StockNews.com Initiates Coverage on Splunk (NASDAQ:SPLK)

StockNews.com assumed coverage on shares of Splunk (NASDAQ:SPLK) in a research note issued to investors on Saturday morning. The firm issued a buy rating on the software company’s stock.

Separately, TheStreet upgraded shares of Splunk from a c rating to a b rating in a report on Tuesday, February 27th. Twenty-three research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of Hold and an average target price of $135.31.

Splunk Price Performance

NASDAQ SPLK opened at $156.90 on Friday. The business has a fifty day moving average price of $156.64 and a 200 day moving average price of $153.20. The company has a debt-to-equity ratio of 15.61, a quick ratio of 1.69 and a current ratio of 1.69. The company has a market cap of $26.44 billion, a P/E ratio of 124.52, a P/E/G ratio of 4.42 and a beta of 1.00. Splunk has a one year low of $82.19 and a one year high of $156.97.

Splunk (NASDAQ:SPLK) last released its earnings results on Tuesday, February 27th. The software company reported $2.47 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.05 by $1.42. The business had revenue of $1.49 billion during the quarter, compared to analyst estimates of $1.26 billion. Splunk had a net margin of 6.26% and a return on equity of 32,117.42%. Research analysts anticipate that Splunk will post 1.62 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of SPLK. Raleigh Capital Management Inc. lifted its position in shares of Splunk by 546.2% during the third quarter. Raleigh Capital Management Inc. now owns 168 shares of the software company’s stock worth $25,000 after purchasing an additional 142 shares in the last quarter. Riverview Trust Co acquired a new stake in Splunk during the 1st quarter worth approximately $26,000. Orion Capital Management LLC purchased a new position in Splunk in the 3rd quarter valued at approximately $33,000. Quest Partners LLC acquired a new position in shares of Splunk in the fourth quarter worth $36,000. Finally, Venturi Wealth Management LLC purchased a new stake in shares of Splunk during the third quarter worth $42,000. 87.56% of the stock is currently owned by hedge funds and other institutional investors.

About Splunk

Splunk Inc, together with its subsidiaries, develops and markets cloud services and licensed software solutions in the United States and internationally. The company offers unified security and observability platform, including Splunk Security that helps security leaders fortify their organization's digital resilience by mitigating cyber risk and meeting compliance requirements; and Splunk Observability, which provides visibility across the full stack of infrastructure, applications, and the digital customer experience.