Splunk (NASDAQ:SPLK – Free Report) had its price objective increased by UBS Group from $105.00 to $120.00 in a research report sent to investors on Thursday, Benzinga reports. UBS Group currently has a neutral rating on the software company’s stock.
Several other brokerages also recently issued reports on SPLK. Piper Sandler raised their price objective on shares of Splunk from $118.00 to $123.00 in a research report on Thursday, May 25th. Needham & Company LLC raised their price objective on shares of Splunk from $125.00 to $130.00 and gave the stock a buy rating in a research report on Thursday. Oppenheimer reiterated an outperform rating and issued a $115.00 price target on shares of Splunk in a research report on Thursday. Wells Fargo & Company lifted their price target on shares of Splunk from $125.00 to $135.00 and gave the company an overweight rating in a research report on Thursday. Finally, Robert W. Baird lifted their price target on shares of Splunk from $130.00 to $135.00 and gave the company an outperform rating in a research report on Thursday. Twelve investment analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and an average price target of $123.26.
Read Our Latest Analysis on SPLK
Splunk Trading Up 12.9 %
Splunk (NASDAQ:SPLK – Get Free Report) last issued its earnings results on Wednesday, August 23rd. The software company reported $0.71 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.46 by $0.25. The business had revenue of $910.59 million during the quarter, compared to the consensus estimate 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 period last year, the business posted ($0.94) EPS. On average, equities research analysts anticipate that Splunk will post -0.17 earnings per share for the current year.
Insider Activity at Splunk
In related news, SVP Christian Smith sold 1,500 shares of the business’s stock in a transaction that occurred 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 completion of the sale, 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 document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, Director Elisa Steele sold 288 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 value of $30,424.32. Following the transaction, the director now owns 16,970 shares of the company’s stock, valued at $1,792,710.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Christian Smith sold 1,500 shares of the business’s stock in a transaction on Monday, July 3rd. The stock was sold at an average price of $105.64, for a total transaction of $158,460.00. Following the completion of the transaction, the senior vice president now directly owns 109,453 shares in the company, valued at approximately $11,562,614.92. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 16,384 shares of company stock worth $1,712,330. 0.17% of the stock is owned by company insiders.
Hedge Funds Weigh In On Splunk
Several hedge funds have recently modified their holdings of SPLK. MetLife Investment Management LLC bought a new stake in Splunk in the first quarter worth $1,527,000. Raymond James Trust N.A. increased its position in Splunk by 34.4% in the first quarter. Raymond James Trust N.A. now owns 4,957 shares of the software company’s stock worth $737,000 after purchasing an additional 1,268 shares during the last quarter. Prudential PLC bought a new stake in Splunk in the first quarter worth $357,000. National Pension Service increased its position in Splunk by 8.1% during the first quarter. National Pension Service now owns 251,984 shares of the software company’s stock valued at $37,447,000 after acquiring an additional 18,834 shares during the last quarter. Finally, Loomis Sayles & Co. L P bought a new position in shares of Splunk in the first quarter worth about $89,000. Hedge funds and other institutional investors own 86.58% of the company’s stock.
About Splunk
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.
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