Splunk Inc. (SPLK) Raised to “Buy” at Guggenheim
Splunk Inc. (NASDAQ:SPLK) was upgraded by equities research analysts at Guggenheim from a “neutral” rating to a “buy” rating in a research note issued on Thursday, MarketBeat Ratings reports. The brokerage presently has a $70.00 target price on the software company’s stock, up from their prior target price of $69.00. Guggenheim’s price objective would indicate a potential upside of 19.80% from the stock’s current price.
Several other research analysts have also recently weighed in on the stock. Wedbush cut shares of Splunk from an “outperform” rating to a “neutral” rating and decreased their price objective for the company from $72.00 to $63.00 in a report on Thursday, June 15th. BidaskClub cut shares of Splunk from a “buy” rating to a “hold” rating in a report on Saturday, June 10th. Susquehanna Bancshares Inc began coverage on shares of Splunk in a report on Wednesday, June 7th. They set a “neutral” rating and a $68.00 price objective for the company. Zacks Investment Research cut shares of Splunk from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. Finally, MKM Partners reissued a “neutral” rating and set a $63.00 price objective (up from $60.00) on shares of Splunk in a report on Tuesday, May 30th. Twelve analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the company. Splunk has a consensus rating of “Buy” and an average price target of $71.37.
Splunk (SPLK) opened at 58.43 on Thursday. The stock’s 50 day moving average is $63.39 and its 200-day moving average is $60.33. The company’s market capitalization is $8.09 billion. Splunk has a 52-week low of $50.60 and a 52-week high of $69.23.
Splunk (NASDAQ:SPLK) last released its quarterly earnings data on Thursday, May 25th. The software company reported ($0.01) earnings per share for the quarter, beating the consensus estimate of ($0.04) by $0.03. Splunk had a negative net margin of 35.19% and a negative return on equity of 40.82%. The firm had revenue of $242.40 million during the quarter, compared to analysts’ expectations of $233.79 million. During the same period in the previous year, the company earned ($0.02) earnings per share. The firm’s quarterly revenue was up 30.4% on a year-over-year basis. Analysts predict that Splunk will post $0.52 EPS for the current fiscal year.
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In other Splunk news, Director Godfrey Sullivan sold 48,750 shares of the stock in a transaction on Monday, June 12th. The shares were sold at an average price of $56.94, for a total transaction of $2,775,825.00. Following the completion of the transaction, the director now owns 843,290 shares in the company, valued at $48,016,932.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director John G. Connors sold 50,000 shares of the stock in a transaction on Thursday, March 30th. The shares were sold at an average price of $62.87, for a total transaction of $3,143,500.00. Following the transaction, the director now owns 106,470 shares of the company’s stock, valued at approximately $6,693,768.90. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 306,748 shares of company stock valued at $18,031,006. 3.00% of the stock is owned by company insiders.
Institutional investors have recently added to or reduced their stakes in the stock. TLP Group LLC acquired a new position in Splunk during the first quarter valued at approximately $102,000. Patten Group Inc. increased its stake in shares of Splunk by 3.6% in the first quarter. Patten Group Inc. now owns 2,154 shares of the software company’s stock valued at $131,000 after buying an additional 75 shares in the last quarter. Acrospire Investment Management LLC increased its stake in shares of Splunk by 79.9% in the first quarter. Acrospire Investment Management LLC now owns 2,701 shares of the software company’s stock valued at $168,000 after buying an additional 1,200 shares in the last quarter. ProShare Advisors LLC purchased a new stake in shares of Splunk during the first quarter valued at $200,000. Finally, Tokio Marine Asset Management Co. Ltd. purchased a new stake in shares of Splunk during the first quarter valued at $204,000.
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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