Splunk Inc. (SPLK) Downgraded to “Buy” at Vetr Inc.
Splunk Inc. (NASDAQ:SPLK) was downgraded by analysts at Vetr from a “strong-buy” rating to a “buy” rating in a note issued to investors on Tuesday. They presently have a $66.00 target price on the software company’s stock. Vetr‘s price target would suggest a potential upside of 10.09% from the company’s current price.
A number of other brokerages also recently weighed in on SPLK. Citigroup Inc. increased their price objective on shares of Splunk from $62.00 to $65.00 and gave the company a “neutral” rating in a research report on Friday, August 26th. Barclays PLC upped their target price on shares of Splunk from $51.00 to $56.00 and gave the company an “equal weight” rating in a report on Friday, August 26th. Canaccord Genuity reaffirmed a “buy” rating and set a $75.00 target price (up from $65.00) on shares of Splunk in a report on Friday, August 26th. Stifel Nicolaus cut shares of Splunk from a “buy” rating to a “hold” rating in a report on Friday, August 26th. They noted that the move was a valuation call. Finally, Robert W. Baird upped their target price on shares of Splunk from $62.00 to $65.00 and gave the company an “outperform” rating in a report on Friday, August 26th. Twelve equities research analysts have rated the stock with a hold rating and twenty-nine have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $67.61.
Splunk (NASDAQ:SPLK) traded down 0.42% during mid-day trading on Tuesday, hitting $59.95. 1,076,124 shares of the stock were exchanged. The company has a 50-day moving average of $60.06 and a 200-day moving average of $56.08. The stock’s market capitalization is $8.07 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 quarterly earnings data on Thursday, August 25th. The software company reported $0.05 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.03 by $0.02. The company had revenue of $212.80 million for the quarter, compared to the consensus estimate of $200.52 million. Splunk had a negative net margin of 42.84% and a negative return on equity of 38.45%. The firm’s revenue for the quarter was up 43.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.03 earnings per share. On average, equities analysts predict that Splunk will post $0.29 EPS for the current fiscal year.
In other Splunk news, SVP Leonard R. Stein sold 1,075 shares of Splunk stock in a transaction that occurred on Monday, September 19th. The shares were sold at an average price of $60.00, for a total transaction of $64,500.00. Following the completion of the sale, the senior vice president now directly owns 115,262 shares in the company, valued at approximately $6,915,720. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO David F. Conte sold 10,575 shares of Splunk stock in a transaction that occurred on Friday, August 12th. The shares were sold at an average price of $63.87, for a total transaction of $675,425.25. The disclosure for this sale can be found here. 3.00% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently made changes to their positions in the stock. Wellington Management Group LLP acquired a new stake in shares of Splunk during the first quarter valued at approximately $93,277,000. Eagle Asset Management Inc. boosted its stake 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 valued at $16,913,000 after buying an additional 1,563 shares during the last quarter. State Street Corp boosted its stake 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 valued at $120,959,000 after buying an additional 80,177 shares during the last quarter. Geode Capital Management LLC boosted its stake 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 valued at $40,432,000 after buying an additional 35,328 shares during the last quarter. Finally, Nuveen Asset Management LLC boosted its stake 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 valued at $2,466,000 after buying an additional 46,814 shares during the last quarter. Institutional investors and hedge funds own 98.34% 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.
To view Vetr’s full report, visit Vetr’s official website.
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