Recent Investment Analysts’ Ratings Updates for Splunk (SPLK)

Posted by on Aug 30th, 2023

Splunk (NASDAQ: SPLK) has recently received a number of price target changes and ratings updates:

  • 8/24/2023 – Splunk had its price target raised by analysts at Wells Fargo & Company from $125.00 to $135.00. They now have an “overweight” rating on the stock.
  • 8/24/2023 – Splunk had its price target raised by analysts at KeyCorp from $135.00 to $140.00. They now have an “overweight” rating on the stock.
  • 8/24/2023 – Splunk had its price target raised by analysts at Barclays PLC from $130.00 to $134.00. They now have an “overweight” rating on the stock.
  • 8/24/2023 – Splunk had its price target raised by analysts at BMO Capital Markets from $117.00 to $127.00. They now have an “outperform” rating on the stock.
  • 8/24/2023 – Splunk had its “outperform” rating reaffirmed by analysts at Oppenheimer Holdings Inc.. They now have a $115.00 price target on the stock.
  • 8/24/2023 – Splunk had its price target raised by analysts at Royal Bank of Canada from $125.00 to $132.00. They now have an “outperform” rating on the stock.
  • 8/24/2023 – Splunk had its price target raised by analysts at Robert W. Baird from $130.00 to $135.00. They now have an “outperform” rating on the stock.
  • 8/24/2023 – Splunk had its price target raised by analysts at JPMorgan Chase & Co. from $100.00 to $120.00. They now have a “neutral” rating on the stock.
  • 8/24/2023 – Splunk had its price target raised by analysts at UBS Group AG from $105.00 to $120.00. They now have a “neutral” rating on the stock.
  • 8/24/2023 – Splunk had its price target raised by analysts at Wedbush from $86.00 to $105.00. They now have a “neutral” rating on the stock.
  • 8/24/2023 – Splunk had its price target raised by analysts at Mizuho from $108.00 to $116.00. They now have a “neutral” rating on the stock.
  • 8/24/2023 – Splunk had its price target raised by analysts at TD Cowen from $110.00 to $115.00. They now have a “market perform” rating on the stock.
  • 8/24/2023 – Splunk had its price target raised by analysts at Stifel Nicolaus from $105.00 to $120.00. They now have a “hold” rating on the stock.
  • 8/24/2023 – Splunk had its price target raised by analysts at Morgan Stanley from $110.00 to $118.00. They now have an “equal weight” rating on the stock.
  • 8/24/2023 – Splunk had its price target raised by analysts at Canaccord Genuity Group Inc. from $125.00 to $130.00. They now have a “buy” rating on the stock.
  • 8/24/2023 – Splunk had its price target raised by analysts at Needham & Company LLC from $125.00 to $130.00. They now have a “buy” rating on the stock.
  • 8/24/2023 – Splunk had its price target raised by analysts at BTIG Research from $128.00 to $137.00. They now have a “buy” rating on the stock.
  • 8/24/2023 – Splunk had its price target raised by analysts at Bank of America Co. from $130.00 to $150.00. They now have a “buy” rating on the stock.
  • 8/24/2023 – Splunk had its price target raised by analysts at Rosenblatt Securities from $135.00 to $145.00.
  • 8/22/2023 – Splunk had its “buy” rating reaffirmed by analysts at Rosenblatt Securities. They now have a $135.00 price target on the stock.
  • 8/17/2023 – Splunk is now covered by analysts at StockNews.com. They set a “buy” rating on the stock.
  • 8/16/2023 – Splunk had its price target lowered by analysts at Mizuho from $115.00 to $108.00. They now have a “neutral” rating on the stock.
  • 8/9/2023 – Splunk is now covered by analysts at Capital One Financial Co.. They set an “overweight” rating and a $125.00 price target on the stock.
  • 7/24/2023 – Splunk had its “buy” rating reaffirmed by analysts at Needham & Company LLC. They now have a $125.00 price target on the stock.
  • 7/21/2023 – Splunk had its “neutral” rating reaffirmed by analysts at Wedbush. They now have a $86.00 price target on the stock.
  • 7/14/2023 – Splunk had its “buy” rating reaffirmed by analysts at Truist Financial Co.. They now have a $130.00 price target on the stock.

Splunk Price Performance

Shares of NASDAQ:SPLK opened at $118.42 on Wednesday. The company has a market capitalization of $19.86 billion, a P/E ratio of -358.85, a P/E/G ratio of 11.51 and a beta of 1.28. Splunk Inc. has a 1 year low of $65.00 and a 1 year high of $119.88. The business’s 50 day simple moving average is $104.34 and its 200 day simple moving average is $98.55.

Splunk (NASDAQ:SPLK – Get Free Report) last issued its quarterly earnings results on Wednesday, August 23rd. The software company reported $0.71 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.46 by $0.25. The business had revenue of $910.59 million for the quarter, compared to the consensus estimate of $889.29 million. Splunk had a negative return on equity of 22.78% and a negative net margin of 0.61%. The firm’s quarterly revenue was up 14.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.94) earnings per share. On average, sell-side analysts anticipate that Splunk Inc. will post 0.41 EPS for the current fiscal year.

Insiders Place Their Bets

In other Splunk news, Director Elisa Steele sold 3,050 shares of the company’s stock in a transaction on Thursday, August 24th. The stock was sold at an average price of $112.00, for a total transaction of $341,600.00. Following the completion of the sale, the director now directly owns 13,920 shares in the company, valued at $1,559,040. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Splunk news, Director Elisa Steele sold 3,050 shares of the company’s stock in a transaction on Thursday, August 24th. The stock was sold at an average price of $112.00, for a total transaction of $341,600.00. Following the completion of the sale, the director now directly owns 13,920 shares in the company, valued at $1,559,040. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Gary Steele sold 9,600 shares of the company’s stock in a transaction on Friday, July 7th. The stock was 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 disclosure for this sale can be found here. Insiders sold 19,434 shares of company stock worth $2,053,930 over the last three months. Insiders own 0.17% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of SPLK. Bank Julius Baer & Co. Ltd Zurich lifted its stake in shares of Splunk by 104,016.8% in the 2nd quarter. Bank Julius Baer & Co. Ltd Zurich now owns 20,487,055 shares of the software company’s stock valued at $2,173,472,000 after acquiring an additional 20,467,378 shares during the last quarter. Starboard Value LP lifted its stake 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 valued at $439,418,000 after acquiring an additional 2,716,120 shares during the last quarter. Pictet Asset Management SA lifted its stake in shares of Splunk by 37.4% in the 1st quarter. Pictet Asset Management SA now owns 6,010,196 shares of the software company’s stock valued at $576,258,000 after acquiring an additional 1,635,239 shares during the last quarter. Norges Bank bought a new position in shares of Splunk in the 4th quarter valued at $83,922,000. Finally, Westfield Capital Management Co. LP lifted its stake in shares of Splunk by 11,675.2% in the 1st 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 during the last quarter. 87.56% of the stock is currently owned by institutional investors.

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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