Splunk Inc. (SPLK) Given New $63.00 Price Target at Citigroup Inc.
Splunk Inc. (NASDAQ:SPLK) had its target price dropped by equities research analysts at Citigroup Inc. from $65.00 to $63.00 in a research report issued on Wednesday. The brokerage currently has a “neutral” rating on the software company’s stock. Citigroup Inc.’s price objective suggests a potential upside of 5.65% from the company’s previous close.
Several other research firms have also weighed in on SPLK. Summit Redstone reissued a “buy” rating and set a $72.00 price target on shares of Splunk in a research report on Tuesday, September 6th. DA Davidson reissued a “buy” rating and set a $83.00 price target on shares of Splunk in a research report on Wednesday, August 24th. Drexel Hamilton reissued a “buy” rating and set a $85.00 price target on shares of Splunk in a research report on Tuesday, August 23rd. Pacific Crest reissued a “buy” rating and set a $70.00 price target on shares of Splunk in a research report on Friday, August 26th. Finally, Maxim Group upped their price target on Splunk from $75.00 to $84.00 and gave the company a “buy” rating in a research report on Thursday, July 21st. Twelve investment analysts have rated the stock with a hold rating and twenty-nine have assigned a buy rating to the company. Splunk currently has an average rating of “Buy” and a consensus target price of $67.55.
Splunk (NASDAQ:SPLK) traded down 3.663% during midday trading on Wednesday, hitting $57.446. The stock had a trading volume of 842,431 shares. The stock has a 50-day moving average price of $59.84 and a 200 day moving average price of $56.32. The firm’s market cap is $7.73 billion. Splunk has a one year low of $29.85 and a one year high of $66.90.
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Splunk (NASDAQ:SPLK) last announced its earnings results on Thursday, August 25th. The software company reported $0.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.03 by $0.02. The company had revenue of $212.80 million for the quarter, compared to analyst estimates of $200.52 million. Splunk had a negative return on equity of 38.45% and a negative net margin of 42.84%. Splunk’s revenue for the quarter was up 43.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.03 earnings per share. On average, analysts predict that Splunk will post $0.29 earnings per share for the current year.
In related news, 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 transaction of $675,425.25. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, SVP Leonard R. Stein sold 1,075 shares of the firm’s stock in a transaction on Monday, September 19th. The stock was sold at an average price of $60.00, for a total value of $64,500.00. Following the sale, the senior vice president now directly owns 115,262 shares in the company, valued at approximately $6,915,720. The disclosure for this sale can be found here. 3.00% of the stock is owned by insiders.
Hedge funds have recently modified their holdings of the company. LS Investment Advisors LLC increased its stake in shares of Splunk by 5.5% in the second quarter. LS Investment Advisors LLC now owns 2,367 shares of the software company’s stock valued at $128,000 after buying an additional 123 shares during the last quarter. Advisor Group Inc. acquired a new stake in shares of Splunk during the second quarter valued at approximately $157,000. Seven Eight Capital LLC acquired a new stake in shares of Splunk during the second quarter valued at approximately $193,000. Shelton Capital Management acquired a new stake in shares of Splunk during the second quarter valued at approximately $206,000. Finally, Pacer Advisors Inc. increased its stake in shares of Splunk by 986.4% in the second quarter. Pacer Advisors Inc. now owns 3,846 shares of the software company’s stock valued at $208,000 after buying an additional 3,492 shares during the last quarter. 98.34% of the stock is currently owned by institutional investors and hedge funds.
Splunk Company Profile
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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