Splunk (NASDAQ:SPLK) Raised to “Weight” at Morgan Stanley

Splunk (NASDAQ:SPLK) was upgraded by stock analysts at Morgan Stanley from an “equal” rating to a “weight” rating in a research report issued to clients and investors on Monday, The Fly reports.

Other analysts have also recently issued research reports about the company. Barclays lowered their price target on Splunk from $158.00 to $142.00 and set an “overweight” rating for the company in a report on Friday, September 13th. Citigroup lowered their price target on Splunk from $106.00 to $102.00 and set a “sell” rating for the company in a report on Friday, August 23rd. Zacks Investment Research cut Splunk from a “buy” rating to a “hold” rating and set a $119.00 price target for the company. in a report on Thursday, October 17th. Jefferies Financial Group restated a “buy” rating and issued a $157.00 price target on shares of Splunk in a report on Tuesday, October 8th. Finally, Piper Jaffray Companies initiated coverage on Splunk in a report on Friday, November 8th. They issued an “overweight” rating and a $160.00 price target for the company. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and twenty-four have issued a buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $148.59.

SPLK traded up $2.88 during midday trading on Monday, hitting $122.08. The company’s stock had a trading volume of 60,434 shares, compared to its average volume of 1,380,715. The company has a current ratio of 3.06, a quick ratio of 3.06 and a debt-to-equity ratio of 1.30. The firm has a market cap of $17.71 billion, a P/E ratio of -76.78 and a beta of 2.03. The firm has a 50-day moving average price of $119.24 and a two-hundred day moving average price of $123.65. Splunk has a 52-week low of $83.69 and a 52-week high of $143.70.

Splunk (NASDAQ:SPLK) last posted its quarterly earnings results on Wednesday, August 21st. The software company reported ($0.35) EPS for the quarter, beating the consensus estimate of ($0.51) by $0.16. The company had revenue of $516.56 million during the quarter, compared to analysts’ expectations of $488.97 million. Splunk had a negative return on equity of 12.73% and a negative net margin of 15.16%. The firm’s revenue was up 33.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.08 EPS. On average, equities analysts expect that Splunk will post -0.88 EPS for the current year.

In other Splunk news, CEO Douglas Merritt sold 13,341 shares of the company’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $115.20, for a total value of $1,536,883.20. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Timothy Tully sold 4,391 shares of the company’s stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $115.21, for a total value of $505,887.11. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 26,906 shares of company stock worth $3,187,086. 0.34% of the stock is currently owned by corporate insiders.

Institutional investors and hedge funds have recently made changes to their positions in the business. First Allied Advisory Services Inc. purchased a new stake in shares of Splunk during the third quarter valued at $267,000. Harel Insurance Investments & Financial Services Ltd. lifted its holdings in shares of Splunk by 598.8% during the third quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,167 shares of the software company’s stock valued at $138,000 after purchasing an additional 1,000 shares during the last quarter. D.A. Davidson & CO. lifted its stake in Splunk by 23.5% in the 3rd quarter. D.A. Davidson & CO. now owns 2,804 shares of the software company’s stock worth $330,000 after acquiring an additional 534 shares in the last quarter. HGI Capital Management LLC lifted its stake in Splunk by 7.8% in the 3rd quarter. HGI Capital Management LLC now owns 13,810 shares of the software company’s stock worth $1,628,000 after acquiring an additional 1,000 shares in the last quarter. Finally, BBVA USA Bancshares Inc. lifted its stake in Splunk by 94.0% in the 3rd quarter. BBVA USA Bancshares Inc. now owns 4,432 shares of the software company’s stock worth $523,000 after acquiring an additional 2,148 shares in the last quarter. 91.57% of the stock is currently 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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