Zacks Investment Research Downgrades Splunk (NASDAQ:SPLK) to Hold

Splunk (NASDAQ:SPLK) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Friday, January 12th.

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. “

Several other equities research analysts also recently commented on SPLK. Morgan Stanley downgraded Splunk from an “overweight” rating to an “equal weight” rating and set a $77.00 price objective for the company. in a report on Monday, October 2nd. Cowen reiterated a “buy” rating and issued a $72.00 price objective on shares of Splunk in a report on Thursday, September 28th. BMO Capital Markets restated a “buy” rating and set a $71.00 price target on shares of Splunk in a research note on Wednesday, September 27th. Robert W. Baird set a $75.00 price target on Splunk and gave the company a “buy” rating in a research note on Sunday, October 1st. Finally, UBS Group set a $80.00 price target on Splunk and gave the company a “buy” rating in a research note on Friday, November 17th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and thirty have assigned a buy rating to the company. Splunk presently has an average rating of “Buy” and a consensus price target of $84.29.

Shares of Splunk (NASDAQ SPLK) traded up $1.47 during trading on Friday, reaching $91.41. The company’s stock had a trading volume of 749,819 shares, compared to its average volume of 1,434,686. Splunk has a fifty-two week low of $52.89 and a fifty-two week high of $92.10. The stock has a market capitalization of $12,930.00, a price-to-earnings ratio of -40.99 and a beta of 2.07.

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

In other Splunk news, Director Godfrey Sullivan sold 8,750 shares of the company’s stock in a transaction on Monday, December 11th. The stock was sold at an average price of $81.29, for a total value of $711,287.50. Following the transaction, the director now owns 207,239 shares of the company’s stock, valued at approximately $16,846,458.31. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Leonard R. Stein sold 4,851 shares of the company’s stock in a transaction on Tuesday, December 12th. The shares were sold at an average price of $80.54, for a total value of $390,699.54. Following the completion of the transaction, the senior vice president now directly owns 89,157 shares in the company, valued at approximately $7,180,704.78. The disclosure for this sale can be found here. In the last three months, insiders have sold 201,036 shares of company stock worth $14,132,192. Corporate insiders own 1.43% of the company’s stock.

A number of institutional investors have recently made changes to their positions in the business. Chevy Chase Trust Holdings Inc. grew its position in Splunk by 33.0% in the 4th quarter. Chevy Chase Trust Holdings Inc. now owns 40,562 shares of the software company’s stock valued at $3,360,000 after acquiring an additional 10,075 shares during the last quarter. State of Alaska Department of Revenue bought a new position in Splunk in the 4th quarter valued at $878,000. Acadian Asset Management LLC bought a new position in Splunk in the 4th quarter valued at $3,400,000. Westpac Banking Corp grew its position in Splunk by 24.7% in the 4th quarter. Westpac Banking Corp now owns 139,459 shares of the software company’s stock valued at $11,553,000 after acquiring an additional 27,600 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. lifted its holdings in shares of Splunk by 5.7% in the 4th quarter. Schwab Charles Investment Management Inc. now owns 446,420 shares of the software company’s stock worth $36,982,000 after buying an additional 24,065 shares during the period.

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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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