Analysts Set Splunk Inc. (SPLK) Target Price at $71.04

Shares of Splunk Inc. (NASDAQ:SPLK) have been given a consensus recommendation of “Buy” by the thirty-five research firms that are currently covering the firm, MarketBeat.com reports. Eleven equities research analysts have rated the stock with a hold recommendation and twenty-four have assigned a buy recommendation to the company. The average 12-month price target among brokers that have covered the stock in the last year is $70.82.

A number of research firms have weighed in on SPLK. BMO Capital Markets reaffirmed a “buy” rating and set a $71.00 price target on shares of Splunk in a research note on Wednesday. Drexel Hamilton reaffirmed a “buy” rating and set a $93.00 price target on shares of Splunk in a research note on Thursday. Zacks Investment Research raised shares of Splunk from a “hold” rating to a “buy” rating and set a $65.00 price target on the stock in a research note on Wednesday. Robert W. Baird reaffirmed an “outperform” rating and set a $71.00 price target on shares of Splunk in a research note on Monday. Finally, BidaskClub downgraded shares of Splunk from a “buy” rating to a “hold” rating in a research note on Saturday, June 10th.

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Shares of Splunk (NASDAQ:SPLK) traded down 0.89% during mid-day trading on Tuesday, reaching $59.84. The company’s stock had a trading volume of 994,847 shares. The firm’s 50 day moving average price is $61.66 and its 200-day moving average price is $60.34. The company’s market capitalization is $8.28 billion. Splunk has a 1-year low of $50.64 and a 1-year high of $69.23.

Splunk (NASDAQ:SPLK) last posted its quarterly earnings results on Thursday, May 25th. The software company reported ($0.01) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.04) by $0.03. The company had revenue of $242.40 million for the quarter, compared to the consensus estimate of $233.79 million. Splunk had a negative net margin of 35.19% and a negative return on equity of 40.82%. Splunk’s revenue was up 30.4% on a year-over-year basis. During the same quarter last year, the firm posted ($0.02) earnings per share. On average, analysts predict that Splunk will post $0.52 EPS for the current year.

In related news, Director Godfrey Sullivan sold 40,000 shares of Splunk stock in a transaction dated Wednesday, July 12th. The shares were sold at an average price of $60.27, for a total value of $2,410,800.00. Following the sale, the director now directly owns 789,540 shares in the company, valued at approximately $47,585,575.80. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO David F. Conte sold 1,044 shares of Splunk stock in a transaction dated Friday, June 2nd. The shares were sold at an average price of $62.20, for a total transaction of $64,936.80. Following the completion of the sale, the chief financial officer now owns 207,965 shares in the company, valued at $12,935,423. The disclosure for this sale can be found here. Insiders sold a total of 358,056 shares of company stock valued at $20,784,524 over the last ninety days. Company insiders own 3.00% of the company’s stock.

Hedge funds have recently modified their holdings of the stock. BlackRock Inc. increased its stake in shares of Splunk by 5,553.3% in the first quarter. BlackRock Inc. now owns 6,931,967 shares of the software company’s stock valued at $431,791,000 after buying an additional 6,809,349 shares in the last quarter. Wellington Management Group LLP increased its stake in shares of Splunk by 2,492.5% in the first quarter. Wellington Management Group LLP now owns 1,350,153 shares of the software company’s stock valued at $84,102,000 after buying an additional 1,298,074 shares in the last quarter. Pictet Asset Management Ltd. increased its stake in shares of Splunk by 113.8% in the first quarter. Pictet Asset Management Ltd. now owns 1,510,716 shares of the software company’s stock valued at $94,103,000 after buying an additional 804,201 shares in the last quarter. Bank of New York Mellon Corp increased its stake in shares of Splunk by 31.3% in the first quarter. Bank of New York Mellon Corp now owns 2,813,593 shares of the software company’s stock valued at $175,258,000 after buying an additional 669,929 shares in the last quarter. Finally, Norges Bank purchased a new stake in shares of Splunk during the fourth quarter valued at $29,361,000.

About Splunk

Splunk Inc (Splunk) is engaged in the development and marketing of software solutions. The Company’s offerings enable users to collect, index, search, explore, monitor and analyze data. Its offerings address diverse data sets that are referred to as big data and are specifically used for machine data.

Analyst Recommendations for Splunk (NASDAQ:SPLK)

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