Splunk Inc. (SPLK) Price Target Raised to $96.00

Splunk Inc. (NASDAQ:SPLK) had its target price boosted by Maxim Group from $79.00 to $96.00 in a report released on Friday, Marketbeat Ratings reports. The firm currently has a buy rating on the software company’s stock.

“Business momentum continues to accelerate driven by security; sales productivity y/y trend crosses over to improving, even with cloud adoption headwind. Management provided above consensus Jan Q guidance that impressively implies sales productivity will further improve. Raising our DCF based 12-month price target to $96, from $79 as normalized sales productivity trending better than prior long-term estimate. We continue to view SPLK as a secular Buy.”,” Maxim Group’s analyst commented.

A number of other brokerages have also issued reports on SPLK. KeyCorp reissued a buy rating on shares of Splunk in a research note on Friday, October 27th. ValuEngine lowered Splunk from a hold rating to a sell rating in a research note on Wednesday, October 11th. Credit Suisse Group assumed coverage on Splunk in a research note on Tuesday, September 5th. They issued an outperform rating and a $80.00 price target on the stock. Needham & Company LLC initiated coverage on Splunk in a research note on Monday, October 23rd. They issued a buy rating and a $95.00 price target on the stock. Finally, Zacks Investment Research downgraded Splunk from a buy rating to a hold rating in a report on Thursday, October 26th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and twenty-nine have given a buy rating to the stock. The company has a consensus rating of Buy and an average target price of $81.19.

Splunk (SPLK) opened at $81.70 on Friday. Splunk has a 52-week low of $50.64 and a 52-week high of $81.99.

Splunk (NASDAQ:SPLK) last posted its earnings results on Thursday, November 16th. The software company reported $0.17 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.42) by $0.59. The company had revenue of $328.65 million for the quarter, compared to analyst estimates of $309.01 million. Splunk had a negative return on equity of 71.89% and a negative net margin of 32.72%. equities analysts anticipate that Splunk will post -1.43 EPS for the current fiscal year.

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In other Splunk news, Director Godfrey Sullivan sold 40,000 shares of the business’s stock in a transaction dated Thursday, October 12th. The stock was sold at an average price of $63.48, for a total value of $2,539,200.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Ledger Susan St. sold 10,316 shares of the business’s stock in a transaction dated Wednesday, November 8th. The stock was sold at an average price of $70.17, for a total value of $723,873.72. Following the completion of the sale, the insider now directly owns 253,102 shares of the company’s stock, valued at approximately $17,760,167.34. The disclosure for this sale can be found here. Insiders sold 599,197 shares of company stock worth $40,200,725 in the last 90 days. Corporate insiders own 1.43% of the company’s stock.

A number of institutional investors have recently bought and sold shares of SPLK. Carmignac Gestion acquired a new position in Splunk in the 3rd quarter valued at approximately $198,193,000. Bank of New York Mellon Corp raised its holdings in Splunk by 40.1% in the 2nd 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 acquiring an additional 1,128,410 shares in the last quarter. Harbour Capital Advisors LLC raised its holdings in Splunk by 6,237.5% in the 2nd quarter. Harbour Capital Advisors LLC now owns 1,061,852 shares of the software company’s stock valued at $18,665,000 after acquiring an additional 1,045,097 shares in the last quarter. ETF Managers Group LLC acquired a new position in Splunk in the 2nd quarter valued at approximately $39,864,000. Finally, Vanguard Group Inc. raised its holdings in Splunk by 5.1% in the 2nd quarter. Vanguard Group Inc. now owns 11,347,936 shares of the software company’s stock valued at $645,584,000 after acquiring an additional 546,338 shares in the last quarter.

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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