Splunk (NASDAQ:SPLK) Price Target Raised to $125.00

Splunk (NASDAQ:SPLK) had its price target hoisted by investment analysts at Citigroup from $117.00 to $125.00 in a report released on Tuesday, FlyOnTheWall reports. Citigroup’s price objective points to a potential upside of 4.82% from the company’s current price.

Other equities research analysts also recently issued research reports about the stock. BTIG Research lifted their price target on shares of Splunk from $128.00 to $137.00 and gave the stock a “buy” rating in a research note on Thursday, August 24th. Truist Financial reissued a “buy” rating and issued a $130.00 target price on shares of Splunk in a research report on Friday, July 14th. Rosenblatt Securities boosted their price objective on shares of Splunk from $135.00 to $145.00 in a research report on Thursday, August 24th. TheStreet downgraded shares of Splunk from a “c-” rating to a “d” rating in a research report on Thursday, May 25th. Finally, TD Cowen boosted their target price on shares of Splunk from $110.00 to $115.00 and gave the company a “market perform” rating in a research note on Thursday, August 24th. Ten investment analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $124.32.

Splunk Stock Down 1.3 %

Shares of SPLK opened at $119.25 on Tuesday. The firm has a market cap of $20.00 billion, a PE ratio of -361.36, a price-to-earnings-growth ratio of 11.87 and a beta of 1.23. The company’s fifty day moving average is $109.23 and its two-hundred day moving average is $100.24. Splunk has a fifty-two week low of $65.00 and a fifty-two week high of $125.91.

Splunk (NASDAQ:SPLK) last posted its earnings results on Wednesday, August 23rd. The software company reported $0.71 earnings per share for the quarter, beating the consensus estimate of $0.46 by $0.25. The business had revenue of $910.59 million for the quarter, compared to analyst estimates of $889.29 million. Splunk had a negative net margin of 0.61% and a negative return on equity of 22.78%. The business’s quarterly revenue was up 14.0% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.94) EPS. As a group, equities research analysts anticipate that Splunk will post 0.41 earnings per share for the current year.

Insider Activity at Splunk

In other news, Director Elisa Steele sold 2,812 shares of the business’s stock in a transaction that occurred on Wednesday, August 30th. The shares were sold at an average price of $120.00, for a total transaction of $337,440.00. Following the sale, the director now owns 11,108 shares in the company, valued at $1,332,960. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Splunk news, SVP Scott Morgan sold 4,996 shares of the company’s stock in a transaction that occurred on Monday, July 10th. The shares were sold at an average price of $104.19, for a total value of $520,533.24. Following the transaction, the senior vice president now owns 122,889 shares in the company, valued at approximately $12,803,804.91. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Elisa Steele sold 2,812 shares of the company’s stock in a transaction that occurred on Wednesday, August 30th. The shares were sold at an average price of $120.00, for a total transaction of $337,440.00. Following the completion of the transaction, the director now owns 11,108 shares in the company, valued at approximately $1,332,960. The disclosure for this sale can be found here. Insiders sold a total of 22,246 shares of company stock valued at $2,391,370 over the last ninety days. Insiders own 0.17% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. Bank Julius Baer & Co. Ltd Zurich increased its stake in Splunk by 104,016.8% in the 2nd quarter. Bank Julius Baer & Co. Ltd Zurich now owns 20,487,055 shares of the software company’s stock valued at $2,173,472,000 after buying an additional 20,467,378 shares during the period. Pictet Asset Management SA boosted its holdings in shares of Splunk by 37.4% during the 1st quarter. Pictet Asset Management SA now owns 6,010,196 shares of the software company’s stock worth $576,258,000 after buying an additional 1,635,239 shares during the period. Clearbridge Investments LLC boosted its holdings in shares of Splunk by 12.3% during the 1st quarter. Clearbridge Investments LLC now owns 5,753,569 shares of the software company’s stock worth $855,038,000 after buying an additional 628,288 shares during the period. Starboard Value LP boosted its holdings in shares of Splunk by 145.5% during the 1st quarter. Starboard Value LP now owns 4,583,000 shares of the software company’s stock worth $439,418,000 after buying an additional 2,716,120 shares during the period. Finally, Legal & General Group Plc boosted its holdings in shares of Splunk by 8.0% during the 4th quarter. Legal & General Group Plc now owns 2,302,775 shares of the software company’s stock worth $198,246,000 after buying an additional 170,233 shares during the period. Institutional investors and hedge funds own 87.56% of the company’s stock.

Splunk Company Profile

Splunk Inc, together with its subsidiaries, develops and markets cloud services and licensed software solutions in the United States and internationally. The company offers unified security and observability platform, including Splunk Security that helps security leaders fortify their organization's digital resilience by mitigating cyber risk and meeting compliance requirements; and Splunk Observability, which provides visibility across the full stack of infrastructure, applications, and the digital customer experience.