First Republic Investment Management Inc. decreased its stake in Splunk Inc (NASDAQ:SPLK) by 42.7% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 33,550 shares of the software company’s stock after selling 25,027 shares during the period. First Republic Investment Management Inc.’s holdings in Splunk were worth $3,325,000 at the end of the most recent reporting period.
Several other institutional investors also recently made changes to their positions in SPLK. First Mercantile Trust Co. bought a new position in Splunk in the first quarter worth $100,000. Three Peaks Capital Management LLC bought a new position in Splunk in the first quarter worth $106,000. Nvwm LLC bought a new position in Splunk in the second quarter worth $160,000. Northwestern Mutual Wealth Management Co. lifted its position in Splunk by 152.1% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,651 shares of the software company’s stock worth $164,000 after purchasing an additional 996 shares during the period. Finally, Neuberger Berman Group LLC bought a new position in Splunk in the first quarter worth $204,000. Institutional investors and hedge funds own 89.58% of the company’s stock.
Splunk stock opened at $125.37 on Friday. Splunk Inc has a 12-month low of $62.39 and a 12-month high of $130.00. The stock has a market capitalization of $18.26 billion, a P/E ratio of -95.70 and a beta of 2.08.
In related news, CFO David F. Conte sold 15,519 shares of Splunk stock in a transaction dated Wednesday, September 12th. The stock was sold at an average price of $125.29, for a total value of $1,944,375.51. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Timothy Tully sold 19,100 shares of Splunk stock in a transaction dated Wednesday, September 12th. The shares were 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. Insiders sold 66,941 shares of company stock valued at $8,379,761 over the last ninety days. 0.36% of the stock is currently owned by company insiders.
SPLK has been the subject of several research reports. Piper Jaffray Companies raised their target price on Splunk from $115.00 to $130.00 and gave the stock an “overweight” rating in a research report on Monday, May 21st. BMO Capital Markets raised their target price on Splunk from $112.00 to $125.00 and gave the stock an “outperform” rating in a research report on Friday, May 25th. Jefferies Financial Group raised their target price on Splunk to $136.00 and gave the stock a “buy” rating in a research report on Friday, May 25th. FIG Partners reaffirmed an “overweight” rating and issued a $127.00 target price on shares of Splunk in a research report on Friday, May 25th. Finally, BTIG Research raised their target price on Splunk to $130.00 and gave the stock a “buy” rating in a research report on Friday, May 25th. Two analysts have rated the stock with a sell rating, four have given a hold rating, thirty-one have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $121.43.
Splunk Company Profile
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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