Robert W. Baird Raises Splunk (SPLK) Price Target to $90.00

Splunk (NASDAQ:SPLK) had its price target boosted by Robert W. Baird from $85.00 to $90.00 in a research report sent to investors on Monday. They currently have an outperform rating on the software company’s stock.

A number of other research firms also recently commented on SPLK. Canaccord Genuity reiterated a buy rating and issued a $90.00 price objective (up previously from $80.00) on shares of Splunk in a report on Friday, November 17th. Maxim Group reiterated a buy rating and issued a $85.00 price objective on shares of Splunk in a report on Friday, August 25th. Piper Jaffray Companies upped their price objective on Splunk to $85.00 and gave the company an overweight rating in a report on Friday, November 17th. Barclays upped their price objective on Splunk from $73.00 to $80.00 and gave the company an equal weight rating in a report on Friday, November 17th. Finally, Zacks Investment Research downgraded Splunk from a buy rating to a hold rating in a report on Thursday, October 26th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and twenty-nine have assigned a buy rating to the company. Splunk presently has an average rating of Buy and a consensus target price of $82.88.

Shares of Splunk (NASDAQ SPLK) opened at $83.62 on Monday. Splunk has a 52-week low of $50.64 and a 52-week high of $84.88.

Splunk (NASDAQ:SPLK) last released its earnings results on Thursday, November 16th. The software company reported $0.17 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.42) by $0.59. The company had revenue of $328.65 million during the quarter, compared to the consensus estimate of $309.01 million. Splunk had a negative return on equity of 72.06% and a negative net margin of 32.72%. sell-side analysts anticipate that Splunk will post -1.3 EPS for the current year.

In related news, Director Godfrey Sullivan sold 40,000 shares of the stock in a transaction that occurred on Thursday, October 12th. The stock was sold at an average price of $63.48, for a total transaction of $2,539,200.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Ledger Susan St. sold 677 shares of the stock in a transaction that occurred on Friday, September 22nd. The shares were sold at an average price of $69.52, for a total value of $47,065.04. Following the transaction, the senior vice president now directly owns 168,376 shares of the company’s stock, valued at $11,705,499.52. The disclosure for this sale can be found here. Insiders have sold 361,713 shares of company stock valued at $24,468,457 over the last three months. Insiders own 1.43% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. AXA boosted its position in Splunk by 22.0% during the third quarter. AXA now owns 171,700 shares of the software company’s stock valued at $11,406,000 after purchasing an additional 31,000 shares during the last quarter. GSA Capital Partners LLP lifted its position in shares of Splunk by 189.2% in the third quarter. GSA Capital Partners LLP now owns 14,417 shares of the software company’s stock valued at $958,000 after buying an additional 9,432 shares during the last quarter. Moors & Cabot Inc. acquired a new stake in shares of Splunk in the third quarter valued at approximately $532,000. IFM Investors Pty Ltd acquired a new stake in shares of Splunk in the third quarter valued at approximately $300,000. Finally, California Public Employees Retirement System lifted its position in shares of Splunk by 5.7% in the third quarter. California Public Employees Retirement System now owns 224,190 shares of the software company’s stock valued at $14,893,000 after buying an additional 11,990 shares during the last quarter.

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About Splunk

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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