Splunk (SPLK) Stock Rating Reaffirmed by Wedbush

Wedbush reissued their outperform rating on shares of Splunk (NASDAQ:SPLK) in a report published on Friday, MarketBeat reports. Wedbush currently has a $130.00 price target on the software company’s stock.

SPLK has been the subject of several other research reports. Jefferies Financial Group raised their price target on shares of Splunk to $136.00 and gave the company a buy rating in a research report on Friday, May 25th. Morgan Stanley raised their price target on shares of Splunk from $100.00 to $109.00 and gave the company a hold rating in a research report on Friday, May 25th. BidaskClub downgraded shares of Splunk from a strong-buy rating to a buy rating in a research report on Saturday, June 23rd. Zacks Investment Research raised shares of Splunk from a hold rating to a buy rating and set a $116.00 price target for the company in a research report on Thursday, May 3rd. Finally, Piper Jaffray Companies raised their price target on shares of Splunk from $115.00 to $130.00 and gave the company an overweight rating in a research report on Monday, May 21st. Two analysts have rated the stock with a sell rating, five have assigned a hold rating, thirty-two have issued a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of Buy and a consensus target price of $119.00.

Shares of SPLK opened at $121.18 on Friday. The company has a market cap of $17.94 billion, a P/E ratio of -92.20 and a beta of 1.81. Splunk has a twelve month low of $62.39 and a twelve month high of $126.43.

Splunk (NASDAQ:SPLK) last announced its quarterly earnings results on Thursday, August 23rd. The software company reported $0.08 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.05 by $0.03. The company had revenue of $388.30 million during the quarter, compared to the consensus estimate of $358.46 million. Splunk had a negative net margin of 20.55% and a negative return on equity of 28.26%. The firm’s quarterly revenue was up 38.6% compared to the same quarter last year. During the same quarter last year, the firm earned $0.08 earnings per share. research analysts forecast that Splunk will post -1.25 EPS for the current fiscal year.

In other news, Director Graham Smith sold 4,000 shares of Splunk stock in a transaction on Thursday, June 14th. The shares were sold at an average price of $121.01, for a total transaction of $484,040.00. Following the transaction, the director now owns 53,226 shares in the company, valued at approximately $6,440,878.26. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Thomas M. Neustaetter sold 4,070 shares of Splunk stock in a transaction on Tuesday, June 12th. The stock was sold at an average price of $118.70, for a total transaction of $483,109.00. Following the transaction, the director now owns 10,981 shares in the company, valued at approximately $1,303,444.70. The disclosure for this sale can be found here. In the last ninety days, insiders sold 70,426 shares of company stock valued at $8,319,665. 0.36% of the stock is currently owned by insiders.

Several institutional investors have recently modified their holdings of the company. BlackRock Inc. boosted its stake in shares of Splunk by 3.8% during the 2nd quarter. BlackRock Inc. now owns 8,074,220 shares of the software company’s stock worth $800,235,000 after acquiring an additional 298,117 shares during the last quarter. Federated Investors Inc. PA boosted its stake in shares of Splunk by 5.2% during the 1st quarter. Federated Investors Inc. PA now owns 2,005,140 shares of the software company’s stock worth $197,286,000 after acquiring an additional 99,354 shares during the last quarter. FMR LLC boosted its stake in shares of Splunk by 3.6% during the 2nd quarter. FMR LLC now owns 1,592,052 shares of the software company’s stock worth $157,789,000 after acquiring an additional 54,789 shares during the last quarter. Whale Rock Capital Management LLC purchased a new position in shares of Splunk during the 1st quarter worth $141,945,000. Finally, Sumitomo Mitsui Trust Holdings Inc. boosted its stake in shares of Splunk by 16.2% during the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,074,978 shares of the software company’s stock worth $106,541,000 after acquiring an additional 149,894 shares during the last quarter. Institutional investors and hedge funds own 89.73% of the company’s stock.

About Splunk

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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Analyst Recommendations for Splunk (NASDAQ:SPLK)

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