Sanford C. Bernstein downgraded shares of Splunk (NASDAQ:SPLK) from an outperform rating to a market perform rating in a report released on Tuesday, MarketBeat.com reports. They currently have $110.00 price objective on the software company’s stock.
Other equities analysts have also recently issued research reports about the company. Needham & Company LLC reissued a buy rating and set a $145.00 price objective (up previously from $127.00) on shares of Splunk in a research report on Friday, August 24th. Credit Suisse Group boosted their price objective on Splunk from $125.00 to $130.00 and gave the stock an outperform rating in a research report on Friday, August 24th. Raymond James boosted their price objective on Splunk from $127.00 to $129.00 and gave the stock an outperform rating in a research report on Friday, August 24th. Stifel Nicolaus boosted their price objective on Splunk from $120.00 to $138.00 and gave the stock a buy rating in a research report on Friday, August 24th. Finally, JMP Securities boosted their price objective on Splunk from $120.00 to $135.00 and gave the stock a market perform rating in a research report on Friday, August 24th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating, twenty-nine have given a buy rating and one has assigned a strong buy rating to the company. Splunk presently has a consensus rating of Buy and an average target price of $123.63.
Shares of NASDAQ SPLK traded up $7.72 during trading hours on Tuesday, hitting $102.66. 1,346,307 shares of the company’s stock were exchanged, compared to its average volume of 3,202,254. Splunk has a 1-year low of $67.01 and a 1-year high of $130.00. The stock has a market capitalization of $15.29 billion, a PE ratio of -78.37 and a beta of 2.15.
Splunk (NASDAQ:SPLK) last posted its quarterly earnings data on Thursday, August 23rd. The software company reported $0.08 earnings per share for the quarter, topping the consensus estimate of $0.05 by $0.03. Splunk had a negative return on equity of 26.44% and a negative net margin of 20.55%. The business had revenue of $388.30 million during the quarter, compared to analysts’ expectations of $358.46 million. During the same quarter in the previous year, the firm earned $0.08 EPS. The firm’s revenue was up 38.6% compared to the same quarter last year. As a group, sell-side analysts predict that Splunk will post -1.15 earnings per share for the current fiscal year.
In related news, Director Godfrey Sullivan sold 8,750 shares of the stock in a transaction that occurred on Monday, September 10th. The stock was sold at an average price of $126.00, for a total transaction of $1,102,500.00. Following the sale, the director now directly owns 144,755 shares in the company, valued at approximately $18,239,130. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, SVP Timothy Tully sold 19,100 shares of the stock in a transaction that occurred on Wednesday, September 12th. The stock was sold at an average price of $125.46, for a total value of $2,396,286.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 69,032 shares of company stock worth $8,640,864. 0.36% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SPLK. Morgan Stanley boosted its position in Splunk by 16.3% in the 2nd quarter. Morgan Stanley now owns 926,433 shares of the software company’s stock valued at $91,819,000 after buying an additional 130,133 shares during the last quarter. ING Groep NV bought a new position in Splunk in the 2nd quarter valued at $297,000. Cowen Inc. boosted its position in Splunk by 66.4% in the 2nd quarter. Cowen Inc. now owns 42,834 shares of the software company’s stock valued at $4,245,000 after buying an additional 17,100 shares during the last quarter. Bridgewater Associates LP bought a new position in Splunk in the 2nd quarter valued at $7,962,000. Finally, BNP Paribas Arbitrage SA boosted its position in Splunk by 119.5% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 23,673 shares of the software company’s stock valued at $2,346,000 after buying an additional 12,888 shares during the last quarter. Institutional investors and hedge funds own 89.78% of the company’s stock.
Splunk Inc provides software solutions that enable organizations to gain real-time operational intelligence in the United States and internationally. Its products enable users to collect, index, search, explore, monitor, correlate, and analyze data regardless of format or source. The company offers Splunk Enterprise, a machine data platform with collection, indexing, search, reporting, analysis, alerting, monitoring, and data management capabilities; and Splunk Cloud.
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