Splunk (NASDAQ:SPLK) Downgraded by StockNews.com to Hold

Posted by Defense World Staff on Apr 27th, 2023

Splunk (NASDAQ:SPLK – Get Rating) was downgraded by analysts at StockNews.com from a “buy” rating to a “hold” rating in a research report issued on Thursday.

Other equities research analysts have also recently issued reports about the stock. William Blair began coverage on shares of Splunk in a research report on Wednesday, April 19th. They set an “outperform” rating on the stock. Piper Sandler upped their target price on shares of Splunk from $105.00 to $118.00 in a report on Thursday, March 2nd. Cowen upped their target price on shares of Splunk from $95.00 to $100.00 and gave the company a “market perform” rating in a report on Tuesday, February 21st. BTIG Research upped their target price on shares of Splunk from $105.00 to $121.00 and gave the company a “buy” rating in a report on Monday, February 27th. Finally, BMO Capital Markets raised their price objective on shares of Splunk from $100.00 to $113.00 and gave the stock an “outperform” rating in a research report on Thursday, March 2nd. Ten analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. Based on data from MarketBeat, Splunk currently has a consensus rating of “Moderate Buy” and an average price target of $115.23.

Splunk Trading Up 2.0 %

Shares of NASDAQ SPLK opened at $86.40 on Thursday. The firm has a market cap of $14.30 billion, a PE ratio of -44.08 and a beta of 1.29. Splunk has a 1-year low of $65.00 and a 1-year high of $127.57. The company has a fifty day moving average price of $95.23 and a 200 day moving average price of $89.02.

Splunk (NASDAQ:SPLK – Get Rating) last announced its earnings results on Wednesday, March 1st. The software company reported $1.25 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.16) by $1.41. The company had revenue of $1.25 billion during the quarter, compared to analyst estimates of $1.07 billion. Equities research analysts forecast that Splunk will post -0.55 EPS for the current year.

Insider Activity at Splunk

In other Splunk news, Director Elisa Steele sold 3,050 shares of the business’s stock in a transaction on Monday, March 6th. The shares were sold at an average price of $105.00, for a total transaction of $320,250.00. Following the sale, the director now owns 14,481 shares of the company’s stock, valued at $1,520,505. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, SVP Scott Morgan sold 2,000 shares of the company’s stock in a transaction dated Monday, March 6th. The shares were sold at an average price of $101.04, for a total transaction of $202,080.00. Following the transaction, the senior vice president now owns 115,907 shares in the company, valued at $11,711,243.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Elisa Steele sold 3,050 shares of the business’s stock in a transaction dated Monday, March 6th. The stock was sold at an average price of $105.00, for a total transaction of $320,250.00. Following the sale, the director now directly owns 14,481 shares of the company’s stock, valued at $1,520,505. The disclosure for this sale can be found here. 0.19% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Splunk

Several hedge funds and other institutional investors have recently made changes to their positions in SPLK. New England Capital Financial Advisors LLC purchased a new stake in shares of Splunk during the 4th quarter valued at approximately $25,000. Trifecta Capital Advisors LLC bought a new position in shares of Splunk in the 4th quarter worth $25,000. Allworth Financial LP grew its holdings in shares of Splunk by 54.1% during the 1st quarter. Allworth Financial LP now owns 353 shares of the software company’s stock valued at $34,000 after purchasing an additional 124 shares during the last quarter. NuWave Investment Management LLC bought a new position in shares of Splunk during the 3rd quarter valued at $29,000. Finally, Clear Street Markets LLC bought a new position in shares of Splunk during the 3rd quarter valued at $30,000. 85.71% of the stock is owned by institutional investors.

About Splunk

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Splunk, Inc engages in the development and marketing of cloud 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.