Cannon Global Investment Management LLC Acquires New Holdings in Splunk Inc. (NASDAQ:SPLK)

Cannon Global Investment Management LLC acquired a new stake in shares of Splunk Inc. (NASDAQ:SPLK) during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 8,000 shares of the software company’s stock, valued at approximately $1,219,000. Splunk makes up 9.1% of Cannon Global Investment Management LLC’s investment portfolio, making the stock its 3rd biggest position.

A number of other hedge funds and other institutional investors have also modified their holdings of SPLK. Schechter Investment Advisors LLC increased its stake in Splunk by 4.7% in the 4th quarter. Schechter Investment Advisors LLC now owns 1,570 shares of the software company’s stock worth $239,000 after purchasing an additional 71 shares in the last quarter. Geneos Wealth Management Inc. grew its stake in Splunk by 1.8% during the 4th quarter. Geneos Wealth Management Inc. now owns 5,018 shares of the software company’s stock valued at $764,000 after acquiring an additional 91 shares in the last quarter. V Square Quantitative Management LLC grew its stake in Splunk by 9.6% during the 3rd quarter. V Square Quantitative Management LLC now owns 1,107 shares of the software company’s stock valued at $162,000 after acquiring an additional 97 shares in the last quarter. Harbour Investments Inc. grew its stake in Splunk by 30.4% during the 3rd quarter. Harbour Investments Inc. now owns 442 shares of the software company’s stock valued at $65,000 after acquiring an additional 103 shares in the last quarter. Finally, Meiji Yasuda Life Insurance Co grew its stake in Splunk by 3.6% during the 1st quarter. Meiji Yasuda Life Insurance Co now owns 3,062 shares of the software company’s stock valued at $455,000 after acquiring an additional 105 shares in the last quarter. 87.56% of the stock is currently owned by institutional investors.

Splunk Price Performance

Shares of SPLK remained flat at $156.90 on Friday. The stock had a trading volume of 5,546 shares, compared to its average volume of 2,084,977. The firm has a market cap of $26.44 billion, a price-to-earnings ratio of 124.52, a price-to-earnings-growth ratio of 4.42 and a beta of 1.00. The company has a debt-to-equity ratio of 15.61, a quick ratio of 1.69 and a current ratio of 1.69. Splunk Inc. has a 1-year low of $82.19 and a 1-year high of $156.97. The stock’s 50 day moving average is $156.33 and its 200-day moving average is $152.55.

Splunk (NASDAQ:SPLK) last announced its quarterly earnings results on Tuesday, February 27th. The software company reported $2.47 earnings per share for the quarter, beating analysts’ consensus estimates of $1.05 by $1.42. Splunk had a return on equity of 32,117.42% and a net margin of 6.26%. The firm had revenue of $1.49 billion for the quarter, compared to analysts’ expectations of $1.26 billion. As a group, equities research analysts forecast that Splunk Inc. will post 1.62 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

SPLK has been the topic of several research analyst reports. StockNews.com initiated coverage on Splunk in a research note on Friday. They set a “buy” rating on the stock. TheStreet raised Splunk from a “c” rating to a “b” rating in a research note on Tuesday, February 27th. Twenty-three equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $135.31.

Splunk Profile

Splunk Inc, together with its subsidiaries, develops and markets cloud services and licensed software solutions in the United States and internationally. The company offers unified security and observability platform, including Splunk Security that helps security leaders fortify their organization's digital resilience by mitigating cyber risk and meeting compliance requirements; and Splunk Observability, which provides visibility across the full stack of infrastructure, applications, and the digital customer experience.