ValuEngine Downgrades Splunk (NASDAQ:SPLK) to Buy

ValuEngine downgraded shares of Splunk (NASDAQ:SPLK) from a strong-buy rating to a buy rating in a report issued on Thursday morning, ValuEngine reports.

A number of other equities analysts have also commented on SPLK. Maxim Group reissued a buy rating and issued a $148.00 price objective (down previously from $159.00) on shares of Splunk in a research note on Monday, June 3rd. Zacks Investment Research raised Splunk from a sell rating to a hold rating in a research note on Wednesday, May 29th. Piper Jaffray Companies reissued an overweight rating and issued a $160.00 price objective on shares of Splunk in a research note on Monday, June 24th. Wedbush boosted their price objective on Splunk from $159.00 to $163.00 and gave the stock an outperform rating in a research note on Friday, May 24th. Finally, Guggenheim reduced their price objective on Splunk from $125.00 to $115.00 and set a neutral rating on the stock in a research note on Friday, May 24th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and twenty-five have issued a buy rating to the company. The company presently has a consensus rating of Buy and a consensus target price of $144.27.

NASDAQ:SPLK traded down $8.59 during trading hours on Thursday, reaching $126.47. The company had a trading volume of 2,909,799 shares, compared to its average volume of 1,669,825. The business has a 50-day simple moving average of $130.85. Splunk has a one year low of $83.69 and a one year high of $143.70. The firm has a market cap of $18.99 billion, a price-to-earnings ratio of -79.54 and a beta of 2.06. The company has a quick ratio of 3.20, a current ratio of 3.20 and a debt-to-equity ratio of 1.29.

Splunk (NASDAQ:SPLK) last posted its quarterly earnings data on Thursday, May 23rd. The software company reported ($0.85) EPS for the quarter, missing analysts’ consensus estimates of ($0.77) by ($0.08). The business had revenue of $424.90 million during the quarter, compared to analyst estimates of $395.92 million. Splunk had a negative return on equity of 14.98% and a negative net margin of 16.31%. Splunk’s revenue for the quarter was up 36.4% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.07) EPS. As a group, equities research analysts predict that Splunk will post -0.99 earnings per share for the current year.

In other Splunk news, insider Ledger Susan St. sold 2,221 shares of the stock in a transaction dated Monday, June 17th. The stock was sold at an average price of $119.96, for a total value of $266,431.16. Following the transaction, the insider now owns 235,094 shares of the company’s stock, valued at $28,201,876.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Douglas Merritt sold 13,342 shares of the stock in a transaction dated Wednesday, June 12th. The shares were sold at an average price of $115.21, for a total value of $1,537,131.82. Following the completion of the transaction, the chief executive officer now directly owns 296,211 shares in the company, valued at approximately $34,126,469.31. The disclosure for this sale can be found here. Insiders sold 31,813 shares of company stock worth $3,676,685 in the last three months. Insiders own 0.34% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in the business. Cable Hill Partners LLC bought a new stake in shares of Splunk in the first quarter worth about $25,000. Manchester Financial Inc. bought a new stake in shares of Splunk in the second quarter worth about $29,000. Whittier Trust Co. increased its holdings in shares of Splunk by 115.0% in the second quarter. Whittier Trust Co. now owns 273 shares of the software company’s stock worth $34,000 after acquiring an additional 146 shares in the last quarter. Trustcore Financial Services LLC bought a new stake in shares of Splunk in the first quarter worth about $37,000. Finally, Icon Wealth Partners LLC bought a new stake in shares of Splunk in the first quarter worth about $44,000. 91.98% of the stock is currently 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.

Further Reading: The primary rules of Elliott Wave theory

To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Splunk (NASDAQ:SPLK)

Receive News & Ratings for Splunk Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Splunk and related companies with MarketBeat.com's FREE daily email newsletter.