Splunk’s Outperform Rating Reaffirmed at Wedbush (SPLK)
Splunk (NASDAQ:SPLK)‘s stock had its “outperform” rating reaffirmed by equities research analysts at Wedbush in a research note issued to investors on Friday, ARN reports. They currently have a $60.00 price target on the stock, up from their previous price target of $58.00. Wedbush’s price target suggests a potential upside of 8.68% from the stock’s previous close.
The analysts wrote, “SPLK put up a good, clean quarter with lots of outperformance. Revenue of $67M (+50% Y/Y) beat consensus by $4M and our expectation by $2M, while a penny per share loss was $0.02 ahead of our estimate and consensus as revenue out-performance fell to the bottom line. SPLK reported 163 orders above $100K (+66% Y/Y), and saw balanced growth across the U.S. and international markets. We believe the mix across primary use cases (security, systems management, and applications management) was also balanced. SPLK shipped its third application in 2Q, Splunk for VMware, and several new products are on the way: (1) a new version of Splunk Enterprise, expected to ship during SPLK’s user conference in early October; (2) SPLK’s new product for native Hadoop access (Hunk) is expected to ship prior to year-end; and (3) expanded cloud offerings – including developer and operational offerings – will be announced at the user conference.”
Shares of Splunk (NASDAQ:SPLK) traded up 12.86% on Friday, hitting $55.21. The stock had a trading volume of 4,905,372 shares. Splunk has a 1-year low of $26.10 and a 1-year high of $53.47. The stock has a 50-day moving average of $50.52 and a 200-day moving average of $43.92. The company’s market cap is $5.731 billion.
Splunk (NASDAQ:SPLK) last released its earnings data on Thursday, August 29th. The company reported ($0.01) EPS for the quarter, beating the Thomson Reuters consensus estimate of ($0.03) by $0.02. The company had revenue of $66.90 million for the quarter, compared to the consensus estimate of $62.97 million. During the same quarter in the prior year, the company posted ($0.01) earnings per share. The company’s quarterly revenue was up 50.3% on a year-over-year basis. On average, analysts predict that Splunk will post $-0.01 earnings per share for the current fiscal year.
Other equities research analysts have also recently issued reports about the stock. Analysts at Needham & Company raised their price target on shares of Splunk from $50.00 to $55.00 in a research note to investors on Friday. They now have a “buy” rating on the stock. Separately, analysts at FBR Capital Markets upgraded shares of Splunk from a “market perform” rating to an “outperform” rating in a research note to investors on Friday. They now have a $61.00 price target on the stock, up previously from $48.00. Finally, analysts at Barclays Capital raised their price target on shares of Splunk from $52.00 to $61.00 in a research note to investors on Thursday, August 22nd. They now have an “overweight” rating on the stock.
Five equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. Splunk presently has an average rating of “Buy” and a consensus price target of $54.75.
In other Splunk news, CEO Godfrey Sullivan sold 10,000 shares of the company’s stock on the open market in a transaction that occurred on Wednesday, August 28th. The stock was sold at an average price of $48.01, for a total transaction of $480,100.00. The transaction was disclosed in a document filed with the SEC, which is available at this link.
Splunk Inc (NASDAQ:SPLK) provides a software platform.
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