Sanford C. Bernstein cut shares of Splunk (NASDAQ:SPLK) from an outperform rating to a market perform rating in a research report released on Tuesday morning, MarketBeat reports. Sanford C. Bernstein currently has $110.00 price target on the software company’s stock.

A number of other brokerages also recently commented on SPLK. Zacks Investment Research downgraded Splunk from a buy rating to a hold rating in a research report on Thursday, August 30th. Credit Suisse Group raised their price objective on Splunk from $125.00 to $130.00 and gave the stock an outperform rating in a research report on Friday, August 24th. Rosenblatt Securities reiterated a buy rating and issued a $135.00 price objective on shares of Splunk in a research report on Sunday, August 26th. Piper Jaffray Companies raised their price objective on Splunk to $135.00 and gave the stock an overweight rating in a research report on Friday, August 24th. Finally, Barclays raised their price objective on Splunk from $127.00 to $136.00 and gave the stock an overweight rating in a research report on Friday, September 7th. Two analysts have rated the stock with a sell rating, six have issued a hold rating, twenty-nine have given a buy rating and one has issued a strong buy rating to the company’s stock. Splunk presently has an average rating of Buy and a consensus price target of $123.63.

Shares of SPLK stock traded down $3.19 during mid-day trading on Tuesday, reaching $98.54. The stock had a trading volume of 1,862,904 shares, compared to its average volume of 3,312,991. Splunk has a one year low of $67.01 and a one year high of $130.00.

Splunk (NASDAQ:SPLK) last announced its quarterly earnings data on Thursday, August 23rd. The software company reported $0.08 EPS for the quarter, topping the Zacks’ consensus estimate of $0.05 by $0.03. Splunk had a negative return on equity of 26.44% and a negative net margin of 20.55%. The company had revenue of $388.30 million during the quarter, compared to the consensus estimate of $358.46 million. During the same quarter last year, the company earned $0.08 EPS. The company’s quarterly revenue was up 38.6% on a year-over-year basis. On average, equities research analysts forecast that Splunk will post -1.15 EPS for the current year.

In related news, insider Douglas Merritt sold 23,572 shares of the firm’s stock in a transaction on Wednesday, September 12th. The stock was sold at an average price of $124.58, for a total transaction of $2,936,599.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Timothy Tully sold 19,100 shares of the firm’s stock in a transaction on Wednesday, September 12th. The shares were sold at an average price of $125.46, for a total value of $2,396,286.00. The disclosure for this sale can be found here. Insiders have sold a total of 69,032 shares of company stock valued at $8,640,864 over the last ninety days. Insiders own 0.36% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in the stock. Xact Kapitalforvaltning AB increased its holdings in Splunk by 2.5% during the 3rd quarter. Xact Kapitalforvaltning AB now owns 23,704 shares of the software company’s stock valued at $2,866,000 after purchasing an additional 568 shares in the last quarter. Oppenheimer Asset Management Inc. increased its holdings in Splunk by 1.4% during the 2nd quarter. Oppenheimer Asset Management Inc. now owns 44,395 shares of the software company’s stock valued at $4,400,000 after purchasing an additional 606 shares in the last quarter. Nissay Asset Management Corp Japan ADV increased its holdings in Splunk by 2.8% during the 3rd quarter. Nissay Asset Management Corp Japan ADV now owns 23,389 shares of the software company’s stock valued at $2,828,000 after purchasing an additional 636 shares in the last quarter. WINTON GROUP Ltd increased its holdings in Splunk by 19.3% during the 2nd quarter. WINTON GROUP Ltd now owns 4,277 shares of the software company’s stock valued at $424,000 after purchasing an additional 692 shares in the last quarter. Finally, Bank Hapoalim BM increased its holdings in Splunk by 19.2% during the 2nd quarter. Bank Hapoalim BM now owns 4,565 shares of the software company’s stock valued at $452,000 after purchasing an additional 735 shares in the last quarter. 89.78% of the stock is owned by hedge funds and other institutional investors.

Splunk Company Profile

Splunk Inc provides software solutions that enable organizations to gain real-time operational intelligence in the United States and internationally. Its products enable users to collect, index, search, explore, monitor, correlate, and analyze data regardless of format or source. The company offers Splunk Enterprise, a machine data platform with collection, indexing, search, reporting, analysis, alerting, monitoring, and data management capabilities; and Splunk Cloud.

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Analyst Recommendations for Splunk (NASDAQ:SPLK)

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