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Splunk (NASDAQ:SPLK) was upgraded by stock analysts at Credit Agricole to an “outperform” rating in a report issued on Tuesday. The firm currently has a $66.00 price target on the stock, down from their previous price target of $110.00. Credit Agricole’s price objective indicates a potential upside of 50.00% from the stock’s previous close.

The analysts wrote, “We maintain our Market Outperform rating on Splunk but decrease our price target from $110 to $66 ahead of the company’s Q1 earnings on May 29. We expect another strong quarter from Splunk and raise our Q1 revenue estimate from $82 million, up 43% yoy, to $83 million, up 45% yoy. “In this note we provide an update to the customer spending survey we conducted in February, discuss some takeaways from our reseller checks and Cisco Live (which we attended yesterday), and discuss our recent due diligence with two private company competitors to Splunk. We maintain our FY15 non-GAAP EPS estimate of $0.02 versus consensus of breakeven, maintain our FY16 (CY15) non-GAAP EPS estimate of $0.27 versus consensus of $0.14, and maintain our FY17 (CY16) non-GAAP EPS estimate of $0.52 versus consensus of $0.36. “Our new $66 price target is based on an EV/2016 revenue multiple of 8.6x (versus our prior 15x multiple), a 20% premium to the peer group median, which we believe is deserved based upon Splunk’s trailing 12-month revenue growth of 52% and its leadership position. Our target multiple decreases as multiples of other stocks in Splunk’s high-growth peer group have declined significantly.”

A number of other analysts have also recently weighed in on SPLK. Analysts at Cantor Fitzgerald reiterated a “buy” rating on shares of Splunk in a research note on Thursday, May 15th. Separately, analysts at Goldman Sachs cut their price target on shares of Splunk from $92.00 to $55.00 in a research note on Thursday, May 15th. Finally, analysts at Deutsche Bank reiterated a “buy” rating on shares of Splunk in a research note on Thursday, May 8th. They now have a $65.00 price target on the stock, down previously from $105.00. Eight analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Splunk presently has an average rating of “Buy” and a consensus target price of $81.60.

Shares of Splunk (NASDAQ:SPLK) opened at 44.00 on Tuesday. Splunk has a 52 week low of $41.07 and a 52 week high of $106.15. The stock has a 50-day moving average of $57.13 and a 200-day moving average of $70.99. The company’s market cap is $5.188 billion. Splunk also saw unusually large options trading on Monday. Investors purchased 8,073 call options on the stock. This represents an increase of 217% compared to the average daily volume of 2,550 call options.

Splunk (NASDAQ:SPLK) last released its 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.

In other Splunk news, SVP Leonard Stein sold 5,000 shares of the stock on the open market in a transaction dated Thursday, May 15th. The stock was sold at an average price of $42.80, for a total value of $214,000.00. Following the completion of the transaction, the senior vice president now directly owns 85,274 shares of the company’s stock, valued at approximately $3,649,727. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

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

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