Splunk (NASDAQ:SPLK – Free Report) had its target price boosted by Bank of America from $130.00 to $150.00 in a research note published on Thursday morning, MarketBeat reports. They currently have a buy rating on the software company’s stock.
Other equities research analysts have also issued research reports about the stock. Needham & Company LLC reissued a buy rating and set a $125.00 target price on shares of Splunk in a research note on Monday, July 24th. Barclays lifted their price objective on shares of Splunk from $130.00 to $134.00 and gave the company an overweight rating in a research note on Thursday. Wells Fargo & Company lifted their price objective on shares of Splunk from $115.00 to $125.00 in a research note on Thursday, May 25th. Piper Sandler lifted their price objective on shares of Splunk from $118.00 to $123.00 in a research note on Thursday, May 25th. Finally, Mizuho reduced their price objective on shares of Splunk from $115.00 to $108.00 and set a neutral rating for the company in a research note on Wednesday, August 16th. Twelve analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company. According to MarketBeat.com, Splunk has an average rating of Moderate Buy and an average price target of $123.26.
Read Our Latest Report on Splunk
Splunk Price Performance
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 analysts’ consensus estimates of $0.46 by $0.25. The company had revenue of $910.59 million during the quarter, compared to analyst estimates of $889.29 million. Splunk had a negative net margin of 0.61% and a negative return on equity of 17.89%. The company’s revenue for the quarter was up 14.0% on a year-over-year basis. During the same quarter last year, the business posted ($0.94) EPS. On average, equities analysts predict that Splunk will post -0.17 EPS for the current year.
Insider Activity at Splunk
In related news, CEO Gary Steele sold 9,600 shares of the company’s stock in a transaction dated Friday, July 7th. The shares were sold at an average price of $104.47, for a total value of $1,002,912.00. Following the sale, the chief executive officer now owns 167,254 shares of the company’s stock, valued at $17,473,025.38. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, CEO Gary Steele sold 9,600 shares of the company’s stock in a transaction dated Friday, July 7th. The shares were sold at an average price of $104.47, for a total value of $1,002,912.00. Following the sale, the chief executive officer now owns 167,254 shares of the company’s stock, valued at $17,473,025.38. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Christian Smith sold 1,500 shares of the company’s stock in a transaction dated 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 approximately $11,562,614.92. The disclosure for this sale can be found here. Insiders have sold a total of 16,384 shares of company stock valued at $1,712,330 over the last quarter. 0.17% of the stock is owned by company insiders.
Hedge Funds Weigh In On Splunk
A number of institutional investors and hedge funds have recently added to or reduced their stakes in SPLK. MetLife Investment Management LLC acquired a new position in Splunk in the first quarter valued at about $1,527,000. Raymond James Trust N.A. boosted 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 valued at $737,000 after buying an additional 1,268 shares in the last quarter. Prudential PLC acquired a new position in Splunk in the first quarter valued at about $357,000. National Pension Service boosted its position in Splunk by 8.1% in the first quarter. National Pension Service now owns 251,984 shares of the software company’s stock valued at $37,447,000 after buying an additional 18,834 shares in the last quarter. Finally, Loomis Sayles & Co. L P acquired a new position in Splunk in the first quarter valued at about $89,000. 86.58% of the stock is currently owned by institutional investors and hedge funds.
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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