Splunk (NASDAQ:SPLK) Price Target Increased to $204.00 by Analysts at Wedbush

Splunk (NASDAQ:SPLK) had its price objective increased by Wedbush from $180.00 to $204.00 in a report released on Friday, The Fly reports. They currently have an outperform rating on the software company’s stock.

Other equities analysts have also issued reports about the stock. Needham & Company LLC decreased their price objective on shares of Splunk from $181.00 to $168.00 and set a buy rating for the company in a report on Monday, April 27th. Mizuho boosted their price target on Splunk from $170.00 to $195.00 and gave the stock a buy rating in a research note on Friday. Bank of America reaffirmed a buy rating and set a $225.00 price objective on shares of Splunk in a research report on Thursday, March 5th. JPMorgan Chase & Co. boosted their target price on Splunk from $152.00 to $174.00 and gave the stock an overweight rating in a research report on Tuesday, March 3rd. Finally, Cowen cut shares of Splunk from an outperform rating to a market perform rating and lowered their target price for the company from $165.00 to $140.00 in a research note on Friday, April 24th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating, twenty-nine have issued a buy rating and one has issued a strong buy rating to the company. Splunk currently has an average rating of Buy and an average price target of $175.06.

Shares of NASDAQ SPLK traded up $20.81 during trading on Friday, reaching $184.26. The company had a trading volume of 8,753,828 shares, compared to its average volume of 1,623,223. Splunk has a 12-month low of $93.92 and a 12-month high of $185.26. The company has a quick ratio of 2.15, a current ratio of 2.15 and a debt-to-equity ratio of 0.98. The business’s 50-day moving average is $135.50 and its 200 day moving average is $142.29. The stock has a market cap of $25.96 billion, a PE ratio of -58.68 and a beta of 1.52.

Splunk (NASDAQ:SPLK) last announced its quarterly earnings results on Thursday, May 21st. The software company reported ($0.56) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.57) by $0.01. The company had revenue of $434.08 million for the quarter, compared to analysts’ expectations of $443.60 million. Splunk had a negative net margin of 20.56% and a negative return on equity of 17.54%. Splunk’s revenue was up 2.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.02 EPS. On average, analysts anticipate that Splunk will post -3.23 earnings per share for the current year.

In related news, insider Ledger Susan St. sold 300 shares of Splunk stock in a transaction that occurred on Tuesday, March 24th. The stock was sold at an average price of $125.16, for a total transaction of $37,548.00. Following the sale, the insider now owns 188,167 shares of the company’s stock, valued at approximately $23,550,981.72. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Timothy Tully sold 6,580 shares of the business’s stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $121.80, for a total value of $801,444.00. Following the completion of the transaction, the senior vice president now directly owns 88,417 shares in the company, valued at $10,769,190.60. The disclosure for this sale can be found here. Insiders have sold a total of 105,607 shares of company stock worth $13,184,846 over the last 90 days. Insiders own 0.34% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the company. Jennison Associates LLC grew its stake in Splunk by 7.8% during the first quarter. Jennison Associates LLC now owns 6,568,690 shares of the software company’s stock valued at $829,166,000 after acquiring an additional 473,790 shares in the last quarter. Clearbridge Investments LLC lifted its stake in Splunk by 0.9% in the 1st quarter. Clearbridge Investments LLC now owns 4,845,224 shares of the software company’s stock worth $611,613,000 after purchasing an additional 44,910 shares in the last quarter. Pictet Asset Management Ltd. boosted its holdings in shares of Splunk by 6.9% during the 4th quarter. Pictet Asset Management Ltd. now owns 3,192,389 shares of the software company’s stock valued at $478,124,000 after purchasing an additional 205,113 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. grew its position in shares of Splunk by 36.6% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,227,375 shares of the software company’s stock valued at $281,162,000 after purchasing an additional 597,306 shares in the last quarter. Finally, Geode Capital Management LLC increased its holdings in shares of Splunk by 9.2% in the first quarter. Geode Capital Management LLC now owns 1,774,839 shares of the software company’s stock worth $223,848,000 after purchasing an additional 149,291 shares during the last quarter. 93.81% of the stock is currently owned by hedge funds and other institutional investors.

Splunk Company Profile

Splunk, Inc engages in the development and marketing of software solutions. Its products include Splunk cloud, Splunk light, and Splunk enterprise. It also offers solutions for information technology operations, security, internet-of-things, application analytics, business analytics, and industries. The company was founded by Erik M.

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