Zacks Investment Research Reduced Splunk Inc (SPLK) to Hold

Zacks Investment Research Reduced Splunk Inc (SPLK) to Hold

Splunk Inc (NASDAQ:SPLK) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Friday.

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. “

Other equities analysts also recently issued research reports about the stock. Canaccord Genuity reaffirmed a “buy” rating and set a $70.00 price target on shares of Splunk in a research note on Wednesday, February 22nd. Drexel Hamilton reaffirmed a “buy” rating and set a $90.00 price target on shares of Splunk in a research note on Tuesday, February 21st. Mitsubishi UFJ Financial Group set a $71.00 price target on shares of Splunk and gave the stock a “buy” rating in a research note on Saturday, February 25th. Jefferies Group LLC reaffirmed a “buy” rating and set a $81.00 price target on shares of Splunk in a research note on Friday, February 24th. Finally, Rosenblatt Securities initiated coverage on shares of Splunk in a research note on Wednesday, March 8th. They set a “buy” rating and a $75.00 price target on the stock. Ten research analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $72.07.

Shares of Splunk (SPLK) opened at 61.60 on Friday. The stock’s market cap is $8.49 billion. Splunk has a one year low of $50.60 and a one year high of $69.23. The stock’s 50 day moving average price is $64.65 and its 200 day moving average price is $60.20.

Splunk (NASDAQ:SPLK) last posted its quarterly earnings results on Thursday, May 25th. The software company reported ($0.01) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.04) by $0.03. The company had revenue of $242.40 million for the quarter, compared to the consensus estimate of $233.79 million. Splunk had a negative net margin of 41.72% and a negative return on equity of 41.28%. Splunk’s revenue was up 30.4% on a year-over-year basis. During the same quarter last year, the firm posted ($0.02) earnings per share. Analysts forecast that Splunk will post $0.52 earnings per share for the current year.

In other news, SVP Leonard R. Stein sold 7,716 shares of the firm’s stock in a transaction dated Tuesday, March 14th. The shares were sold at an average price of $60.77, for a total value of $468,901.32. Following the transaction, the senior vice president now directly owns 82,345 shares in the company, valued at approximately $5,004,105.65. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Douglas Merritt sold 14,867 shares of the firm’s stock in a transaction dated Wednesday, April 5th. The stock was sold at an average price of $61.83, for a total transaction of $919,226.61. Following the completion of the transaction, the insider now owns 252,620 shares in the company, valued at $15,619,494.60. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 219,555 shares of company stock worth $13,472,487. Insiders own 3.00% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Patten Group Inc. increased its position in Splunk by 3.6% in the first quarter. Patten Group Inc. now owns 2,154 shares of the software company’s stock worth $131,000 after buying an additional 75 shares during the last quarter. Skandinaviska Enskilda Banken AB publ increased its position in Splunk by 6.9% in the first quarter. Skandinaviska Enskilda Banken AB publ now owns 20,057 shares of the software company’s stock worth $1,249,000 after buying an additional 1,300 shares during the last quarter. Achmea Investment Management B.V. acquired a new position in Splunk during the first quarter worth about $230,000. Salem Investment Counselors Inc. increased its position in Splunk by 17.0% in the first quarter. Salem Investment Counselors Inc. now owns 6,145 shares of the software company’s stock worth $383,000 after buying an additional 895 shares during the last quarter. Finally, Harbour Capital Advisors LLC acquired a new position in Splunk during the first quarter worth about $1,044,000. Institutional investors own 97.80% of the company’s stock.

Splunk Company Profile

Splunk Inc (Splunk) is engaged in the development and marketing of software solutions. The Company’s offerings enable users to collect, index, search, explore, monitor and analyze data. Its offerings address diverse data sets that are referred to as big data and are specifically used for machine data.new TradingView.widget({ “height”: 400, “width”: 625, “symbol”: “NASDAQ:SPLK”, “interval”: “D”, “timezone”: “Etc/UTC”, “theme”: “White”, “style”: “1”, “locale”: “en”, “toolbar_bg”: “#f1f3f6”, “enable_publishing”: false, “hideideas”: true, “referral_id”: “2588”});

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