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Analysts at Canaccord Genuity reduced their price target on shares of Splunk (NASDAQ:SPLK) from $115.00 to $70.00 in a research report issued to clients and investors on Friday. Canaccord Genuity’s target price points to a potential upside of 39.89% from the company’s current price.

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 recipient of some unusual options trading activity on Wednesday. Traders purchased 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 released its earnings data on Thursday, May 29th. The company reported ($0.04) EPS for the quarter, beating the Thomson Reuters 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 prior year, the company posted ($0.06) earnings per share. The company’s quarterly revenue was up 50.2% on a year-over-year basis.

A number of other firms have also recently commented on SPLK. Analysts at Evercore Partners set a $57.00 price target on shares of Splunk in a research note on Thursday. Separately, 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. Finally, analysts at Northland Securities upgraded shares of Splunk from a “market perform” rating to an “outperform” rating in a research note on Tuesday. They now have a $66.00 price target on the stock, down previously from $95.00. They noted that the move was a valuation call. Seven research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $76.22.

In other Splunk news, Director Thomas M. Neustaetter sold 1,500 shares of the stock on the open market in a transaction that occurred on Wednesday, May 28th. The stock was sold at an average price of $48.90, for a total transaction of $73,350.00. The transaction 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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