Splunk’s (SPLK) “Buy” Rating Reaffirmed at Wells Fargo & Company

Wells Fargo & Company reissued their buy rating on shares of Splunk Inc. (NASDAQ:SPLK) in a report released on Friday. Wells Fargo & Company currently has a $95.00 target price on the software company’s stock.

Several other equities analysts have also recently commented on the stock. Jefferies Group LLC reissued a buy rating and set a $88.00 target price on shares of Splunk in a research note on Friday. Drexel Hamilton reissued a buy rating and set a $93.00 target price on shares of Splunk in a research note on Thursday. Piper Jaffray Companies reissued a buy rating and set a $80.00 target price on shares of Splunk in a research note on Wednesday. Royal Bank Of Canada reissued a buy rating and set a $76.00 target price on shares of Splunk in a research note on Tuesday, November 7th. Finally, Maxim Group reissued a buy rating and set a $79.00 target price on shares of Splunk in a research note on Friday, October 27th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and thirty have issued a buy rating to the stock. Splunk has an average rating of Buy and an average target price of $80.92.

Splunk (SPLK) traded up $12.40 during trading on Friday, reaching $81.70. 13,198,619 shares of the company’s stock traded hands, compared to its average volume of 1,627,646. Splunk has a 52-week low of $50.64 and a 52-week high of $81.99.

Splunk (NASDAQ:SPLK) last released its earnings results on Thursday, November 16th. The software company reported $0.17 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.42) by $0.59. The firm had revenue of $328.65 million for the quarter, compared to analysts’ expectations of $309.01 million. Splunk had a negative net margin of 36.81% and a negative return on equity of 75.81%. equities research analysts forecast that Splunk will post -1.47 earnings per share for the current year.

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In other news, insider Ledger Susan St. sold 10,316 shares of Splunk stock in a transaction that occurred on Wednesday, November 8th. The shares were sold at an average price of $70.17, for a total value of $723,873.72. Following the transaction, the insider now owns 253,102 shares of the company’s stock, valued at $17,760,167.34. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Godfrey Sullivan sold 40,000 shares of Splunk stock in a transaction that occurred on Monday, November 13th. The shares were sold at an average price of $68.62, for a total transaction of $2,744,800.00. Following the completion of the transaction, the director now directly owns 585,790 shares in the company, valued at approximately $40,196,909.80. The disclosure for this sale can be found here. Insiders sold 599,197 shares of company stock valued at $40,200,725 over the last quarter. Corporate insiders own 1.43% of the company’s stock.

Several large investors have recently added to or reduced their stakes in SPLK. Carmignac Gestion bought a new position in shares of Splunk in the third quarter valued at approximately $198,193,000. Bank of New York Mellon Corp raised its position in shares of Splunk by 40.1% in the second quarter. Bank of New York Mellon Corp now owns 3,942,003 shares of the software company’s stock valued at $224,259,000 after purchasing an additional 1,128,410 shares during the period. Harbour Capital Advisors LLC raised its position in shares of Splunk by 6,237.5% in the second quarter. Harbour Capital Advisors LLC now owns 1,061,852 shares of the software company’s stock valued at $18,665,000 after purchasing an additional 1,045,097 shares during the period. ETF Managers Group LLC bought a new position in shares of Splunk in the second quarter valued at approximately $39,864,000. Finally, Vanguard Group Inc. raised its position in shares of Splunk by 5.1% in the second quarter. Vanguard Group Inc. now owns 11,347,936 shares of the software company’s stock valued at $645,584,000 after purchasing an additional 546,338 shares during the period.

Splunk Company Profile

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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