Vetr Inc. Downgrades Splunk Inc. (SPLK) to Buy
Splunk Inc. (NASDAQ:SPLK) was downgraded by stock analysts 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 price objective on the software company’s stock. Vetr‘s price objective suggests a potential upside of 11.47% from the company’s previous close.
A number of other analysts have also recently weighed in on the company. Drexel Hamilton reiterated a “buy” rating and issued a $90.00 price target (up from $85.00) on shares of Splunk in a research report on Monday, August 29th. Summit Redstone set a $72.00 price target on Splunk and gave the company a “buy” rating in a research report on Monday. RBC Capital Markets reiterated a “buy” rating and issued a $70.00 price target (up from $60.00) on shares of Splunk in a research report on Friday, August 19th. Wedbush reiterated an “outperform” rating and issued a $70.00 price target (up from $60.00) on shares of Splunk in a research report on Friday, August 19th. Finally, Citigroup Inc. upped their price target on Splunk from $62.00 to $65.00 and gave the company a “neutral” rating in a research report on Friday, August 26th. Eleven investment analysts have rated the stock with a hold rating and thirty have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $68.15.
Splunk (NASDAQ:SPLK) traded up 1.44% on Wednesday, reaching $59.21. The company had a trading volume of 949,792 shares. Splunk has a 12 month low of $29.85 and a 12 month high of $66.90. The company’s 50 day moving average price is $61.14 and its 200-day moving average price is $55.08. The company’s market capitalization is $7.97 billion.
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Splunk (NASDAQ:SPLK) last released its quarterly earnings data on Thursday, August 25th. The software company reported $0.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.03 by $0.02. The business had revenue of $212.80 million for the quarter, compared to analysts’ expectations of $200.52 million. Splunk had a negative return on equity of 38.45% and a negative net margin of 42.84%. Splunk’s quarterly revenue was up 43.5% on a year-over-year basis. During the same period in the previous year, the business posted $0.03 earnings per share. On average, equities analysts predict that Splunk will post $0.29 earnings per share for the current fiscal year.
In other Splunk news, CMO Steven R. Sommer sold 5,000 shares of the firm’s stock in a transaction 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 transaction, the chief marketing officer now owns 220,127 shares in the company, valued at approximately $12,912,649.82. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO David F. Conte sold 10,575 shares of the firm’s stock in a transaction on Friday, August 12th. The stock was sold at an average price of $63.87, for a total value of $675,425.25. The disclosure for this sale can be found here. Corporate insiders own 3.00% of the company’s stock.
Institutional investors have recently bought and sold shares of the company. Winslow Capital Management LLC raised its position in Splunk by 488.5% in the second quarter. Winslow Capital Management LLC now owns 4,021,073 shares of the software company’s stock worth $217,863,000 after buying an additional 3,337,773 shares during the period. Wellington Management Group LLP bought a new position in Splunk during the first quarter worth approximately $93,277,000. JPMorgan Chase & Co. raised its position in Splunk by 31.7% in the second quarter. JPMorgan Chase & Co. now owns 4,642,643 shares of the software company’s stock worth $251,538,000 after buying an additional 1,118,339 shares during the period. Fiera Capital Corp bought a new position in Splunk during the second quarter worth approximately $46,849,000. Finally, 1832 Asset Management L.P. bought a new position in Splunk during the second quarter worth approximately $60,529,000. Hedge funds and other 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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