Bank of America Boosts Splunk (NASDAQ:SPLK) Price Target to $208.00

Splunk (NASDAQ:SPLK) had its price objective lifted by Bank of America from $175.00 to $208.00 in a report published on Friday, BenzingaRatingsTable reports. The brokerage currently has a buy rating on the software company’s stock.

A number of other research analysts have also recently commented on the company. SunTrust Banks dropped their price target on Splunk from $190.00 to $180.00 and set a buy rating for the company in a research note on Tuesday, April 14th. Maxim Group increased their price target on Splunk from $155.00 to $185.00 and gave the company a buy rating in a research note on Thursday, March 5th. Monness Crespi & Hardt lowered Splunk from a buy rating to a neutral rating in a research report on Thursday, March 5th. Oppenheimer lifted their price objective on Splunk from $145.00 to $190.00 and gave the stock an outperform rating in a research report on Friday. Finally, Credit Suisse Group lifted their price objective on Splunk from $160.00 to $190.00 and gave the stock an outperform rating in a research report on Friday. Two analysts have rated the stock with a sell rating, five have given a hold rating, twenty-eight have assigned a buy rating and one has assigned a strong buy rating to the stock. Splunk presently has a consensus rating of Buy and an average target price of $177.44.

Shares of NASDAQ:SPLK opened at $184.26 on Friday. The company has a market capitalization of $29.27 billion, a P/E ratio of -58.68 and a beta of 1.52. Splunk has a 1 year low of $93.92 and a 1 year high of $185.26. The company has a debt-to-equity ratio of 0.98, a current ratio of 2.15 and a quick ratio of 2.15. The business’s 50 day simple moving average is $135.50 and its 200 day simple moving average is $142.29.

Splunk (NASDAQ:SPLK) last issued its earnings results on Thursday, May 21st. The software company reported ($0.56) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.57) by $0.01. The firm had revenue of $434.08 million for the quarter, compared to the consensus estimate of $443.60 million. Splunk had a negative return on equity of 17.54% and a negative net margin of 20.56%. The company’s revenue was up 2.2% compared to the same quarter last year. During the same quarter last year, the business posted $0.02 EPS. On average, sell-side analysts anticipate that Splunk will post -3.23 EPS for the current fiscal year.

In related news, SVP Timothy Tully sold 6,580 shares of the stock in a transaction dated Wednesday, March 11th. The shares were sold at an average price of $121.80, for a total value of $801,444.00. Following the completion of the transaction, the senior vice president now directly owns 88,417 shares of the company’s stock, valued at $10,769,190.60. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Timothy Emanuelson sold 934 shares of the stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $122.41, for a total transaction of $114,330.94. Following the completion of the transaction, the chief accounting officer now directly owns 26,898 shares of the company’s stock, valued at $3,292,584.18. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 105,607 shares of company stock valued at $13,184,846. Insiders own 0.21% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in the stock. Clearbridge Investments LLC raised its stake in Splunk by 0.9% in the first quarter. Clearbridge Investments LLC now owns 4,845,224 shares of the software company’s stock worth $611,613,000 after buying an additional 44,910 shares in the last quarter. APG Asset Management N.V. raised its stake in Splunk by 59.1% in the first quarter. APG Asset Management N.V. now owns 201,445 shares of the software company’s stock worth $25,428,000 after buying an additional 74,800 shares in the last quarter. Sandler Capital Management bought a new position in Splunk in the first quarter worth about $9,379,000. Capital Asset Advisory Services LLC raised its stake in Splunk by 22.7% in the first quarter. Capital Asset Advisory Services LLC now owns 1,561 shares of the software company’s stock worth $233,000 after buying an additional 289 shares in the last quarter. Finally, Verity Asset Management Inc. bought a new position in Splunk in the first quarter worth about $365,000. 92.87% of the stock is owned by institutional investors.

Splunk Company Profile

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.

Read More: Technical Indicators – What is a Golden Cross?