Splunk Inc. (SPLK) Earns Buy Rating from Royal Bank Of Canada

Royal Bank Of Canada reissued their buy rating on shares of Splunk Inc. (NASDAQ:SPLK) in a research report report published on Tuesday. Royal Bank Of Canada currently has a $76.00 target price on the software company’s stock.

A number of other research analysts have also weighed in on SPLK. Robert W. Baird reissued an outperform rating and issued a $71.00 target price on shares of Splunk in a report on Monday, July 10th. BMO Capital Markets reissued a buy rating and issued a $71.00 target price on shares of Splunk in a report on Wednesday, July 12th. Zacks Investment Research raised shares of Splunk from a hold rating to a buy rating and set a $65.00 target price for the company in a report on Wednesday, July 12th. Drexel Hamilton reissued a buy rating and issued a $93.00 target price on shares of Splunk in a report on Thursday, July 13th. Finally, Mizuho restated a neutral rating and issued a $60.00 price target on shares of Splunk in a research report on Tuesday, August 15th. One analyst has rated the stock with a sell rating, eleven have given a hold rating and twenty-seven have assigned a buy rating to the company. The stock currently has an average rating of Buy and an average price target of $74.00.

Splunk (NASDAQ SPLK) opened at $69.74 on Tuesday. Splunk has a fifty-two week low of $50.64 and a fifty-two week high of $71.46.

Splunk (NASDAQ:SPLK) last posted its earnings results on Thursday, August 24th. The software company reported $0.08 earnings per share for the quarter, beating analysts’ consensus estimates of $0.06 by $0.02. Splunk had a negative net margin of 36.81% and a negative return on equity of 75.81%. The firm had revenue of $279.96 million during the quarter, compared to analyst estimates of $268.72 million. During the same period last year, the firm posted $0.05 earnings per share. Splunk’s revenue for the quarter was up 31.6% compared to the same quarter last year. equities analysts forecast that Splunk will post -1.47 earnings per share for the current fiscal year.

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In other news, CFO David F. Conte sold 21,589 shares of the business’s stock in a transaction dated Wednesday, September 20th. The stock was sold at an average price of $68.99, for a total transaction of $1,489,425.11. Following the sale, the chief financial officer now owns 161,022 shares in the company, valued at $11,108,907.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Godfrey Sullivan sold 128,750 shares of the business’s stock in a transaction dated Wednesday, September 13th. The stock was sold at an average price of $67.84, for a total value of $8,734,400.00. Following the sale, the director now owns 699,540 shares in the company, valued at approximately $47,456,793.60. The disclosure for this sale can be found here. Insiders have sold 628,881 shares of company stock worth $40,315,252 in the last 90 days. Insiders own 1.43% of the company’s stock.

Several hedge funds have recently modified their holdings of the company. JPMorgan Chase & Co. grew its stake in shares of Splunk by 9.3% during the third quarter. JPMorgan Chase & Co. now owns 4,593,033 shares of the software company’s stock worth $308,053,000 after acquiring an additional 389,565 shares during the last quarter. Legal & General Group Plc grew its stake in shares of Splunk by 5.0% during the third quarter. Legal & General Group Plc now owns 574,909 shares of the software company’s stock worth $38,191,000 after acquiring an additional 27,171 shares during the last quarter. Eagle Asset Management Inc. lifted its holdings in shares of Splunk by 13.3% during the third quarter. Eagle Asset Management Inc. now owns 402,152 shares of the software company’s stock worth $26,702,000 after purchasing an additional 47,294 shares during the period. South Dakota Investment Council lifted its holdings in shares of Splunk by 12.4% during the third quarter. South Dakota Investment Council now owns 54,200 shares of the software company’s stock worth $3,601,000 after purchasing an additional 6,000 shares during the period. Finally, Oppenheimer & Co. Inc. acquired a new stake in shares of Splunk during the third quarter worth about $465,000.

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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