Splunk (NASDAQ:SPLK) Lowered to “Neutral” at First Analysis

Splunk (NASDAQ:SPLK) was downgraded by research analysts at First Analysis from an “outperform” rating to a “neutral” rating in a report issued on Tuesday, MarketBeat reports. They presently have a $157.00 target price on the software company’s stock. First Analysis’ price target points to a potential downside of 1.43% from the stock’s previous close.

A number of other equities analysts also recently issued reports on SPLK. Goldman Sachs Group raised shares of Splunk from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $147.00 to $180.00 in a report on Monday, December 2nd. Jefferies Financial Group reissued a “buy” rating and issued a $180.00 price objective (up previously from $165.00) on shares of Splunk in a report on Thursday, January 9th. Maxim Group raised their price objective on shares of Splunk from $148.00 to $155.00 and gave the stock a “buy” rating in a report on Friday, November 22nd. Mizuho raised their price objective on shares of Splunk from $155.00 to $160.00 and gave the stock a “buy” rating in a report on Friday, November 22nd. Finally, Wells Fargo & Co raised their price objective on shares of Splunk from $165.00 to $175.00 and gave the stock an “outperform” rating in a report on Friday, November 22nd. One analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-nine have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $160.06.

Shares of SPLK traded up $3.25 on Tuesday, reaching $159.27. The company’s stock had a trading volume of 545,519 shares, compared to its average volume of 1,439,251. The company has a debt-to-equity ratio of 1.06, a current ratio of 2.33 and a quick ratio of 2.33. The stock has a market capitalization of $24.49 billion, a P/E ratio of -100.17 and a beta of 2.06. The stock’s 50 day simple moving average is $150.24 and its two-hundred day simple moving average is $130.37. Splunk has a 12-month low of $107.16 and a 12-month high of $158.70.

Splunk (NASDAQ:SPLK) last posted its quarterly earnings data on Thursday, November 21st. The software company reported $0.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.54 by $0.04. The company had revenue of $626.00 million for the quarter, compared to the consensus estimate of $605.20 million. Splunk had a negative net margin of 14.24% and a negative return on equity of 11.03%. The firm’s revenue was up 30.1% compared to the same quarter last year. During the same quarter last year, the firm posted $0.38 earnings per share. Analysts expect that Splunk will post -0.86 earnings per share for the current year.

In related news, CEO Douglas Merritt sold 14,894 shares of the business’s stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $146.15, for a total value of $2,176,758.10. Following the sale, the chief executive officer now owns 240,293 shares in the company, valued at $35,118,821.95. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Graham Smith sold 10,000 shares of the business’s stock in a transaction on Wednesday, November 27th. The stock was sold at an average price of $148.64, for a total transaction of $1,486,400.00. Following the completion of the sale, the director now owns 45,179 shares in the company, valued at approximately $6,715,406.56. The disclosure for this sale can be found here. In the last quarter, insiders have sold 58,759 shares of company stock worth $8,474,257. Company insiders own 0.34% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of the company. AE Wealth Management LLC bought a new stake in shares of Splunk in the fourth quarter valued at about $250,000. Raymond James Trust N.A. raised its holdings in Splunk by 3.6% in the fourth quarter. Raymond James Trust N.A. now owns 3,009 shares of the software company’s stock worth $451,000 after purchasing an additional 105 shares in the last quarter. Patten Group Inc. raised its holdings in Splunk by 19.2% in the fourth quarter. Patten Group Inc. now owns 4,159 shares of the software company’s stock worth $623,000 after purchasing an additional 670 shares in the last quarter. Brasada Capital Management LP raised its holdings in Splunk by 236.0% in the fourth quarter. Brasada Capital Management LP now owns 6,720 shares of the software company’s stock worth $1,007,000 after purchasing an additional 4,720 shares in the last quarter. Finally, Heritage Investors Management Corp raised its holdings in Splunk by 84.9% in the fourth quarter. Heritage Investors Management Corp now owns 24,718 shares of the software company’s stock worth $3,702,000 after purchasing an additional 11,348 shares in the last quarter. 90.75% of the stock is owned by hedge funds and other institutional investors.

About Splunk

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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Analyst Recommendations for Splunk (NASDAQ:SPLK)

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