The Zacks Investment Research Upgrades Splunk Inc. (SPLK) to Hold

The Zacks Investment Research Upgrades Splunk Inc. (SPLK) to Hold

Splunk Inc. (NASDAQ:SPLK) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Thursday.

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. “

SPLK has been the subject of several other research reports. DA Davidson set a $83.00 price objective on Splunk and gave the company a “buy” rating in a report on Thursday, November 24th. MKM Partners restated a “neutral” rating on shares of Splunk in a report on Friday, November 4th. BMO Capital Markets restated an “outperform” rating and issued a $66.00 price objective on shares of Splunk in a report on Friday, September 30th. Vetr cut Splunk from a “strong-buy” rating to a “buy” rating and set a $66.00 price objective for the company. in a report on Monday, October 24th. Finally, Oppenheimer Holdings Inc. restated an “outperform” rating and issued a $80.00 price objective on shares of Splunk in a report on Sunday. Ten research analysts have rated the stock with a hold rating and twenty-six have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $68.30.

Splunk (NASDAQ:SPLK) opened at 54.30 on Thursday. Splunk has a 52 week low of $29.85 and a 52 week high of $65.75. The company’s 50-day moving average price is $54.80 and its 200 day moving average price is $58.50. The company’s market capitalization is $7.37 billion.

Splunk (NASDAQ:SPLK) last announced its quarterly earnings data on Tuesday, November 29th. The software company reported $0.12 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.08 by $0.04. The company earned $245 million during the quarter. Splunk had a negative return on equity of 41.28% and a negative net margin of 41.72%. Splunk’s revenue was up 40.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.05 EPS. On average, analysts predict that Splunk will post $0.33 EPS for the current year.

In other news, Director Godfrey Sullivan sold 40,000 shares of the business’s stock in a transaction dated Tuesday, January 10th. The shares were sold at an average price of $56.10, for a total transaction of $2,244,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Douglas Merritt sold 6,155 shares of the business’s stock in a transaction dated Wednesday, December 14th. The stock was sold at an average price of $56.62, for a total transaction of $348,496.10. Following the sale, the insider now directly owns 151,242 shares of the company’s stock, valued at $8,563,322.04. The disclosure for this sale can be found here. Insiders own 3.00% of the company’s stock.

Large investors have recently bought and sold shares of the company. Sumitomo Mitsui Asset Management Company LTD increased its stake in shares of Splunk by 516.0% in the third quarter. Sumitomo Mitsui Asset Management Company LTD now owns 968,979 shares of the software company’s stock worth $56,859,000 after buying an additional 811,681 shares during the last quarter. BlackRock Group LTD increased its stake in shares of Splunk by 5.6% in the third quarter. BlackRock Group LTD now owns 809,821 shares of the software company’s stock worth $47,519,000 after buying an additional 42,620 shares during the last quarter. South Dakota Investment Council increased its stake in shares of Splunk by 11.2% in the third quarter. South Dakota Investment Council now owns 49,700 shares of the software company’s stock worth $2,916,000 after buying an additional 5,000 shares during the last quarter. Wells Fargo & Company MN increased its stake in shares of Splunk by 8.3% in the third quarter. Wells Fargo & Company MN now owns 4,822,697 shares of the software company’s stock worth $282,995,000 after buying an additional 371,290 shares during the last quarter. Finally, California State Teachers Retirement System increased its stake in shares of Splunk by 0.8% in the third quarter. California State Teachers Retirement System now owns 279,445 shares of the software company’s stock worth $16,398,000 after buying an additional 2,300 shares during the last quarter. 97.75% of the stock is owned by institutional investors.

About Splunk

Splunk Inc is a provider of software solutions. The Company’s offerings enable users to collect, index, search, explore, monitor and analyze data. It operates through the development and marketing of software solutions segment, which enables its customers to gain real-time operational intelligence by harnessing the value of their data.

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