Splunk Inc. (NASDAQ:SPLK)’s share price shot up 17.9% during trading on Friday following a better than expected earnings announcement. The company traded as high as $81.99 and last traded at $81.70. 13,218,925 shares traded hands during trading, an increase of 712% from the average session volume of 1,627,646 shares. The stock had previously closed at $69.30.

The software company reported $0.17 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.42) by $0.59. Splunk had a negative return on equity of 75.81% and a negative net margin of 36.81%. The firm had revenue of $328.65 million for the quarter, compared to the consensus estimate of $309.01 million.

SPLK has been the topic of several recent research reports. Cowen and Company restated a “buy” rating on shares of Splunk in a research note on Friday, August 18th. Canaccord Genuity reaffirmed a “buy” rating and issued a $90.00 price objective (up from $80.00) on shares of Splunk in a research report on Friday. Maxim Group reaffirmed a “buy” rating and issued a $85.00 price objective on shares of Splunk in a research report on Friday, August 25th. Piper Jaffray Companies increased their price target on Splunk to $85.00 and gave the company an “overweight” rating in a report on Friday. Finally, Barclays PLC increased their price target on Splunk from $73.00 to $80.00 and gave the company an “equal weight” rating in a report on Friday. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and thirty have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $80.92.

In related news, CFO David F. Conte sold 10,525 shares of the company’s stock in a transaction dated Friday, August 25th. The shares were sold at an average price of $66.03, for a total transaction of $694,965.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Godfrey Sullivan sold 128,750 shares of the company’s stock in a transaction dated Wednesday, September 13th. The stock was sold at an average price of $67.84, for a total transaction of $8,734,400.00. Following the transaction, the director now owns 699,540 shares of the company’s stock, valued at approximately $47,456,793.60. The disclosure for this sale can be found here. In the last quarter, insiders sold 599,197 shares of company stock valued at $40,200,725. Insiders own 1.43% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Crossmark Global Holdings Inc. purchased a new stake in Splunk during the 3rd quarter valued at about $201,000. FDx Advisors Inc. purchased a new stake in Splunk during the 3rd quarter valued at about $210,000. Commonwealth Equity Services Inc purchased a new stake in Splunk during the 3rd quarter valued at about $210,000. Migdal Insurance & Financial Holdings Ltd. grew its stake in Splunk by 24.1% during the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 3,375 shares of the software company’s stock valued at $195,000 after acquiring an additional 656 shares in the last quarter. Finally, IFP Advisors Inc grew its stake in Splunk by 6.2% during the 2nd quarter. IFP Advisors Inc now owns 3,508 shares of the software company’s stock valued at $200,000 after acquiring an additional 204 shares in the last quarter.

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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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