Splunk (NASDAQ:SPLK) Rating Increased to Overweight at JPMorgan Chase & Co.

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JPMorgan Chase & Co. upgraded shares of Splunk (NASDAQ:SPLK) from a neutral rating to an overweight rating in a research note released on Tuesday, BenzingaRatingsTable reports. They currently have $130.00 price target on the software company’s stock.

Several other equities analysts have also recently issued reports on SPLK. BidaskClub cut shares of Splunk from a buy rating to a hold rating in a research note on Wednesday, August 28th. UBS Group lowered their target price on shares of Splunk from $165.00 to $150.00 and set a buy rating on the stock in a research note on Thursday, August 22nd. BMO Capital Markets restated an outperform rating and set a $155.00 target price on shares of Splunk in a research note on Thursday, August 22nd. Piper Jaffray Companies restated an overweight rating and set a $160.00 target price on shares of Splunk in a research note on Monday, June 24th. Finally, Citigroup lowered their target price on shares of Splunk from $106.00 to $102.00 and set a sell rating on the stock in a research note on Friday, August 23rd. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and twenty-four have assigned a buy rating to the stock. Splunk has an average rating of Buy and a consensus price target of $145.18.

Shares of Splunk stock opened at $121.88 on Tuesday. The stock has a market cap of $17.70 billion, a price-to-earnings ratio of -76.65 and a beta of 2.04. The firm’s 50-day moving average is $119.62 and its 200 day moving average is $126.18. Splunk has a 1 year low of $83.69 and a 1 year high of $143.70. The company has a debt-to-equity ratio of 1.30, a current ratio of 3.06 and a quick ratio of 3.06.

Splunk (NASDAQ:SPLK) last announced its quarterly earnings results on Wednesday, August 21st. The software company reported ($0.35) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.51) by $0.16. The company had revenue of $516.56 million for the quarter, compared to analysts’ expectations of $488.97 million. Splunk had a negative net margin of 15.16% and a negative return on equity of 12.73%. Splunk’s revenue was up 33.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.08 EPS. On average, equities analysts expect that Splunk will post -0.87 EPS for the current fiscal year.

In related news, CEO Douglas Merritt sold 13,341 shares of the stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $115.20, for a total value of $1,536,883.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Timothy Tully sold 4,391 shares of the stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $115.21, for a total transaction of $505,887.11. The disclosure for this sale can be found here. 0.34% of the stock is owned by corporate insiders.

Institutional investors have recently added to or reduced their stakes in the stock. Geode Capital Management LLC grew its holdings in Splunk by 3.3% during the 4th quarter. Geode Capital Management LLC now owns 1,338,165 shares of the software company’s stock valued at $140,208,000 after buying an additional 42,563 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in Splunk by 5.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 166,204 shares of the software company’s stock worth $17,425,000 after buying an additional 8,366 shares during the last quarter. First Allied Advisory Services Inc. bought a new stake in Splunk in the first quarter worth $202,000. Cetera Advisor Networks LLC bought a new stake in Splunk in the first quarter worth $244,000. Finally, Toronto Dominion Bank lifted its position in Splunk by 35.6% in the first quarter. Toronto Dominion Bank now owns 26,487 shares of the software company’s stock worth $3,300,000 after buying an additional 6,957 shares during the last quarter. 91.07% of the stock is owned by 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.

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Analyst Recommendations for Splunk (NASDAQ:SPLK)

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