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Shares of Splunk (NASDAQ:SPLK) fell 12.1% on Wednesday following insider selling activity, Stock Ratings News reports. The company traded as low as $45.12 and last traded at $45.49, with a volume of 4,966,403 shares. The stock had previously closed at $51.75.

Specifically, SVP Thomas E. Schodorf sold 2,800 shares of Splunk stock on the open market in a transaction dated Tuesday, May 6th. The stock was sold at an average price of $53.76, for a total transaction of $150,528.00. The sale was disclosed in a filing with the SEC, which can be accessed through this link.

SPLK has been the subject of a number of recent research reports. Analysts at Cantor Fitzgerald reiterated a “buy” rating on shares of Splunk in a research note on Wednesday. Separately, analysts at Zacks upgraded shares of Splunk from an “underperform” rating to a “neutral” rating in a research note on Wednesday, April 30th. They now have a $56.50 price target on the stock. Finally, analysts at Credit Agricole upgraded shares of Splunk from an “outperform” rating to a “buy” rating in a research note on Thursday, April 17th. They now have a $80.00 price target on the stock. Nine analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. Splunk currently has a consensus rating of “Buy” and a consensus target price of $85.98.

The stock’s 50-day moving average is $66.12 and its 200-day moving average is $72.12. The company’s market cap is $5.719 billion.

Splunk (NASDAQ:SPLK) last issued its quarterly earnings data on Thursday, February 27th. The company reported $0.03 earnings per share for the quarter, missing the analysts’ consensus estimate of $0.05 by $0.02. The company had revenue of $99.90 million for the quarter, compared to the consensus estimate of $90.36 million. During the same quarter last year, the company posted $0.03 earnings per share. Splunk’s revenue was up 53.2% compared to the same quarter last year.

Splunk Inc (NASDAQ:SPLK) provides a software platform.

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