Splunk’s (SPLK) “Buy” Rating Reiterated at Maxim Group
Splunk Inc. (NASDAQ:SPLK)‘s stock had its “buy” rating restated by investment analysts at Maxim Group in a report released on Friday. They currently have a $79.00 price target on the software company’s stock. Maxim Group’s target price suggests a potential upside of 18.53% from the stock’s previous close.
Several other research analysts have also weighed in on the stock. ValuEngine lowered shares of Splunk from a “hold” rating to a “sell” rating in a research report on Wednesday, October 11th. Robert W. Baird restated an “outperform” rating and set a $71.00 target price on shares of Splunk in a research report on Monday, July 10th. Credit Suisse Group started coverage on shares of Splunk in a research report on Tuesday, September 5th. They set an “outperform” rating and a $80.00 target price on the stock. Zacks Investment Research lowered shares of Splunk from a “buy” rating to a “sell” rating in a research report on Thursday, July 27th. Finally, Mizuho restated a “hold” rating and set a $60.00 target price on shares of Splunk in a research report on Thursday, August 24th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and twenty-seven have assigned a buy rating to the company’s stock. Splunk currently has an average rating of “Buy” and a consensus target price of $73.97.
Shares of Splunk (NASDAQ SPLK) traded down 0.03% during trading on Friday, hitting $66.65. The stock had a trading volume of 1,579,135 shares. Splunk has a 12-month low of $50.64 and a 12-month high of $69.61. The firm has a 50 day moving average price of $66.21 and a 200 day moving average price of $62.82. The firm’s market cap is $9.33 billion.
Splunk (NASDAQ:SPLK) last issued its earnings results on Thursday, August 24th. The software company reported $0.08 earnings per share for the quarter, topping the consensus estimate of $0.06 by $0.02. Splunk had a negative net margin of 36.81% and a negative return on equity of 75.81%. The company had revenue of $279.96 million for the quarter, compared to analyst estimates of $268.72 million. During the same period in the prior year, the business posted $0.05 earnings per share. The firm’s revenue for the quarter was up 31.6% compared to the same quarter last year. On average, equities analysts expect that Splunk will post $0.54 earnings per share for the current fiscal year.
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In related news, SVP Ledger Susan St. sold 677 shares of the firm’s stock in a transaction on Friday, September 22nd. The shares were sold at an average price of $69.52, for a total transaction of $47,065.04. Following the completion of the sale, the senior vice president now directly owns 168,376 shares of the company’s stock, valued at approximately $11,705,499.52. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Godfrey Sullivan sold 40,000 shares of the firm’s stock in a transaction on Tuesday, August 15th. The shares were sold at an average price of $58.13, for a total transaction of $2,325,200.00. Following the sale, the director now directly owns 744,540 shares of the company’s stock, valued at $43,280,110.20. The disclosure for this sale can be found here. In the last three months, insiders sold 628,881 shares of company stock worth $40,315,252. Insiders own 1.43% of the company’s stock.
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Migdal Insurance & Financial Holdings Ltd. grew its holdings in Splunk by 24.1% during the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 3,375 shares of the software company’s stock valued at $195,000 after purchasing an additional 656 shares in the last quarter. IFP Advisors Inc grew its holdings in Splunk by 6.2% during the 2nd quarter. IFP Advisors Inc now owns 3,508 shares of the software company’s stock valued at $200,000 after purchasing an additional 204 shares in the last quarter. Crossmark Global Holdings Inc. acquired a new stake in Splunk during the 3rd quarter valued at $201,000. Diversified Trust Co grew its holdings in Splunk by 11.7% during the 2nd quarter. Diversified Trust Co now owns 3,806 shares of the software company’s stock valued at $217,000 after purchasing an additional 400 shares in the last quarter. Finally, Cipher Capital LP acquired a new stake in Splunk during the 2nd quarter valued at $217,000.
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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