Empirical Financial Services LLC d.b.a. Empirical Wealth Management Decreases Stock Position in Splunk Inc. (NASDAQ:SPLK)

Empirical Financial Services LLC d.b.a. Empirical Wealth Management cut its holdings in shares of Splunk Inc. (NASDAQ:SPLK) by 71.7% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 6,416 shares of the software company’s stock after selling 16,247 shares during the period. Empirical Financial Services LLC d.b.a. Empirical Wealth Management’s holdings in Splunk were worth $977,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Ameriprise Financial Inc. raised its stake in Splunk by 8.3% during the third quarter. Ameriprise Financial Inc. now owns 1,729,887 shares of the software company’s stock worth $252,996,000 after acquiring an additional 131,909 shares during the period. Jericho Capital Asset Management L.P. increased its stake in shares of Splunk by 85.6% in the third quarter. Jericho Capital Asset Management L.P. now owns 1,394,000 shares of the software company’s stock valued at $203,872,000 after purchasing an additional 643,000 shares during the period. Federated Hermes Inc. raised its holdings in shares of Splunk by 48.8% during the third quarter. Federated Hermes Inc. now owns 843,862 shares of the software company’s stock valued at $123,415,000 after buying an additional 276,742 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of Splunk by 4.0% during the third quarter. Charles Schwab Investment Management Inc. now owns 658,494 shares of the software company’s stock worth $96,305,000 after buying an additional 25,286 shares during the period. Finally, DekaBank Deutsche Girozentrale grew its holdings in Splunk by 34.6% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 611,501 shares of the software company’s stock worth $90,104,000 after buying an additional 157,121 shares in the last quarter. 87.56% of the stock is owned by hedge funds and other institutional investors.

Splunk Price Performance

SPLK remained flat at $156.90 during midday trading on Wednesday. 5,546 shares of the company’s stock traded hands, compared to its average volume of 2,084,977. The stock’s 50 day simple moving average is $156.77 and its 200 day simple moving average is $153.51. Splunk Inc. has a 12-month low of $82.19 and a 12-month high of $156.97. The stock has a market cap of $26.44 billion, a P/E ratio of 124.52, a price-to-earnings-growth ratio of 4.42 and a beta of 1.00. The company has a quick ratio of 1.69, a current ratio of 1.69 and a debt-to-equity ratio of 15.61.

Splunk (NASDAQ:SPLK) last posted its quarterly earnings results on Tuesday, February 27th. The software company reported $2.47 earnings per share for the quarter, topping analysts’ consensus estimates of $1.05 by $1.42. Splunk had a return on equity of 32,117.42% and a net margin of 6.26%. The business had revenue of $1.49 billion for the quarter, compared to the consensus estimate of $1.26 billion. Research analysts predict that Splunk Inc. will post 1.62 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on SPLK. TheStreet raised shares of Splunk from a “c” rating to a “b” rating in a report on Tuesday, February 27th. StockNews.com assumed coverage on Splunk in a report on Sunday. They set a “buy” rating on the stock. Twenty-three research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $135.31.

About Splunk

Splunk Inc, together with its subsidiaries, develops and markets cloud services and licensed software solutions in the United States and internationally. The company offers unified security and observability platform, including Splunk Security that helps security leaders fortify their organization's digital resilience by mitigating cyber risk and meeting compliance requirements; and Splunk Observability, which provides visibility across the full stack of infrastructure, applications, and the digital customer experience.