Credit Suisse Group Raises Splunk (SPLK) Price Target to $88.00

Splunk (NASDAQ:SPLK) had its target price increased by Credit Suisse Group from $80.00 to $88.00 in a report released on Friday, November 17th. Credit Suisse Group currently has an outperform rating on the software company’s stock.

Several other brokerages have also commented on SPLK. Cowen reissued a buy rating on shares of Splunk in a report on Friday, August 18th. Canaccord Genuity reaffirmed a buy rating and issued a $90.00 price target (up from $80.00) on shares of Splunk in a research note on Friday, November 17th. Maxim Group reiterated a buy rating and set a $85.00 price objective on shares of Splunk in a research report on Friday, August 25th. Zacks Investment Research downgraded Splunk from a buy rating to a hold rating in a research report on Thursday, October 26th. Finally, Oppenheimer restated a buy rating and issued a $80.00 target price on shares of Splunk in a research report on Friday, August 25th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and twenty-eight have given a buy rating to the company’s stock. The company presently has a consensus rating of Buy and an average target price of $82.74.

Splunk (SPLK) opened at $79.70 on Friday. Splunk has a 12 month low of $50.64 and a 12 month high of $84.88.

Splunk (NASDAQ:SPLK) last posted its earnings results on Thursday, November 16th. The software company reported $0.17 EPS for the quarter, topping the consensus estimate of ($0.42) by $0.59. The firm had revenue of $328.65 million for the quarter, compared to analyst estimates of $309.01 million. Splunk had a negative return on equity of 71.89% and a negative net margin of 32.72%. research analysts anticipate that Splunk will post -1.3 EPS for the current fiscal year.

In other Splunk news, SVP Ledger Susan St. sold 677 shares of the firm’s stock in a transaction dated Friday, September 22nd. The stock was sold at an average price of $69.52, for a total value of $47,065.04. Following the transaction, the senior vice president now directly owns 168,376 shares of the company’s stock, valued at $11,705,499.52. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Godfrey Sullivan sold 40,000 shares of the firm’s stock in a transaction dated Thursday, October 12th. The shares were sold at an average price of $63.48, for a total value of $2,539,200.00. The disclosure for this sale can be found here. Insiders sold a total of 588,672 shares of company stock worth $39,505,760 over the last ninety days. Corporate insiders own 1.43% of the company’s stock.

Several institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. grew its stake in Splunk by 5.1% in the second quarter. Vanguard Group Inc. now owns 11,347,936 shares of the software company’s stock worth $645,584,000 after purchasing an additional 546,338 shares in the last quarter. BlackRock Inc. grew its stake in Splunk by 2.1% in the second quarter. BlackRock Inc. now owns 7,075,105 shares of the software company’s stock worth $402,503,000 after purchasing an additional 143,138 shares in the last quarter. JPMorgan Chase & Co. grew its stake in Splunk by 9.3% in the third quarter. JPMorgan Chase & Co. now owns 4,593,033 shares of the software company’s stock worth $308,053,000 after purchasing an additional 389,565 shares in the last quarter. Bank of New York Mellon Corp grew its stake in Splunk by 6.5% in the third quarter. Bank of New York Mellon Corp now owns 4,196,508 shares of the software company’s stock worth $278,773,000 after purchasing an additional 254,505 shares in the last quarter. Finally, Carmignac Gestion acquired a new position in Splunk in the third quarter worth about $198,193,000.

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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.

Analyst Recommendations for Splunk (NASDAQ:SPLK)

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