Splunk (SPLK) Raised to “Buy” at Argus

Argus upgraded shares of Splunk (NASDAQ:SPLK) from a hold rating to a buy rating in a research report released on Thursday, MarketBeat reports. The analysts noted that the move was a valuation call.

A number of other equities analysts have also commented on SPLK. Stifel Nicolaus upgraded shares of Splunk from a hold rating to a buy rating and boosted their price objective for the stock from $75.00 to $120.00 in a report on Friday, March 2nd. Bank of America boosted their price objective on shares of Splunk from $110.00 to $120.00 and gave the stock a buy rating in a report on Friday, March 2nd. Mizuho boosted their price objective on shares of Splunk from $100.00 to $110.00 and gave the stock a buy rating in a report on Friday, March 2nd. BMO Capital Markets reiterated an outperform rating and issued a $112.00 price objective (up previously from $83.00) on shares of Splunk in a report on Friday, March 2nd. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Splunk from $80.00 to $100.00 and gave the stock a neutral rating in a report on Monday, March 5th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating, twenty-nine have given a buy rating and one has assigned a strong buy rating to the stock. The stock has a consensus rating of Buy and a consensus target price of $98.26.

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Splunk (NASDAQ SPLK) opened at $107.21 on Thursday. Splunk has a 1-year low of $54.17 and a 1-year high of $108.89. The company has a market cap of $15,170.00, a price-to-earnings ratio of -57.64 and a beta of 1.95.

Splunk (NASDAQ:SPLK) last issued its quarterly earnings data on Thursday, March 1st. The software company reported $0.37 EPS for the quarter, topping analysts’ consensus estimates of $0.33 by $0.04. Splunk had a negative net margin of 20.39% and a negative return on equity of 31.82%. The firm had revenue of $419.70 million for the quarter, compared to analyst estimates of $390.79 million. During the same quarter in the previous year, the business posted $0.25 EPS. The firm’s revenue was up 37.0% compared to the same quarter last year. research analysts expect that Splunk will post -1.21 earnings per share for the current year.

In related news, insider Douglas Merritt sold 10,126 shares of the business’s stock in a transaction dated Wednesday, December 13th. The shares were sold at an average price of $80.05, for a total transaction of $810,586.30. Following the completion of the sale, the insider now owns 189,079 shares of the company’s stock, valued at approximately $15,135,773.95. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Leonard R. Stein sold 4,851 shares of the business’s stock in a transaction dated Tuesday, December 12th. The shares were sold at an average price of $80.54, for a total transaction of $390,699.54. Following the sale, the senior vice president now directly owns 89,157 shares of the company’s stock, valued at approximately $7,180,704.78. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 21,970 shares of company stock valued at $1,765,831. Insiders own 1.43% of the company’s stock.

Several large investors have recently made changes to their positions in the stock. The Manufacturers Life Insurance Company grew its position in shares of Splunk by 8.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 4,950 shares of the software company’s stock valued at $282,000 after buying an additional 389 shares during the last quarter. Penserra Capital Management LLC grew its position in shares of Splunk by 18.6% during the 4th quarter. Penserra Capital Management LLC now owns 4,060 shares of the software company’s stock valued at $336,000 after buying an additional 638 shares during the last quarter. Envestnet Asset Management Inc. grew its position in shares of Splunk by 7.1% during the 4th quarter. Envestnet Asset Management Inc. now owns 10,473 shares of the software company’s stock valued at $866,000 after buying an additional 698 shares during the last quarter. Mn Services Vermogensbeheer B.V. grew its position in shares of Splunk by 3.6% during the 3rd quarter. Mn Services Vermogensbeheer B.V. now owns 22,794 shares of the software company’s stock valued at $1,514,000 after buying an additional 800 shares during the last quarter. Finally, CIBC Asset Management Inc grew its position in shares of Splunk by 17.6% during the 3rd quarter. CIBC Asset Management Inc now owns 5,741 shares of the software company’s stock valued at $381,000 after buying an additional 860 shares during the last quarter.

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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.

Analyst Recommendations for Splunk (NASDAQ:SPLK)

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