Splunk (NASDAQ:SPLK) Upgraded by Morgan Stanley to Weight

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Morgan Stanley upgraded shares of Splunk (NASDAQ:SPLK) from an equal rating to a weight rating in a report released on Monday, Briefing.com Automated Import reports. They currently have $169.00 target price on the software company’s stock, up from their prior target price of $140.00.

SPLK has been the subject of several other reports. Rosenblatt Securities reissued a buy rating and issued a $150.00 target price on shares of Splunk in a research report on Thursday, November 14th. Needham & Company LLC decreased their target price on shares of Splunk from $165.00 to $160.00 and set a buy rating for the company in a research report on Thursday, August 22nd. Citigroup decreased their target price on shares of Splunk from $106.00 to $102.00 and set a sell rating for the company in a research report on Friday, August 23rd. ValuEngine downgraded shares of Splunk from a buy rating to a hold rating in a research report on Wednesday, October 2nd. Finally, Bank of America reissued a buy rating and issued a $167.00 target price on shares of Splunk in a research report on Thursday, September 19th. One equities 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 currently has an average rating of Buy and a consensus target price of $150.50.

SPLK stock traded up $1.87 during trading hours on Monday, hitting $124.66. The company’s stock had a trading volume of 1,510,600 shares, compared to its average volume of 1,755,935. The company has a quick ratio of 3.06, a current ratio of 3.06 and a debt-to-equity ratio of 1.30. The company has a market capitalization of $18.04 billion, a PE ratio of -78.40 and a beta of 2.03. Splunk has a 12 month low of $83.69 and a 12 month high of $143.70. The stock has a 50 day moving average price of $119.50 and a two-hundred day moving average price of $123.32.

Splunk (NASDAQ:SPLK) last posted its earnings results on Wednesday, August 21st. The software company reported ($0.35) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.51) by $0.16. The company had revenue of $516.56 million during the quarter, compared to the consensus estimate of $488.97 million. Splunk had a negative net margin of 15.16% and a negative return on equity of 12.73%. The company’s revenue for the quarter was up 33.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.08 earnings per share. Sell-side analysts expect that Splunk will post -0.88 earnings per share for the current year.

In related news, insider Ledger Susan St. sold 8,096 shares of the company’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $125.00, for a total transaction of $1,012,000.00. Following the completion of the transaction, the insider now directly owns 210,537 shares in the company, valued at approximately $26,317,125. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Douglas Merritt sold 13,341 shares of the company’s stock in a transaction on 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. Over the last quarter, insiders have sold 26,906 shares of company stock valued at $3,187,086. Corporate insiders own 0.34% of the company’s stock.

Large investors have recently added to or reduced their stakes in the stock. First Allied Advisory Services Inc. acquired a new position in shares of Splunk in the 3rd quarter valued at $267,000. Harel Insurance Investments & Financial Services Ltd. raised its stake in shares of Splunk by 598.8% in the 3rd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,167 shares of the software company’s stock valued at $138,000 after buying an additional 1,000 shares in the last quarter. D.A. Davidson & CO. raised its stake in shares of Splunk by 23.5% in the 3rd quarter. D.A. Davidson & CO. now owns 2,804 shares of the software company’s stock valued at $330,000 after buying an additional 534 shares in the last quarter. HGI Capital Management LLC raised its stake in shares of Splunk by 7.8% in the 3rd quarter. HGI Capital Management LLC now owns 13,810 shares of the software company’s stock valued at $1,628,000 after buying an additional 1,000 shares in the last quarter. Finally, BBVA USA Bancshares Inc. raised its stake in shares of Splunk by 94.0% in the 3rd quarter. BBVA USA Bancshares Inc. now owns 4,432 shares of the software company’s stock valued at $523,000 after buying an additional 2,148 shares in the last quarter. Hedge funds and other institutional investors own 91.57% of the company’s stock.

About Splunk

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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Analyst Recommendations for Splunk (NASDAQ:SPLK)

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