Cowen and Company Raises Splunk Inc. (SPLK) Price Target to $72.00
Splunk Inc. (NASDAQ:SPLK) had its target price lifted by Cowen and Company from $67.00 to $72.00 in a report released on Friday morning. Cowen and Company currently has an outperform rating on the software company’s stock.
Several other research analysts also recently issued reports on SPLK. Mitsubishi UFJ Financial Group reaffirmed a buy rating and set a $75.00 price target on shares of Splunk in a research note on Friday. KeyCorp reaffirmed a buy rating and set a $70.00 price target on shares of Splunk in a research note on Friday. Guggenheim reaffirmed a buy rating and set a $70.00 price target on shares of Splunk in a research note on Saturday, August 19th. Susquehanna Bancshares Inc raised Splunk from a neutral rating to a positive rating and set a $68.00 price target for the company in a research note on Friday. Finally, BMO Capital Markets lifted their price target on Splunk from $69.00 to $71.00 and gave the stock an outperform rating in a research note on Friday. Eleven analysts have rated the stock with a hold rating and twenty-seven have assigned a buy rating to the company’s stock. Splunk currently has an average rating of Buy and a consensus price target of $72.38.
Shares of Splunk (NASDAQ:SPLK) opened at 65.39 on Friday. The stock’s 50 day moving average is $59.92 and its 200 day moving average is $61.47. Splunk has a 12 month low of $50.64 and a 12 month high of $69.23. The company’s market capitalization is $9.09 billion.
Splunk (NASDAQ:SPLK) last issued its earnings results on Thursday, August 24th. The software company reported $0.08 EPS for the quarter, topping the consensus estimate of $0.06 by $0.02. The company had revenue of $279.96 million for the quarter, compared to analyst estimates of $268.72 million. Splunk had a negative net margin of 36.81% and a negative return on equity of 75.18%. The business’s revenue was up 31.6% on a year-over-year basis. During the same period in the previous year, the firm earned $0.05 EPS. On average, equities analysts predict that Splunk will post $0.52 EPS for the current fiscal year.
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In other Splunk news, Director Godfrey Sullivan sold 120,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 16th. The stock was sold at an average price of $59.09, for a total value of $7,090,800.00. Following the completion of the transaction, the director now owns 744,540 shares in the company, valued at approximately $43,994,868.60. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Leonard R. Stein sold 4,851 shares of the company’s stock in a transaction that occurred on Tuesday, June 13th. The stock was sold at an average price of $58.20, for a total value of $282,328.20. Following the completion of the transaction, the senior vice president now owns 103,909 shares of the company’s stock, valued at approximately $6,047,503.80. The disclosure for this sale can be found here. In the last 90 days, insiders sold 558,056 shares of company stock valued at $32,554,124. 3.00% of the stock is owned by company insiders.
A number of institutional investors have recently added to or reduced their stakes in SPLK. TLP Group LLC bought a new position in Splunk during the first quarter worth $102,000. Patten Group Inc. boosted 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 in the last quarter. Acrospire Investment Management LLC boosted its position in Splunk by 79.9% in the first quarter. Acrospire Investment Management LLC now owns 2,701 shares of the software company’s stock worth $168,000 after buying an additional 1,200 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. boosted its position in Splunk by 24.1% in the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 3,375 shares of the software company’s stock worth $195,000 after buying an additional 656 shares in the last quarter. Finally, ProShare Advisors LLC bought a new position in Splunk during the first quarter worth $200,000.
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.
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