Splunk Inc. (NASDAQ:SPLK) was downgraded by equities researchers at Vetr from a “strong-buy” rating to a “buy” rating in a research report issued to clients and investors on Wednesday. They presently have a $66.00 target price on the software company’s stock. Vetr‘s target price indicates a potential upside of 11.47% from the stock’s current price.

Other equities analysts have also issued reports about the stock. Summit Redstone restated a “buy” rating and issued a $72.00 price objective on shares of Splunk in a research report on Tuesday, September 6th. Morgan Stanley raised their price objective on shares of Splunk from $53.00 to $58.00 and gave the company an “overweight” rating in a research report on Friday, May 27th. DA Davidson restated a “buy” rating and issued a $83.00 price objective on shares of Splunk in a research report on Wednesday, August 24th. Needham & Company LLC restated a “hold” rating on shares of Splunk in a research report on Friday, May 27th. Finally, Drexel Hamilton restated a “buy” rating and issued a $85.00 price objective on shares of Splunk in a research report on Tuesday, August 23rd. Eleven analysts have rated the stock with a hold rating and thirty have given a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $68.15.

Analyst Recommendations for Splunk (NASDAQ:SPLK)

Splunk (NASDAQ:SPLK) traded up 1.44% during mid-day trading on Wednesday, reaching $59.21. 949,792 shares of the company’s stock were exchanged. The company has a 50-day moving average of $61.14 and a 200-day moving average of $55.08. The stock’s market cap is $7.97 billion. Splunk has a 52-week low of $29.85 and a 52-week high of $66.90.

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Splunk (NASDAQ:SPLK) last issued its earnings results on Thursday, August 25th. The software company reported $0.05 earnings per share for the quarter, topping analysts’ consensus estimates of $0.03 by $0.02. The firm earned $212.80 million during the quarter, compared to analyst estimates of $200.52 million. Splunk had a negative net margin of 42.84% and a negative return on equity of 38.45%. The company’s quarterly revenue was up 43.5% on a year-over-year basis. During the same quarter last year, the business earned $0.03 earnings per share. Equities research analysts anticipate that Splunk will post $0.29 earnings per share for the current year.

In other news, CMO Steven R. Sommer sold 5,000 shares of the company’s stock in a transaction dated Monday, July 18th. The shares were sold at an average price of $58.66, for a total transaction of $293,300.00. Following the completion of the sale, the chief marketing officer now owns 220,127 shares of the company’s stock, valued at approximately $12,912,649.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Leonard R. Stein sold 7,997 shares of the company’s stock in a transaction dated Thursday, June 23rd. The shares were sold at an average price of $60.00, for a total transaction of $479,820.00. The disclosure for this sale can be found here. Insiders own 3.00% of the company’s stock.

Several large investors have recently added to or reduced their stakes in SPLK. Wellington Management Group LLP purchased a new stake in Splunk during the first quarter valued at about $93,277,000. Eagle Asset Management Inc. raised its stake in Splunk by 0.5% in the second quarter. Eagle Asset Management Inc. now owns 312,171 shares of the software company’s stock valued at $16,913,000 after buying an additional 1,563 shares in the last quarter. State Street Corp raised its stake in Splunk by 3.4% in the first quarter. State Street Corp now owns 2,472,035 shares of the software company’s stock valued at $120,959,000 after buying an additional 80,177 shares in the last quarter. Geode Capital Management LLC raised its stake in Splunk by 4.5% in the first quarter. Geode Capital Management LLC now owns 826,773 shares of the software company’s stock valued at $40,432,000 after buying an additional 35,328 shares in the last quarter. Finally, Nuveen Asset Management LLC raised its stake in Splunk by 1,306.2% in the first quarter. Nuveen Asset Management LLC now owns 50,398 shares of the software company’s stock valued at $2,466,000 after buying an additional 46,814 shares in the last quarter. 99.57% of the stock is owned by hedge funds and other institutional investors.

About Splunk

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.

5 Day Chart for NASDAQ:SPLK

To view Vetr’s full report, visit Vetr’s official website.

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