Splunk Inc (SPLK) Given New $75.00 Price Target at Royal Bank of Canada
Splunk Inc (NASDAQ:SPLK) had its target price increased by research analysts at Royal Bank of Canada from $70.00 to $75.00 in a research report issued to clients and investors on Tuesday. The brokerage currently has an “outperform” rating on the software company’s stock. Royal Bank of Canada’s target price would suggest a potential upside of 12.90% from the stock’s current price.
Several other research firms also recently weighed in on SPLK. Wedbush reiterated an “outperform” rating and set a $78.00 target price on shares of Splunk in a research report on Monday. MKM Partners reiterated a “neutral” rating and set a $60.00 target price on shares of Splunk in a research report on Wednesday, February 22nd. Canaccord Genuity reiterated a “buy” rating and set a $70.00 target price on shares of Splunk in a research report on Wednesday, February 22nd. Drexel Hamilton lifted their target price on Splunk from $90.00 to $93.00 and gave the company a “buy” rating in a research report on Friday, February 24th. Finally, Jefferies Group LLC reissued a “buy” rating and set a $81.00 price target on shares of Splunk in a report on Friday, February 24th. Eleven research analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $70.87.
Splunk (NASDAQ:SPLK) traded down 0.09% during mid-day trading on Tuesday, hitting $66.43. The company had a trading volume of 1,333,443 shares. The company’s market capitalization is $9.18 billion. The firm’s 50 day moving average is $64.14 and its 200 day moving average is $60.03. Splunk has a 52 week low of $49.36 and a 52 week high of $69.23.
Splunk (NASDAQ:SPLK) last released its earnings results on Thursday, February 23rd. The software company reported $0.25 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.17 by $0.08. The company had revenue of $306.50 million for the quarter, compared to the consensus estimate of $288.15 million. Splunk had a negative return on equity of 41.28% and a negative net margin of 41.72%. Splunk’s quarterly revenue was up 39.3% compared to the same quarter last year. During the same period in the previous year, the business earned $0.11 earnings per share. On average, equities research analysts predict that Splunk will post $0.60 EPS for the current year.
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In other Splunk news, insider Douglas Merritt sold 14,097 shares of the business’s stock in a transaction that occurred on Tuesday, March 14th. The stock was sold at an average price of $60.78, for a total transaction of $856,815.66. Following the completion of the transaction, the insider now owns 180,075 shares in the company, valued at $10,944,958.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Leonard R. Stein sold 7,716 shares of the business’s stock in a transaction that occurred on Tuesday, March 14th. The shares were sold at an average price of $60.77, for a total value of $468,901.32. Following the transaction, the senior vice president now owns 82,345 shares of the company’s stock, valued at approximately $5,004,105.65. The disclosure for this sale can be found here. Insiders have sold 219,255 shares of company stock valued at $13,453,887 in the last 90 days. Company insiders own 3.00% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Achmea Investment Management B.V. acquired a new position in shares of Splunk during the first quarter valued at about $230,000. Salem Investment Counselors Inc. raised its stake in shares of Splunk by 17.0% in the first quarter. Salem Investment Counselors Inc. now owns 6,145 shares of the software company’s stock worth $383,000 after buying an additional 895 shares during the last quarter. Harbour Capital Advisors LLC purchased a new stake in shares of Splunk during the first quarter worth about $1,044,000. HighTower Advisors LLC raised its stake in shares of Splunk by 145.1% in the first quarter. HighTower Advisors LLC now owns 24,278 shares of the software company’s stock worth $1,506,000 after buying an additional 14,374 shares during the last quarter. Finally, AQR Capital Management LLC raised its stake in shares of Splunk by 0.6% in the first quarter. AQR Capital Management LLC now owns 87,097 shares of the software company’s stock worth $5,425,000 after buying an additional 541 shares during the last quarter. Institutional investors and hedge funds own 97.80% of the company’s stock.
Splunk Company Profile
Splunk Inc (Splunk) is engaged in the development and marketing of software solutions. The Company’s offerings enable users to collect, index, search, explore, monitor and analyze data. Its offerings address diverse data sets that are referred to as big data and are specifically used for machine data.
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