Splunk (NASDAQ:SPLK) Given New $115.00 Price Target at TD Cowen

Posted by Defense World Staff on Aug 25th, 2023

Splunk (NASDAQ:SPLK – Free Report) had its price target raised by TD Cowen from $110.00 to $115.00 in a research report released on Thursday, Benzinga reports. They currently have a market perform rating on the software company’s stock.

A number of other equities research analysts have also recently commented on SPLK. Mizuho increased their target price on Splunk from $108.00 to $116.00 and gave the stock a neutral rating in a research note on Thursday. KeyCorp increased their target price on Splunk from $135.00 to $140.00 and gave the stock an overweight rating in a research note on Thursday. StockNews.com began coverage on Splunk in a report on Thursday, August 17th. They set a buy rating on the stock. Morgan Stanley upped their price target on Splunk from $110.00 to $118.00 and gave the company an equal weight rating in a report on Thursday. Finally, TheStreet downgraded Splunk from a c- rating to a d rating in a report on Thursday, May 25th. Twelve research analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company. According to data from MarketBeat.com, Splunk currently has a consensus rating of Moderate Buy and an average price target of $123.26.

View Our Latest Report on SPLK

Splunk Stock Performance

NASDAQ:SPLK opened at $112.83 on Thursday. The business has a 50 day moving average of $103.79 and a 200 day moving average of $98.40. Splunk has a 1-year low of $65.00 and a 1-year high of $114.60.

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

Insiders Place Their Bets

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

Institutional Trading of Splunk

Several hedge funds have recently modified their holdings of the company. Key Financial Inc increased its stake in Splunk by 1,153.8% in the first quarter. Key Financial Inc now owns 326 shares of the software company’s stock worth $31,000 after purchasing an additional 300 shares during the period. CENTRAL TRUST Co raised its stake in shares of Splunk by 204.1% in the second quarter. CENTRAL TRUST Co now owns 298 shares of the software company’s stock worth $32,000 after purchasing an additional 200 shares during the last quarter. Allworth Financial LP raised its position in Splunk by 54.1% during the first quarter. Allworth Financial LP now owns 353 shares of the software company’s stock valued at $34,000 after acquiring an additional 124 shares in the last quarter. Brown Brothers Harriman & Co. raised its position in Splunk by 191.2% during the first quarter. Brown Brothers Harriman & Co. now owns 364 shares of the software company’s stock valued at $35,000 after acquiring an additional 239 shares in the last quarter. Finally, Pacer Advisors Inc. grew its holdings in Splunk by 171.7% in the second quarter. Pacer Advisors Inc. now owns 326 shares of the software company’s stock valued at $35,000 after purchasing an additional 206 shares during the period. 86.58% of the stock is owned by hedge funds and other institutional investors.

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.