Splunk (SPLK) Upgraded to Buy by Zacks Investment Research

Splunk (NASDAQ:SPLK) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Friday. The firm presently has a $100.00 price objective on the software company’s stock. Zacks Investment Research‘s price objective suggests a potential upside of 9.37% from the stock’s current price.

According to Zacks, “Splunk Inc. provides a software platform, which collects and indexes data and enables users to search, correlate, analyze, monitor and report on this data, all in real time. Its software is designed to help users in various roles, including IT and business professionals. Splunk Inc. is based in San Francisco, California. “

Other equities research analysts have also issued research reports about the stock. Robert W. Baird reiterated an “average” rating and set a $85.00 price objective (up previously from $75.00) on shares of Splunk in a research note on Monday, November 20th. Jefferies Group reiterated a “buy” rating and set a $88.00 price objective on shares of Splunk in a research note on Friday, November 17th. Drexel Hamilton reiterated a “buy” rating and set a $93.00 price objective on shares of Splunk in a research note on Thursday, November 16th. Piper Jaffray Companies reiterated a “buy” rating and set a $80.00 price objective on shares of Splunk in a research note on Wednesday, November 15th. Finally, Royal Bank of Canada reiterated a “buy” rating and set a $76.00 price objective on shares of Splunk in a research note on Tuesday, November 7th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and thirty have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $84.29.

Shares of Splunk (SPLK) traded up $0.86 during mid-day trading on Friday, hitting $91.43. 1,148,700 shares of the stock traded hands, compared to its average volume of 1,510,292. Splunk has a twelve month low of $52.89 and a twelve month high of $92.10. The company has a market capitalization of $12,870.00, a PE ratio of -41.00 and a beta of 2.07.

Splunk (NASDAQ:SPLK) last released its quarterly earnings data on Thursday, November 16th. The software company reported $0.17 earnings per share for the quarter, topping the consensus estimate of ($0.42) by $0.59. The firm had revenue of $328.65 million for the quarter, compared to analyst estimates of $309.01 million. Splunk had a negative net margin of 32.72% and a negative return on equity of 72.06%. analysts forecast that Splunk will post -1.3 earnings per share for the current year.

In related news, SVP Leonard R. Stein sold 4,851 shares of the firm’s stock in a transaction that occurred on Tuesday, December 12th. The shares were sold at an average price of $80.54, for a total transaction of $390,699.54. Following the completion of the sale, the senior vice president now directly owns 89,157 shares in the company, valued at $7,180,704.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Douglas Merritt sold 10,126 shares of the firm’s stock in a transaction that occurred on Wednesday, December 13th. The stock was sold at an average price of $80.05, for a total transaction of $810,586.30. Following the sale, the insider now owns 189,079 shares of the company’s stock, valued at $15,135,773.95. The disclosure for this sale can be found here. Insiders have sold 201,036 shares of company stock worth $14,132,192 in the last quarter. Company insiders own 1.43% of the company’s stock.

A number of large investors have recently modified their holdings of SPLK. Carmignac Gestion acquired a new position in Splunk in the 3rd quarter worth approximately $198,193,000. ETF Managers Group LLC acquired a new position in Splunk in the 2nd quarter worth approximately $39,864,000. Vanguard Group Inc. boosted its stake in shares of Splunk by 5.1% during the 2nd quarter. Vanguard Group Inc. now owns 11,347,936 shares of the software company’s stock valued at $645,584,000 after buying an additional 546,338 shares during the period. JPMorgan Chase & Co. boosted its stake in shares of Splunk by 9.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 4,593,033 shares of the software company’s stock valued at $308,053,000 after buying an additional 389,565 shares during the period. Finally, Bank of New York Mellon Corp boosted its stake in shares of Splunk by 6.5% during the 3rd quarter. Bank of New York Mellon Corp now owns 4,196,508 shares of the software company’s stock valued at $278,773,000 after buying an additional 254,505 shares during the period.

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About Splunk

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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