Sanford C. Bernstein Lowers Splunk (SPLK) to Market Perform

Share on StockTwits

Sanford C. Bernstein lowered shares of Splunk (NASDAQ:SPLK) from an outperform rating to a market perform rating in a research note issued to investors on Tuesday morning, MarketBeat Ratings reports. They currently have $110.00 target price on the software company’s stock.

Several other research analysts have also weighed in on the company. BidaskClub lowered Splunk from a strong-buy rating to a buy rating in a report on Thursday, September 20th. Bank of America lifted their target price on Splunk from $128.00 to $135.00 and gave the stock a buy rating in a report on Thursday, August 16th. Rosenblatt Securities reiterated a buy rating and set a $135.00 target price on shares of Splunk in a report on Sunday, August 26th. Wells Fargo & Co boosted their price target on Splunk from $135.00 to $145.00 and gave the company an outperform rating in a report on Friday, August 24th. Finally, Zacks Investment Research upgraded Splunk from a hold rating to a buy rating and set a $139.00 price target on the stock in a report on Tuesday, August 28th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating, twenty-nine have assigned a buy rating and one has issued a strong buy rating to the company. The company has an average rating of Buy and an average price target of $123.63.

SPLK stock traded down $3.19 during midday trading on Tuesday, hitting $98.54. 1,862,904 shares of the company’s stock were exchanged, compared to its average volume of 3,312,991. Splunk has a one year low of $67.01 and a one year high of $130.00.

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

In related news, Director Mark T. Carges sold 2,091 shares of Splunk stock in a transaction dated Monday, September 17th. The stock was sold at an average price of $124.87, for a total value of $261,103.17. Following the sale, the director now owns 19,444 shares of the company’s stock, valued at $2,427,972.28. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Timothy Tully sold 19,100 shares of Splunk stock in a transaction dated Wednesday, September 12th. The shares were sold at an average price of $125.46, for a total value of $2,396,286.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 69,032 shares of company stock worth $8,640,864. 0.36% of the stock is owned by company insiders.

Several large investors have recently added to or reduced their stakes in SPLK. FIL Ltd increased its position in shares of Splunk by 182.3% in the third quarter. FIL Ltd now owns 1,565,684 shares of the software company’s stock valued at $189,307,000 after acquiring an additional 1,011,095 shares during the last quarter. Victory Capital Management Inc. increased its position in shares of Splunk by 1,838.0% in the second quarter. Victory Capital Management Inc. now owns 485,866 shares of the software company’s stock valued at $48,154,000 after acquiring an additional 460,796 shares during the last quarter. First Trust Advisors LP increased its position in shares of Splunk by 46.6% in the second quarter. First Trust Advisors LP now owns 984,523 shares of the software company’s stock valued at $97,576,000 after acquiring an additional 312,893 shares during the last quarter. FMR LLC increased its position in shares of Splunk by 36.4% in the third quarter. FMR LLC now owns 1,159,890 shares of the software company’s stock valued at $140,242,000 after acquiring an additional 309,395 shares during the last quarter. Finally, Ardevora Asset Management LLP acquired a new stake in shares of Splunk in the second quarter valued at about $29,605,000. 89.78% of the stock is currently owned by institutional investors and hedge funds.

About Splunk

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.

Further Reading: What are trading strategies for the 52-week high/low?

Analyst Recommendations for Splunk (NASDAQ:SPLK)

Receive News & Ratings for Splunk Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Splunk and related companies with MarketBeat.com's FREE daily email newsletter.

 


Latest News

Yu Darvish Receives Cortisone Shot for Elbow Impingement
Yu Darvish Receives Cortisone Shot for Elbow Impingement
Red Sox and Brandon Phillips Agree to Minor League Deal
Red Sox and Brandon Phillips Agree to Minor League Deal
Chris Sale Proves He is 2018 AL Cy Young Candidate
Chris Sale Proves He is 2018 AL Cy Young Candidate
Strong Results by Clint Frazier Could Keep Him with Yankees
Strong Results by Clint Frazier Could Keep Him with Yankees
Giants Closer Breaks Hand Punching Door Following Poor Outing
Giants Closer Breaks Hand Punching Door Following Poor Outing
Evan Longoria Out Six to Eight Weeks With Broken Hand
Evan Longoria Out Six to Eight Weeks With Broken Hand


Leave a Reply

 
© 2006-2018 BBNS.