Splunk (SPLK) Earns “Buy” Rating from Bank of America

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Splunk (NASDAQ:SPLK)‘s stock had its “buy” rating reiterated by stock analysts at Bank of America in a report issued on Friday, August 24th. They currently have a $135.00 price objective on the software company’s stock. Bank of America’s price target would suggest a potential upside of 7.68% from the stock’s previous close.

Several other equities research analysts have also weighed in on the company. Maxim Group lifted their price target on Splunk to $126.00 and gave the company a “buy” rating in a research report on Friday, May 25th. FIG Partners restated an “overweight” rating and set a $127.00 price target on shares of Splunk in a research report on Friday, May 25th. Needham & Company LLC reissued a “buy” rating and issued a $145.00 target price (up from $127.00) on shares of Splunk in a report on Friday, August 24th. Piper Jaffray Companies boosted their target price on Splunk from $115.00 to $130.00 and gave the stock an “overweight” rating in a report on Monday, May 21st. Finally, BidaskClub downgraded Splunk from a “strong-buy” rating to a “buy” rating in a report on Saturday, June 23rd. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating, thirty-one have assigned a buy rating and two have assigned a strong buy rating to the company. Splunk presently has an average rating of “Buy” and a consensus target price of $121.43.

Splunk stock traded up $0.12 during trading hours on Friday, reaching $125.37. The company had a trading volume of 981,493 shares, compared to its average volume of 2,320,437. The stock has a market capitalization of $18.26 billion, a P/E ratio of -95.70 and a beta of 2.08. Splunk has a 12-month low of $62.39 and a 12-month high of $130.00.

Splunk (NASDAQ:SPLK) last announced its quarterly earnings results on Thursday, August 23rd. The software company reported $0.08 EPS for the quarter, topping the Zacks’ consensus estimate of $0.05 by $0.03. Splunk had a negative return on equity of 26.44% and a negative net margin of 20.55%. The business had revenue of $388.30 million for the quarter, compared to analysts’ expectations of $358.46 million. During the same period in the previous year, the firm earned $0.08 EPS. The business’s quarterly revenue was up 38.6% on a year-over-year basis. sell-side analysts forecast that Splunk will post -1.15 earnings per share for the current year.

In other Splunk news, SVP Timothy Tully sold 19,100 shares of the firm’s stock in a transaction on Wednesday, September 12th. The stock was sold at an average price of $125.46, for a total transaction of $2,396,286.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Douglas Merritt sold 23,572 shares of the firm’s stock in a transaction on Wednesday, September 12th. The stock was sold at an average price of $124.58, for a total value of $2,936,599.76. The disclosure for this sale can be found here. Insiders have sold a total of 66,941 shares of company stock worth $8,379,761 over the last 90 days. 0.36% of the stock is currently owned by company insiders.

Several large investors have recently made changes to their positions in the company. BlackRock Inc. boosted its position in shares of Splunk by 3.8% in the 2nd quarter. BlackRock Inc. now owns 8,074,220 shares of the software company’s stock worth $800,235,000 after purchasing an additional 298,117 shares in the last quarter. Federated Investors Inc. PA boosted its position in shares of Splunk by 5.2% in the 1st quarter. Federated Investors Inc. PA now owns 2,005,140 shares of the software company’s stock worth $197,286,000 after purchasing an additional 99,354 shares in the last quarter. FMR LLC boosted its position in shares of Splunk by 3.6% in the 2nd quarter. FMR LLC now owns 1,592,052 shares of the software company’s stock worth $157,789,000 after purchasing an additional 54,789 shares in the last quarter. Whale Rock Capital Management LLC acquired a new stake in shares of Splunk in the 1st quarter worth $141,945,000. Finally, Sumitomo Mitsui Trust Holdings Inc. boosted its position in shares of Splunk by 16.2% in the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,074,978 shares of the software company’s stock worth $106,541,000 after purchasing an additional 149,894 shares in the last quarter. Institutional investors and hedge funds own 89.58% of the company’s stock.

Splunk Company Profile

Splunk Inc provides software solutions that enable organizations to gain real-time operational intelligence in the United States and internationally. Its products enable users to collect, index, search, explore, monitor, correlate, and analyze data regardless of format or source. The company offers Splunk Enterprise, a machine data platform with collection, indexing, search, reporting, analysis, alerting, monitoring, and data management capabilities; and Splunk Cloud.

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Analyst Recommendations for Splunk (NASDAQ:SPLK)

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