Splunk (NASDAQ:SPLK) Earns Buy Rating from Analysts at DA Davidson

Equities research analysts at DA Davidson began coverage on shares of Splunk (NASDAQ:SPLK) in a research note issued to investors on Monday, The Fly reports. The firm set a “buy” rating on the software company’s stock.

A number of other brokerages have also recently issued reports on SPLK. Credit Suisse Group dropped their price objective on shares of Splunk from $160.00 to $150.00 and set an “outperform” rating for the company in a research note on Thursday, August 22nd. BMO Capital Markets restated an “outperform” rating and issued a $155.00 price objective on shares of Splunk in a research note on Thursday, August 22nd. Jefferies Financial Group restated a “buy” rating and issued a $157.00 price objective on shares of Splunk in a research note on Tuesday, October 8th. BidaskClub cut shares of Splunk from a “buy” rating to a “hold” rating in a research note on Saturday, October 19th. Finally, Goldman Sachs Group increased their price objective on shares of Splunk from $131.00 to $119.00 and gave the company a “neutral” rating in a research note on Thursday, August 22nd. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and twenty-five have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $150.50.

Splunk stock traded up $3.59 during mid-day trading on Monday, reaching $122.79. The company had a trading volume of 2,160,400 shares, compared to its average volume of 1,757,027. The company has a quick ratio of 3.06, a current ratio of 3.06 and a debt-to-equity ratio of 1.30. Splunk has a 52 week low of $83.69 and a 52 week high of $143.70. The company has a 50 day moving average of $119.24 and a 200-day moving average of $123.65. The firm has a market cap of $17.71 billion, a price-to-earnings ratio of -77.23 and a beta of 2.03.

Splunk (NASDAQ:SPLK) last announced its quarterly earnings data on Wednesday, August 21st. The software company reported ($0.35) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.51) by $0.16. Splunk had a negative net margin of 15.16% and a negative return on equity of 12.73%. The company had revenue of $516.56 million during the quarter, compared to analysts’ expectations of $488.97 million. During the same quarter in the prior year, the company posted $0.08 EPS. The business’s revenue was up 33.0% on a year-over-year basis. On average, analysts predict that Splunk will post -0.88 earnings per share for the current fiscal year.

In other news, CAO Timothy Emanuelson sold 529 shares of the firm’s stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $120.46, for a total value of $63,723.34. Following the transaction, the chief accounting officer now owns 27,394 shares of the company’s stock, valued at approximately $3,299,881.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Douglas Merritt sold 13,341 shares of the firm’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $115.20, for a total transaction of $1,536,883.20. The disclosure for this sale can be found here. Insiders sold a total of 26,906 shares of company stock valued at $3,187,086 in the last 90 days. Corporate insiders own 0.34% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of SPLK. Zions Bancorporation N.A. boosted its stake in shares of Splunk by 37.2% in the 2nd quarter. Zions Bancorporation N.A. now owns 2,087 shares of the software company’s stock valued at $262,000 after purchasing an additional 566 shares during the last quarter. Spence Asset Management boosted its stake in Splunk by 3.1% during the 2nd quarter. Spence Asset Management now owns 63,762 shares of the software company’s stock worth $8,018,000 after acquiring an additional 1,931 shares during the last quarter. Scout Investments Inc. boosted its stake in Splunk by 54.8% during the 2nd quarter. Scout Investments Inc. now owns 600,392 shares of the software company’s stock worth $75,499,000 after acquiring an additional 212,442 shares during the last quarter. Harbour Capital Advisors LLC boosted its stake in Splunk by 5.3% during the 2nd quarter. Harbour Capital Advisors LLC now owns 16,870 shares of the software company’s stock worth $2,121,000 after acquiring an additional 853 shares during the last quarter. Finally, Heritage Investors Management Corp bought a new position in Splunk during the 2nd quarter worth approximately $913,000. 91.57% of the stock is currently owned by institutional investors.

Splunk Company Profile

Splunk, Inc engages in the development and marketing of software solutions. Its products include Splunk cloud, Splunk light, and Splunk enterprise. It also offers solutions for information technology operations, security, internet-of-things, application analytics, business analytics, and industries. The company was founded by Erik M.

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The Fly

Analyst Recommendations for Splunk (NASDAQ:SPLK)

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