.
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In other news, insider Douglas Merritt sold 10,125 shares of Splunk stock in a transaction dated Wednesday, June 14th. The stock was 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 $13,425,834.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO David F. Conte sold 1,044 shares of Splunk stock in a transaction dated 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 disclosure for this sale can be found here. Insiders sold 558,056 shares of company stock worth $32,554,124 over the last ninety days. Insiders own 3.00% of the company’s stock.
Several large investors have recently modified their holdings of the company. IFP Advisors Inc boosted its stake in shares of 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 during the period. Xact Kapitalforvaltning AB boosted its stake in shares of Splunk by 0.3% in the second quarter. Xact Kapitalforvaltning AB now owns 18,241 shares of the software company’s stock valued at $1,038,000 after buying an additional 62 shares during the period. Patten Group Inc. boosted its stake 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 during the period. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. boosted its stake in shares of Splunk by 0.5% in the first quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 24,759 shares of the software company’s stock valued at $1,542,000 after buying an additional 118 shares during the period. Finally, Aperio Group LLC boosted its stake in shares of Splunk by 1.3% in the second quarter. Aperio Group LLC now owns 13,005 shares of the software company’s stock valued at $740,000 after buying an additional 164 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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