Splunk (SPLK) Reaches New 1-Year High Following Analyst Upgrade

Splunk Inc (NASDAQ:SPLK) reached a new 52-week high during trading on Thursday after Mizuho raised their price target on the stock from $90.00 to $100.00. Mizuho currently has a buy rating on the stock. Splunk traded as high as $95.76 and last traded at $92.35, with a volume of 2349300 shares. The stock had previously closed at $92.35.

A number of other equities research analysts have also recently commented on the stock. Wedbush restated a “neutral” rating and issued a $78.00 price target (down from $94.00) on shares of Splunk in a report on Wednesday. BidaskClub upgraded shares of Splunk from a “hold” rating to a “buy” rating in a report on Wednesday, February 7th. Zacks Investment Research upgraded shares of Splunk from a “hold” rating to a “buy” rating and set a $100.00 price target for the company in a report on Friday, January 19th. Deutsche Bank raised their price target on shares of Splunk to $100.00 and gave the stock a “buy” rating in a report on Monday, January 15th. Finally, Barclays upgraded shares of Splunk from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $80.00 to $105.00 in a report on Monday, January 8th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and thirty have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $84.59.

In related news, CFO David F. Conte sold 6,993 shares of the business’s stock in a transaction dated Thursday, December 14th. The shares were sold at an average price of $80.73, for a total transaction of $564,544.89. Following the transaction, the chief financial officer now directly owns 110,364 shares in the company, valued at $8,909,685.72. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Godfrey Sullivan sold 8,750 shares of the business’s stock in a transaction dated Monday, December 11th. The stock was sold at an average price of $81.29, for a total transaction of $711,287.50. Following the transaction, the director now owns 207,239 shares in the company, valued at $16,846,458.31. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 30,720 shares of company stock worth $2,477,118. 1.43% of the stock is owned by corporate insiders.

A number of institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. boosted its holdings in Splunk by 4.2% during the fourth quarter. BlackRock Inc. now owns 7,517,442 shares of the software company’s stock worth $622,742,000 after purchasing an additional 302,410 shares during the last quarter. Clearbridge Investments LLC boosted its holdings in Splunk by 6.0% during the fourth quarter. Clearbridge Investments LLC now owns 4,638,701 shares of the software company’s stock worth $384,270,000 after purchasing an additional 263,130 shares during the last quarter. JPMorgan Chase & Co. raised its position in Splunk by 9.3% in the third quarter. JPMorgan Chase & Co. now owns 4,593,033 shares of the software company’s stock worth $308,053,000 after acquiring an additional 389,565 shares during the period. Bank of New York Mellon Corp raised its position in Splunk by 6.5% in the third quarter. Bank of New York Mellon Corp now owns 4,196,508 shares of the software company’s stock worth $278,773,000 after acquiring an additional 254,505 shares during the period. Finally, Carmignac Gestion bought a new stake in Splunk in the third quarter worth about $198,193,000.

The firm has a market cap of $13,670.00, a PE ratio of -43.35 and a beta of 2.04.

Splunk (NASDAQ:SPLK) last announced its quarterly earnings data on Thursday, November 16th. The software company reported $0.17 EPS for the quarter, topping the consensus estimate of ($0.42) by $0.59. The business 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%. equities analysts anticipate that Splunk Inc will post -1.3 earnings per share for the current fiscal year.

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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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