ValuEngine cut shares of Splunk Inc. (NASDAQ:SPLK) from a hold rating to a sell rating in a report published on Wednesday.

SPLK has been the topic of several other reports. Mizuho reissued a neutral rating and set a $60.00 price target on shares of Splunk in a research report on Tuesday, August 15th. Morgan Stanley reissued an overweight rating and set a $77.00 price target (up from $74.00) on shares of Splunk in a research report on Friday, August 25th. Robert W. Baird reissued an outperform rating and set a $71.00 price target on shares of Splunk in a research report on Monday, July 10th. Zacks Investment Research lowered Splunk from a buy rating to a sell rating in a research report on Thursday, July 27th. Finally, Citigroup Inc. boosted their target price on Splunk from $64.00 to $70.00 and gave the company a neutral rating in a research note on Friday, August 25th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and twenty-seven have assigned a buy rating to the company. The company has an average rating of Buy and an average price target of $73.06.

Shares of Splunk (NASDAQ SPLK) opened at 63.55 on Wednesday. The firm’s market capitalization is $8.90 billion. Splunk has a 52 week low of $50.64 and a 52 week high of $69.61. The firm has a 50-day moving average price of $66.73 and a 200-day moving average price of $62.60.

Splunk (NASDAQ:SPLK) last posted its quarterly earnings results on Thursday, August 24th. The software company reported $0.08 earnings per share for the quarter, beating the consensus estimate of $0.06 by $0.02. The firm had revenue of $279.96 million for the quarter, compared to analyst estimates of $268.72 million. Splunk had a negative return on equity of 75.81% and a negative net margin of 36.81%. Splunk’s quarterly revenue was up 31.6% on a year-over-year basis. During the same period in the previous year, the firm earned $0.05 earnings per share. On average, equities analysts expect that Splunk will post $0.54 earnings per share for the current fiscal year.

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In other news, Director Thomas M. Neustaetter sold 3,614 shares of the stock in a transaction that occurred on Wednesday, September 20th. The stock was sold at an average price of $67.70, for a total value of $244,667.80. Following the completion of the transaction, the director now directly owns 12,871 shares of the company’s stock, valued at approximately $871,366.70. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Godfrey Sullivan sold 40,000 shares of the stock in a transaction that occurred on Tuesday, August 15th. The stock was sold at an average price of $58.13, for a total value of $2,325,200.00. Following the completion of 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 three months, insiders sold 588,881 shares of company stock valued at $37,776,052. 1.43% of the stock is currently owned by insiders.

Several institutional investors and hedge funds have recently modified their holdings of SPLK. BlackRock Inc. raised its holdings in shares of Splunk by 5,553.3% in the 1st quarter. BlackRock Inc. now owns 6,931,967 shares of the software company’s stock worth $431,791,000 after buying an additional 6,809,349 shares in the last quarter. Wellington Management Group LLP raised its holdings in shares of Splunk by 2,492.5% in the 1st quarter. Wellington Management Group LLP now owns 1,350,153 shares of the software company’s stock worth $84,102,000 after buying an additional 1,298,074 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Splunk by 40.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 3,942,003 shares of the software company’s stock worth $224,259,000 after buying an additional 1,128,410 shares in the last quarter. Harbour Capital Advisors LLC raised its holdings in shares of Splunk by 6,237.5% in the 2nd quarter. Harbour Capital Advisors LLC now owns 1,061,852 shares of the software company’s stock worth $18,665,000 after buying an additional 1,045,097 shares in the last quarter. Finally, ETF Managers Group LLC acquired a new position in shares of Splunk in the 2nd quarter worth approximately $39,864,000.

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.

To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Splunk (NASDAQ:SPLK)

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