Zacks Investment Research Lowers Splunk Inc. (SPLK) to Hold

Zacks Investment Research downgraded shares of Splunk Inc. (NASDAQ:SPLK) from a buy rating to a hold rating in a research report report published on Thursday morning.

According to Zacks, “Splunk Inc. provides a software platform, which collects and indexes data and enables users to search, correlate, analyze, monitor and report on this data, all in real time. Its software is designed to help users in various roles, including IT and business professionals. Splunk Inc. is based in San Francisco, California. “

A number of other equities analysts also recently commented on the stock. Needham & Company LLC initiated coverage on shares of Splunk in a research note on Monday, October 23rd. They set a buy rating and a $95.00 price objective for the company. Northland Securities reiterated a buy rating and issued a $80.00 target price on shares of Splunk in a research note on Thursday, October 19th. ValuEngine downgraded shares of Splunk from a hold rating to a sell rating in a research note on Wednesday, October 11th. Robert W. Baird set a $75.00 target price on shares of Splunk and gave the company a buy rating in a research note on Sunday, October 1st. Finally, Morgan Stanley downgraded shares of Splunk from an overweight rating to an equal weight rating and set a $77.00 target price for the company. in a research note on Monday, October 2nd. One investment 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’s stock. The stock has an average rating of Buy and a consensus price target of $73.97.

Splunk (NASDAQ SPLK) traded down 0.03% during trading on Thursday, reaching $66.65. The company’s stock had a trading volume of 1,579,135 shares. Splunk has a 52 week low of $50.64 and a 52 week high of $69.61. The company’s market cap is $9.33 billion. The company’s 50 day moving average price is $66.21 and its 200 day moving average price is $62.82.

Splunk (NASDAQ:SPLK) last posted its quarterly earnings data on Thursday, August 24th. The software company reported $0.08 EPS for the quarter, topping the Zacks’ consensus estimate 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 company had revenue of $279.96 million during the quarter, compared to the consensus estimate of $268.72 million. During the same period in the prior year, the business posted $0.05 EPS. The company’s quarterly revenue was up 31.6% on a year-over-year basis. On average, equities analysts anticipate that Splunk will post $0.54 earnings per share for the current fiscal year.

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In other Splunk news, SVP Leonard R. Stein sold 4,851 shares of the firm’s stock in a transaction that occurred on Tuesday, September 12th. The shares were sold at an average price of $67.79, for a total value of $328,849.29. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Godfrey Sullivan sold 120,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 16th. The shares were sold at an average price of $59.09, for a total transaction of $7,090,800.00. Following the completion of the sale, the director now owns 744,540 shares in the company, valued at approximately $43,994,868.60. The disclosure for this sale can be found here. Insiders sold 628,881 shares of company stock worth $40,315,252 in the last 90 days. Company insiders own 1.43% of the company’s stock.

Several large investors have recently modified their holdings of the company. Crossmark Global Holdings Inc. acquired a new position in shares of Splunk during the third quarter worth $201,000. Pictet Asset Management Ltd. lifted its holdings in shares of Splunk by 3.3% during the third quarter. Pictet Asset Management Ltd. now owns 1,743,960 shares of the software company’s stock worth $115,852,000 after purchasing an additional 55,252 shares during the period. Benjamin F. Edwards & Company Inc. lifted its holdings in shares of Splunk by 4.6% during the third quarter. Benjamin F. Edwards & Company Inc. now owns 18,640 shares of the software company’s stock worth $1,238,000 after purchasing an additional 820 shares during the period. Reliance Trust Co. of Delaware lifted its holdings in shares of Splunk by 19.9% during the third quarter. Reliance Trust Co. of Delaware now owns 10,663 shares of the software company’s stock worth $708,000 after purchasing an additional 1,769 shares during the period. Finally, Fox Run Management L.L.C. lifted its holdings in shares of Splunk by 20.7% during the third quarter. Fox Run Management L.L.C. now owns 14,600 shares of the software company’s stock worth $970,000 after purchasing an additional 2,500 shares during the period.

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.

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