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FBR Capital Markets lowered their price objective on shares of Splunk (NASDAQ:SPLK) from $120.00 to $80.00 in a research note issued on Friday. The firm currently has an “outperform” rating on the stock. FBR Capital Markets’ target price suggests a potential upside of 59.88% from the stock’s previous close.

Shares of Splunk (NASDAQ:SPLK) opened at 50.039 on Friday. Splunk has a 52-week low of $41.07 and a 52-week high of $106.15. The stock’s 50-day moving average is $52.77 and its 200-day moving average is $70.13. The company’s market cap is $5.900 billion. Splunk also was the target of some unusual options trading activity on Wednesday. Investors bought 5,005 put options on the stock. This represents an increase of 196% compared to the average daily volume of 1,690 put options.

Splunk (NASDAQ:SPLK) last announced its earnings results on Thursday, May 29th. The company reported ($0.04) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.06) by $0.02. The company had revenue of $85.90 million for the quarter, compared to the consensus estimate of $80.74 million. During the same quarter in the previous year, the company posted ($0.06) earnings per share. The company’s revenue for the quarter was up 50.2% on a year-over-year basis.

Several other analysts have also recently commented on the stock. Analysts at Canaccord Genuity cut their price target on shares of Splunk from $115.00 to $70.00 in a research note on Friday. Separately, analysts at Evercore Partners set a $57.00 price target on shares of Splunk in a research note on Thursday. Finally, analysts at ING Group cut their price target on shares of Splunk from $115.00 to $99.00 in a research note on Tuesday. They now have a “buy” rating on the stock. Seven equities research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $74.62.

In other Splunk news, Director Thomas M. Neustaetter sold 1,500 shares of the company’s stock on the open market in a transaction dated Wednesday, May 28th. The stock was sold at an average price of $48.90, for a total transaction of $73,350.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

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

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