Vetr Inc. Upgrades Splunk Inc. (SPLK) to Strong-Buy
Splunk Inc. (NASDAQ:SPLK) was upgraded by stock analysts at Vetr from a “buy” rating to a “strong-buy” rating in a research note issued on Wednesday. The brokerage presently has a $66.00 price objective on the software company’s stock. Vetr‘s target price suggests a potential upside of 15.02% from the company’s previous close.
Several other research firms have also recently issued reports on SPLK. Barclays PLC upped their price target on Splunk from $51.00 to $56.00 and gave the company an “equal weight” rating in a report on Friday, August 26th. Stifel Nicolaus downgraded shares of Splunk from a “buy” rating to a “hold” rating in a research note on Friday, August 26th. They noted that the move was a valuation call. Morgan Stanley boosted their target price on shares of Splunk from $58.00 to $74.00 and gave the company an “overweight” rating in a research note on Monday, August 8th. Drexel Hamilton reissued a “buy” rating and set a $85.00 target price on shares of Splunk in a research note on Wednesday, July 13th. Finally, Wedbush reissued an “outperform” rating and set a $72.00 target price (up from $70.00) on shares of Splunk in a research note on Sunday, August 28th. Twelve investment analysts have rated the stock with a hold rating, twenty-eight have given a buy rating and one has given a strong buy rating to the company. Splunk has an average rating of “Buy” and a consensus target price of $67.55.
Splunk (NASDAQ:SPLK) traded down 3.77% on Wednesday, reaching $57.38. The company’s stock had a trading volume of 2,333,546 shares. The stock has a 50 day moving average price of $59.62 and a 200-day moving average price of $56.33. Splunk has a 1-year low of $29.85 and a 1-year high of $66.90. The company’s market capitalization is $7.72 billion.
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Splunk (NASDAQ:SPLK) last posted its quarterly earnings results on Thursday, August 25th. The software company reported $0.05 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.03 by $0.02. The company 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%. The firm’s revenue was up 43.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.03 earnings per share. Equities analysts predict that Splunk will post $0.29 earnings per share for the current fiscal year.
In other Splunk news, Director Godfrey Sullivan sold 120,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 10th. The shares were sold at an average price of $62.01, for a total value of $7,441,200.00. Following the transaction, the director now directly owns 485,426 shares of the company’s stock, valued at $30,101,266.26. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CMO Steven R. Sommer sold 5,000 shares of the firm’s stock in a transaction that occurred on 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 transaction, the chief marketing officer now directly owns 220,127 shares in the company, valued at $12,912,649.82. The disclosure for this sale can be found here. Insiders own 3.00% of the company’s stock.
Institutional investors have recently made changes to their positions in the stock. LS Investment Advisors LLC boosted its position 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 worth $128,000 after buying an additional 123 shares during the last quarter. Advisor Group Inc. acquired a new position in shares of Splunk during the second quarter worth about $157,000. Seven Eight Capital LLC acquired a new position in shares of Splunk during the second quarter worth about $193,000. Shelton Capital Management acquired a new position in shares of Splunk during the second quarter worth about $206,000. Finally, Pacer Advisors Inc. boosted its position 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 worth $208,000 after buying an additional 3,492 shares during the last quarter. 98.34% of the stock is currently owned by hedge funds and other institutional investors.
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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