Splunk (NASDAQ:SPLK) Price Target Raised to $130.00 at Canaccord Genuity Group

Posted by Defense World Staff on Aug 25th, 2023

Splunk (NASDAQ:SPLK – Free Report) had its price target hoisted by Canaccord Genuity Group from $125.00 to $130.00 in a research report released on Thursday, Benzinga reports. Canaccord Genuity Group currently has a buy rating on the software company’s stock.

Other analysts have also issued reports about the company. StockNews.com began coverage on Splunk in a report on Thursday, August 17th. They set a buy rating on the stock. Bank of America lifted their price objective on shares of Splunk from $130.00 to $150.00 and gave the stock a buy rating in a research report on Thursday. Truist Financial reissued a buy rating and set a $130.00 price target on shares of Splunk in a research note on Friday, July 14th. Stifel Nicolaus lifted their price objective on shares of Splunk from $105.00 to $120.00 and gave the company a hold rating in a research report on Thursday. Finally, KeyCorp boosted their target price on shares of Splunk from $135.00 to $140.00 and gave the company an overweight rating in a research report on Thursday. Twelve investment analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company’s stock. Based on data from MarketBeat, Splunk has a consensus rating of Moderate Buy and an average price target of $123.26.

Read Our Latest Analysis on Splunk

Splunk Stock Performance

NASDAQ SPLK opened at $112.83 on Thursday. Splunk has a 1 year low of $65.00 and a 1 year high of $114.60. The company has a fifty day moving average of $103.79 and a two-hundred day moving average of $98.40.

Splunk (NASDAQ:SPLK – Get Free Report) last issued its quarterly earnings results on Wednesday, August 23rd. The software company reported $0.71 EPS for the quarter, topping the consensus estimate of $0.46 by $0.25. The company had revenue of $910.59 million during the quarter, compared to analysts’ expectations of $889.29 million. Splunk had a negative net margin of 0.61% and a negative return on equity of 17.89%. Splunk’s revenue was up 14.0% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.94) EPS. As a group, analysts predict that Splunk will post -0.17 EPS for the current year.

Insider Buying and Selling

In related news, SVP Christian Smith sold 1,500 shares of the business’s stock in a transaction on Monday, July 3rd. The shares were sold at an average price of $105.64, for a total transaction of $158,460.00. Following the transaction, the senior vice president now directly owns 109,453 shares in the company, valued at $11,562,614.92. The sale was disclosed in a filing with the SEC, which is available through this link. In related news, SVP Christian Smith sold 1,500 shares of Splunk stock in a transaction on Monday, July 3rd. The shares were sold at an average price of $105.64, for a total value of $158,460.00. Following the completion of the sale, the senior vice president now owns 109,453 shares of the company’s stock, valued at approximately $11,562,614.92. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, SVP Scott Morgan sold 4,996 shares of the business’s stock in a transaction dated Monday, July 10th. The shares were sold at an average price of $104.19, for a total value of $520,533.24. Following the completion of the sale, the senior vice president now owns 122,889 shares in the company, valued at $12,803,804.91. The disclosure for this sale can be found here. Insiders sold 16,384 shares of company stock worth $1,712,330 in the last quarter. 0.17% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Splunk

Several institutional investors have recently added to or reduced their stakes in the company. Bank Julius Baer & Co. Ltd Zurich grew its stake in Splunk by 104,016.8% during the 2nd quarter. Bank Julius Baer & Co. Ltd Zurich now owns 20,487,055 shares of the software company’s stock worth $2,173,472,000 after buying an additional 20,467,378 shares during the last quarter. Starboard Value LP grew its holdings in shares of Splunk by 145.5% in the 1st quarter. Starboard Value LP now owns 4,583,000 shares of the software company’s stock worth $439,418,000 after acquiring an additional 2,716,120 shares during the period. Pictet Asset Management SA lifted its stake in shares of Splunk by 37.4% during the 1st quarter. Pictet Asset Management SA now owns 6,010,196 shares of the software company’s stock worth $576,258,000 after purchasing an additional 1,635,239 shares during the period. Norges Bank acquired a new stake in shares of Splunk during the 4th quarter worth $83,922,000. Finally, Westfield Capital Management Co. LP grew its stake in shares of Splunk by 11,675.2% during the first quarter. Westfield Capital Management Co. LP now owns 712,163 shares of the software company’s stock valued at $68,282,000 after acquiring an additional 706,115 shares in the last quarter. Hedge funds and other institutional investors own 86.58% of the company’s stock.

About Splunk

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Splunk Inc, together with its subsidiaries, develops and markets cloud services and licensed software solutions in the United States and internationally. The company offers unified security and observability platform, including Splunk Security that helps security leaders fortify their organization's digital resilience by mitigating cyber risk and meeting compliance requirements; and Splunk Observability, which provides visibility across the full stack of infrastructure, applications, and the digital customer experience.