Splunk (SPLK) Price Target Lowered to $130.00 at Wedbush

Splunk (NASDAQ:SPLK) had its price objective lowered by Wedbush from $136.00 to $130.00 in a report released on Friday morning. Wedbush currently has an outperform rating on the software company’s stock.

A number of other brokerages have also issued reports on SPLK. Zacks Investment Research lowered Splunk from a buy rating to a hold rating in a research note on Thursday, August 30th. Credit Suisse Group lifted their price objective on Splunk from $125.00 to $130.00 and gave the company an outperform rating in a research note on Friday, August 24th. Rosenblatt Securities reaffirmed a buy rating and issued a $135.00 price objective on shares of Splunk in a research note on Sunday, August 26th. Piper Jaffray Companies lifted their price objective on Splunk to $135.00 and gave the company an overweight rating in a research note on Friday, August 24th. Finally, Barclays lifted their price objective on Splunk from $127.00 to $136.00 and gave the company an overweight rating in a research note on Friday, September 7th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, twenty-nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of Buy and a consensus target price of $128.31.

SPLK opened at $110.07 on Friday. The firm has a market cap of $16.20 billion, a P/E ratio of -84.02 and a beta of 2.13. Splunk has a 52 week low of $76.89 and a 52 week high of $130.00.

Splunk (NASDAQ:SPLK) last issued its quarterly earnings results on Thursday, November 29th. The software company reported $0.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.23) by $0.61. Splunk had a negative return on equity of 22.60% and a negative net margin of 18.92%. The firm had revenue of $480.98 million for the quarter, compared to analyst estimates of $433.60 million. During the same period last year, the company earned $0.17 EPS. The firm’s quarterly revenue was up 40.4% on a year-over-year basis. Research analysts expect that Splunk will post -1.15 EPS for the current year.

In related news, SVP Timothy Tully sold 19,100 shares of the firm’s stock in a transaction dated Wednesday, September 12th. The stock was sold at an average price of $125.46, for a total transaction of $2,396,286.00. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO David F. Conte sold 15,519 shares of the firm’s stock in a transaction dated Wednesday, September 12th. The shares were sold at an average price of $125.29, for a total value of $1,944,375.51. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 69,032 shares of company stock worth $8,640,864. Company insiders own 0.36% of the company’s stock.

Large investors have recently made changes to their positions in the stock. Morgan Stanley raised its holdings in shares of Splunk by 16.3% during the 2nd quarter. Morgan Stanley now owns 926,433 shares of the software company’s stock valued at $91,819,000 after buying an additional 130,133 shares during the period. ING Groep NV purchased a new stake in Splunk during the 2nd quarter worth approximately $297,000. Cowen Inc. increased its holdings in Splunk by 66.4% during the 2nd quarter. Cowen Inc. now owns 42,834 shares of the software company’s stock worth $4,245,000 after purchasing an additional 17,100 shares during the last quarter. Bridgewater Associates LP purchased a new stake in Splunk during the 2nd quarter worth approximately $7,962,000. Finally, Frontier Capital Management Co. LLC increased its holdings in Splunk by 39.7% during the 3rd quarter. Frontier Capital Management Co. LLC now owns 838,913 shares of the software company’s stock worth $101,433,000 after purchasing an additional 238,402 shares during the last quarter. Institutional investors and hedge funds own 91.41% of the company’s stock.

About Splunk

Splunk Inc provides software solutions that enable organizations to gain real-time operational intelligence in the United States and internationally. Its products enable users to collect, index, search, explore, monitor, correlate, and analyze data regardless of format or source. The company offers Splunk Enterprise, a machine data platform with collection, indexing, search, reporting, analysis, alerting, monitoring, and data management capabilities; and Splunk Cloud.

Read More: Return on Equity (ROE)

Analyst Recommendations for Splunk (NASDAQ:SPLK)

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