Splunk Inc. (SPLK) Stock Price Down 3.2% After Analyst Downgrade
Splunk Inc. (NASDAQ:SPLK) shares dropped 3.2% during trading on Wednesday after Citigroup lowered their price target on the stock from $65.00 to $63.00. Citigroup currently has a neutral rating on the stock. Splunk traded as low as $56.89 and last traded at $57.74, with a volume of 1,509,173 shares changing hands. The stock had previously closed at $59.63.
A number of other research analysts also recently commented on the company. Wedbush reiterated an “outperform” rating and issued a $70.00 price objective (up previously from $60.00) on shares of Splunk in a report on Friday, August 19th. Maxim Group increased their price objective on Splunk from $75.00 to $84.00 and gave the company a “buy” rating in a report on Thursday, July 21st. Vetr upgraded Splunk from a “buy” rating to a “strong-buy” rating and set a $67.00 price objective on the stock in a report on Monday, September 12th. Summit Redstone set a $72.00 price objective on Splunk and gave the company a “buy” rating in a report on Monday, September 19th. Finally, Drexel Hamilton reiterated a “buy” rating and issued a $85.00 price objective on shares of Splunk in a report on Tuesday, August 23rd. Twelve investment analysts have rated the stock with a hold rating and twenty-nine have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $67.55.
In other news, CFO David F. Conte sold 10,575 shares of Splunk stock in a transaction dated 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 document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Leonard R. Stein sold 1,075 shares of Splunk stock in a transaction dated 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 $6,915,720. The disclosure for this sale can be found here. Company insiders own 3.00% of the company’s stock.
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Several hedge funds have recently made changes to their positions in the company. Winslow Capital Management LLC raised its stake in shares of 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 last quarter. Wellington Management Group LLP acquired a new stake in shares of Splunk during the first quarter worth about $93,277,000. JPMorgan Chase & Co. raised its stake in shares of 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 last quarter. Fiera Capital Corp acquired a new stake in shares of Splunk during the second quarter worth about $46,849,000. Finally, 1832 Asset Management L.P. acquired a new stake in shares of Splunk during the second quarter worth about $60,529,000. 98.34% of the stock is currently owned by institutional investors and hedge funds.
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 $7.78 billion.
Splunk (NASDAQ:SPLK) last issued its quarterly earnings data on Thursday, August 25th. The software company reported $0.05 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.03 by $0.02. The firm earned $212.80 million during the quarter, compared to analysts’ expectations of $200.52 million. Splunk had a negative net margin of 42.84% and a negative return on equity of 38.45%. Splunk’s revenue for the quarter was up 43.5% on a year-over-year basis. During the same period in the prior year, the company posted $0.03 earnings per share. On average, equities research analysts predict that Splunk Inc. will post $0.29 EPS for the current year.
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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