Equities research analysts at Piper Jaffray Companies initiated coverage on shares of Splunk (NASDAQ:SPLK) in a research report issued on Friday, Benzinga’s Daily Ratings Newsletter reports. The brokerage set an “overweight” rating and a $160.00 price target on the software company’s stock. Piper Jaffray Companies’ target price would indicate a potential upside of 30.09% from the stock’s current price.
A number of other research firms have also recently issued reports on SPLK. JPMorgan Chase & Co. lifted their target price on shares of Splunk from $130.00 to $140.00 and gave the company an “overweight” rating in a research note on Tuesday. Bank of America reissued a “buy” rating and issued a $167.00 price target on shares of Splunk in a report on Thursday, September 19th. Citigroup reduced their target price on shares of Splunk from $106.00 to $102.00 and set a “sell” rating on the stock in a research note on Friday, August 23rd. Credit Suisse Group reduced their price target on shares of Splunk from $160.00 to $150.00 and set an “outperform” rating on the stock in a research report on Thursday, August 22nd. Finally, Zacks Investment Research cut Splunk from a “buy” rating to a “hold” rating and set a $119.00 price objective for the company. in a report on Thursday, October 17th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and twenty-three have assigned a buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $148.76.
Shares of SPLK traded up $0.19 during midday trading on Friday, hitting $122.99. The stock had a trading volume of 12,847 shares, compared to its average volume of 1,371,440. Splunk has a fifty-two week low of $83.69 and a fifty-two week high of $143.70. The business has a 50-day simple moving average of $118.86 and a two-hundred day simple moving average of $123.98. The firm has a market cap of $18.67 billion, a P/E ratio of -77.35 and a beta of 2.03. The company has a current ratio of 3.06, a quick ratio of 3.06 and a debt-to-equity ratio of 1.30.
Splunk (NASDAQ:SPLK) last announced its earnings results on Wednesday, August 21st. The software company reported ($0.35) EPS for the quarter, topping the consensus estimate of ($0.51) by $0.16. Splunk had a negative net margin of 15.16% and a negative return on equity of 12.73%. The company had revenue of $516.56 million during the quarter, compared to analysts’ expectations of $488.97 million. During the same period last year, the company posted $0.08 earnings per share. The business’s revenue for the quarter was up 33.0% on a year-over-year basis. On average, analysts expect that Splunk will post -0.88 earnings per share for the current fiscal year.
In other Splunk news, SVP Timothy Tully sold 4,391 shares of the business’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $115.21, for a total value of $505,887.11. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Douglas Merritt sold 13,341 shares of the business’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $115.20, for a total value of $1,536,883.20. The disclosure for this sale can be found here. Insiders have sold 18,261 shares of company stock valued at $2,106,494 in the last quarter. 0.34% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently bought and sold shares of the business. Jennison Associates lifted its holdings in Splunk by 5.0% in the 3rd quarter. Jennison Associates now owns 12,705,123 shares of the software company’s stock worth $703,229,000 after buying an additional 603,274 shares during the period. Saturna Capital lifted its stake in shares of Splunk by 67.2% in the 3rd quarter. Saturna Capital now owns 14,161 shares of the software company’s stock valued at $784,000 after purchasing an additional 5,693 shares during the period. KBC Group lifted its stake in shares of Splunk by 3,361.4% in the 3rd quarter. KBC Group now owns 141,329 shares of the software company’s stock valued at $7,823,000 after purchasing an additional 137,246 shares during the period. Eagle Asset Management lifted its stake in shares of Splunk by 122.9% in the 3rd quarter. Eagle Asset Management now owns 541,488 shares of the software company’s stock valued at $29,970,000 after purchasing an additional 298,510 shares during the period. Finally, Janus Capital Management lifted its stake in shares of Splunk by 140.3% in the 3rd quarter. Janus Capital Management now owns 176,300 shares of the software company’s stock valued at $9,758,000 after purchasing an additional 102,925 shares during the period. 91.13% of the stock is currently owned by institutional investors and hedge funds.
Splunk Company Profile
Splunk, Inc engages in the development and marketing of software solutions. Its products include Splunk cloud, Splunk light, and Splunk enterprise. It also offers solutions for information technology operations, security, internet-of-things, application analytics, business analytics, and industries. The company was founded by Erik M.
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