Splunk Inc. (SPLK) Shares Gap Up Following Analyst Upgrade

Shares of Splunk Inc. (NASDAQ:SPLK) gapped up before the market opened on Monday after Zacks Investment Research upgraded the stock from a hold rating to a buy rating. The stock had previously closed at $59.56, but opened at $69.30. Zacks Investment Research now has a $92.00 price target on the stock. Splunk shares last traded at $81.70, with a volume of 13219800 shares.

According to Zacks, “Splunk Inc. provides a software platform, which collects and indexes data and enables users to search, correlate, analyze, monitor and report on this data, all in real time. Its software is designed to help users in various roles, including IT and business professionals. Splunk Inc. is based in San Francisco, California. “

Several other equities analysts also recently issued reports on SPLK. Royal Bank Of Canada reissued a “buy” rating and set a $75.00 price objective on shares of Splunk in a research note on Monday, July 31st. BMO Capital Markets reaffirmed an “outperform” rating and set a $69.00 price target (down previously from $71.00) on shares of Splunk in a research report on Friday, August 4th. Mizuho reaffirmed a “neutral” rating and set a $60.00 price target on shares of Splunk in a research report on Tuesday, August 15th. Cowen and Company reaffirmed a “buy” rating on shares of Splunk in a research report on Friday, August 18th. Finally, Guggenheim reissued a “buy” rating and issued a $70.00 price objective on shares of Splunk in a research report on Saturday, August 19th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and thirty have issued a buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $82.11.

In related news, CFO David F. Conte sold 10,525 shares of the business’s stock in a transaction that occurred on Friday, August 25th. The stock was sold at an average price of $66.03, for a total value of $694,965.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO David F. Conte sold 21,589 shares of the company’s stock in a transaction on Wednesday, September 20th. The stock was sold at an average price of $68.99, for a total value of $1,489,425.11. Following the sale, the chief financial officer now owns 161,022 shares of the company’s stock, valued at approximately $11,108,907.78. The disclosure for this sale can be found here. Insiders sold 599,197 shares of company stock worth $40,200,725 over the last ninety days. Insiders own 1.43% of the company’s stock.

A number of institutional investors and hedge funds have recently made changes to their positions in SPLK. Patten Group Inc. boosted its stake in shares of Splunk by 1,048.8% during the 3rd quarter. Patten Group Inc. now owns 24,746 shares of the software company’s stock worth $143,000 after acquiring an additional 22,592 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. lifted its stake in Splunk by 24.1% in the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 3,375 shares of the software company’s stock worth $195,000 after purchasing an additional 656 shares in the last quarter. IFP Advisors Inc lifted its stake in Splunk by 6.2% in the 2nd quarter. IFP Advisors Inc now owns 3,508 shares of the software company’s stock worth $200,000 after purchasing an additional 204 shares in the last quarter. Crossmark Global Holdings Inc. purchased a new position in Splunk in the 3rd quarter worth approximately $201,000. Finally, FDx Advisors Inc. purchased a new position in Splunk in the 3rd quarter worth approximately $210,000.

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

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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.

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