Zacks Investment Research upgraded shares of Splunk (NASDAQ:SPLK) from a hold rating to a buy rating in a research note published on Thursday. Zacks Investment Research currently has $123.00 price objective on the software company’s stock.
According to Zacks, “Splunk Inc. provides a software platform, which collects and indexes data and enables users to search, correlate, analyze, monitor and report on this data, all in real time. Its software is designed to help users in various roles, including IT and business professionals. Splunk Inc. is based in San Francisco, California. “
Several other analysts also recently issued reports on SPLK. BidaskClub raised shares of Splunk from a hold rating to a buy rating in a research note on Tuesday, November 27th. TheStreet raised shares of Splunk from a d rating to a c- rating in a research note on Friday, November 30th. BMO Capital Markets decreased their price objective on shares of Splunk from $133.00 to $132.00 and set an outperform rating for the company in a research note on Friday, November 30th. Cowen reissued a buy rating and issued a $133.00 price objective on shares of Splunk in a research note on Sunday, December 2nd. Finally, Wedbush decreased their price objective on shares of Splunk from $136.00 to $130.00 and set an outperform rating for the company in a research note on Friday, November 30th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, twenty-nine have assigned a buy rating and one has given a strong buy rating to the company. The company has a consensus rating of Buy and a consensus price target of $128.22.
Splunk (NASDAQ:SPLK) last announced its quarterly earnings data on Thursday, November 29th. The software company reported $0.38 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.23) by $0.61. The business had revenue of $480.98 million during the quarter, compared to the consensus estimate of $433.60 million. Splunk had a negative net margin of 18.92% and a negative return on equity of 22.60%. The firm’s quarterly revenue was up 40.4% compared to the same quarter last year. During the same quarter last year, the firm earned $0.17 earnings per share. As a group, research analysts predict that Splunk will post -1.07 earnings per share for the current fiscal year.
In related news, CFO David F. Conte sold 15,519 shares of Splunk stock in a transaction that occurred on Wednesday, September 12th. The shares were sold at an average price of $125.29, for a total transaction of $1,944,375.51. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Godfrey Sullivan sold 8,750 shares of Splunk stock in a transaction that occurred on Monday, September 10th. The shares were sold at an average price of $126.00, for a total transaction of $1,102,500.00. Following the transaction, the director now directly owns 144,755 shares in the company, valued at $18,239,130. The disclosure for this sale can be found here. Over the last three months, insiders have sold 73,203 shares of company stock worth $9,099,674. 0.36% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Belpointe Asset Management LLC purchased a new position in Splunk in the third quarter worth $589,000. Vanguard Group Inc. grew its holdings in Splunk by 0.3% in the third quarter. Vanguard Group Inc. now owns 12,476,788 shares of the software company’s stock worth $1,508,569,000 after purchasing an additional 37,885 shares during the last quarter. Legal & General Group Plc grew its holdings in Splunk by 4.1% in the third quarter. Legal & General Group Plc now owns 801,771 shares of the software company’s stock worth $96,942,000 after purchasing an additional 31,601 shares during the last quarter. B. Riley Wealth Management Inc. purchased a new position in Splunk in the third quarter worth $460,000. Finally, Nordea Investment Management AB grew its holdings in Splunk by 4.1% in the third quarter. Nordea Investment Management AB now owns 121,872 shares of the software company’s stock worth $14,735,000 after purchasing an additional 4,761 shares during the last quarter. 91.41% of the stock is currently owned by institutional investors and hedge funds.
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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