Mizuho Initiates Coverage on Splunk Inc. (SPLK)
Stock analysts at Mizuho initiated coverage on shares of Splunk Inc. (NASDAQ:SPLK) in a note issued to investors on Wednesday. The firm set a “neutral” rating and a $60.00 price target on the software company’s stock. Mizuho’s price target suggests a potential upside of 2.79% from the stock’s previous close.
Other equities analysts have also issued research reports about the stock. Deutsche Bank AG restated a “buy” rating and set a $60.00 price target on shares of Splunk in a research report on Friday, May 27th. Canaccord Genuity restated a “buy” rating and set a $65.00 price target (up previously from $60.00) on shares of Splunk in a research report on Friday, May 27th. Citigroup Inc. restated a “buy” rating and set a $62.00 price target (up previously from $53.00) on shares of Splunk in a research report on Friday, May 27th. Drexel Hamilton restated a “buy” rating and set a $80.00 price target on shares of Splunk in a research report on Tuesday, May 24th. Finally, Maxim Group restated a “buy” rating and set a $75.00 price target (up previously from $72.00) on shares of Splunk in a research report on Friday, May 27th. Eleven investment analysts have rated the stock with a hold rating, twenty-nine have given a buy rating and one has assigned a strong buy rating to the stock. Splunk presently has an average rating of “Buy” and an average target price of $68.18.
Shares of Splunk (NASDAQ:SPLK) opened at 58.37 on Wednesday. Splunk has a 52 week low of $29.85 and a 52 week high of $66.90. The firm has a 50-day moving average of $61.16 and a 200 day moving average of $55.05. The firm’s market cap is $7.85 billion.
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Splunk (NASDAQ:SPLK) last posted its earnings results on Thursday, August 25th. The software company reported $0.05 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.03 by $0.02. Splunk had a negative net margin of 42.84% and a negative return on equity of 38.45%. The firm earned $212.80 million during the quarter, compared to analyst estimates of $200.52 million. During the same quarter in the prior year, the business posted $0.03 EPS. The business’s revenue was up 43.5% compared to the same quarter last year. Equities research analysts predict that Splunk will post $0.29 EPS for the current fiscal year.
In related news, CMO Steven R. Sommer sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, July 18th. The stock was sold at an average price of $58.66, for a total transaction of $293,300.00. Following the completion of the transaction, the chief marketing officer now directly owns 220,127 shares in the company, valued at approximately $12,912,649.82. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, SVP Leonard R. Stein sold 7,997 shares of the business’s stock in a transaction that occurred on Thursday, June 23rd. The shares were sold at an average price of $60.00, for a total value of $479,820.00. The disclosure for this sale can be found here. Company insiders own 3.00% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Wellington Management Group LLP bought a new position in shares of Splunk during the first quarter worth about $93,277,000. Eagle Asset Management Inc. increased its position in shares of Splunk by 0.5% in the second quarter. Eagle Asset Management Inc. now owns 312,171 shares of the software company’s stock worth $16,913,000 after buying an additional 1,563 shares during the period. State Street Corp increased its position in shares of Splunk by 3.4% in the first quarter. State Street Corp now owns 2,472,035 shares of the software company’s stock worth $120,959,000 after buying an additional 80,177 shares during the period. Geode Capital Management LLC increased its position in shares of Splunk by 4.5% in the first quarter. Geode Capital Management LLC now owns 826,773 shares of the software company’s stock worth $40,432,000 after buying an additional 35,328 shares during the period. Finally, Nuveen Asset Management LLC increased its position in shares of Splunk by 1,306.2% in the first quarter. Nuveen Asset Management LLC now owns 50,398 shares of the software company’s stock worth $2,466,000 after buying an additional 46,814 shares during the period. Institutional investors own 99.57% of the company’s stock.
Splunk Inc is a provider of software solutions. The Company’s offerings enable users to collect, index, search, explore, monitor and analyze data. It operates through the development and marketing of software solutions segment, which enables its customers to gain real-time operational intelligence by harnessing the value of their data.
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