Splunk (SPLK) Downgraded by ValuEngine to Buy

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ValuEngine cut shares of Splunk (NASDAQ:SPLK) from a strong-buy rating to a buy rating in a research report sent to investors on Friday morning, ValuEngine reports.

Several other research firms also recently weighed in on SPLK. BidaskClub downgraded Splunk from a buy rating to a hold rating in a report on Friday, March 15th. Wedbush boosted their target price on Splunk from $159.00 to $163.00 and gave the company an outperform rating in a report on Friday. Northland Securities reissued a buy rating and issued a $160.00 target price on shares of Splunk in a report on Friday. Mizuho initiated coverage on Splunk in a research note on Wednesday, March 13th. They set a buy rating and a $150.00 price objective for the company. Finally, Barclays upped their price objective on Splunk from $154.00 to $158.00 and gave the company an overweight rating in a research note on Friday, March 1st. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and twenty-five have issued a buy rating to the stock. The stock has an average rating of Buy and an average price target of $145.48.

Splunk stock opened at $119.30 on Friday. Splunk has a fifty-two week low of $83.69 and a fifty-two week high of $143.70. The company has a quick ratio of 3.23, a current ratio of 3.23 and a debt-to-equity ratio of 1.07. The stock has a market capitalization of $17.91 billion, a PE ratio of -75.03 and a beta of 2.03.

Splunk (NASDAQ:SPLK) last posted its earnings results on Thursday, May 23rd. The software company reported ($0.85) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.77) by ($0.08). Splunk had a negative net margin of 15.28% and a negative return on equity of 14.59%. The firm had revenue of $424.90 million during the quarter, compared to analysts’ expectations of $395.92 million. During the same period in the previous year, the firm posted ($0.07) earnings per share. The firm’s revenue for the quarter was up 36.4% on a year-over-year basis. On average, equities research analysts expect that Splunk will post -1.08 EPS for the current year.

In other Splunk news, CFO David F. Conte sold 7,820 shares of the business’s stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $128.05, for a total transaction of $1,001,351.00. Following the transaction, the chief financial officer now owns 116,056 shares in the company, valued at approximately $14,860,970.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Patricia Morrison sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $134.44, for a total value of $672,200.00. Following the transaction, the director now owns 26,359 shares in the company, valued at approximately $3,543,703.96. The disclosure for this sale can be found here. Insiders have sold a total of 124,271 shares of company stock worth $15,613,440 in the last quarter. 0.36% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc increased its position in Splunk by 0.3% during the 3rd 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 period. BlackRock Inc. grew its holdings in shares of Splunk by 5.1% in the 1st quarter. BlackRock Inc. now owns 8,494,532 shares of the software company’s stock worth $1,058,421,000 after acquiring an additional 408,840 shares during the period. Clearbridge Investments LLC grew its holdings in shares of Splunk by 2.3% in the 1st quarter. Clearbridge Investments LLC now owns 4,766,131 shares of the software company’s stock worth $593,860,000 after acquiring an additional 104,910 shares during the period. Wellington Management Group LLP grew its holdings in shares of Splunk by 63.6% in the 1st quarter. Wellington Management Group LLP now owns 3,372,991 shares of the software company’s stock worth $420,275,000 after acquiring an additional 1,311,025 shares during the period. Finally, Pictet Asset Management Ltd. grew its holdings in shares of Splunk by 28.9% in the 1st quarter. Pictet Asset Management Ltd. now owns 2,598,685 shares of the software company’s stock worth $323,796,000 after acquiring an additional 582,919 shares during the period.

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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To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Splunk (NASDAQ:SPLK)

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