DA Davidson Increases Splunk (NASDAQ:SPLK) Price Target to $250.00

Splunk (NASDAQ:SPLK) had its price objective increased by research analysts at DA Davidson from $240.00 to $250.00 in a research note issued to investors on Thursday, The Fly reports. The brokerage presently has a “buy” rating on the software company’s stock. DA Davidson’s target price suggests a potential upside of 16.89% from the stock’s current price.

A number of other equities analysts have also recently weighed in on the stock. Stifel Nicolaus upped their price objective on shares of Splunk from $190.00 to $227.00 and gave the company a “buy” rating in a research report on Thursday, August 27th. UBS Group downgraded Splunk from a “buy” rating to a “sell” rating and dropped their price objective for the stock from $242.00 to $165.00 in a report on Wednesday, October 14th. JMP Securities began coverage on shares of Splunk in a research report on Thursday, August 27th. They set an “outperform” rating and a $240.00 price target for the company. Berenberg Bank began coverage on shares of Splunk in a report on Thursday, June 25th. They issued a “buy” rating and a $222.00 price target on the stock. Finally, Truist upped their target price on shares of Splunk from $180.00 to $240.00 and gave the company a “buy” rating in a research note on Thursday, August 27th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and thirty-four have given a buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $226.78.

Shares of Splunk stock traded up $2.21 during trading hours on Thursday, reaching $213.88. The stock had a trading volume of 78,223 shares, compared to its average volume of 1,893,624. The firm has a market capitalization of $33.95 billion, a price-to-earnings ratio of -51.50 and a beta of 1.57. Splunk has a 1 year low of $93.92 and a 1 year high of $225.89. The company has a current ratio of 2.50, a quick ratio of 2.50 and a debt-to-equity ratio of 1.35. The firm has a 50 day simple moving average of $195.81 and a two-hundred day simple moving average of $182.24.

Splunk (NASDAQ:SPLK) last released its quarterly earnings results on Wednesday, August 26th. The software company reported ($0.33) EPS for the quarter, topping the consensus estimate of ($1.12) by $0.79. Splunk had a negative return on equity of 25.57% and a negative net margin of 27.62%. The firm had revenue of $491.66 million for the quarter, compared to analyst estimates of $520.28 million. During the same period in the previous year, the company posted $0.30 EPS. Splunk’s revenue for the quarter was down 4.8% on a year-over-year basis. Sell-side analysts forecast that Splunk will post -3.51 EPS for the current year.

In other Splunk news, CEO Douglas Merritt sold 13,709 shares of Splunk stock in a transaction that occurred on Monday, August 31st. The shares were sold at an average price of $218.10, for a total transaction of $2,989,932.90. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Jason Child sold 2,469 shares of Splunk stock in a transaction on Friday, September 4th. The shares were sold at an average price of $205.05, for a total value of $506,268.45. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 99,357 shares of company stock valued at $19,003,013. 0.21% of the stock is currently owned by company insiders.

Several institutional investors and hedge funds have recently modified their holdings of SPLK. Public Employees Retirement Association of Colorado grew its position in Splunk by 6.1% during the first quarter. Public Employees Retirement Association of Colorado now owns 22,459 shares of the software company’s stock valued at $2,835,000 after purchasing an additional 1,301 shares in the last quarter. Schroder Investment Management Group purchased a new position in shares of Splunk during the 1st quarter valued at $339,000. Meeder Asset Management Inc. increased its stake in shares of Splunk by 54.0% in the first quarter. Meeder Asset Management Inc. now owns 305 shares of the software company’s stock worth $38,000 after acquiring an additional 107 shares during the last quarter. AQR Capital Management LLC raised its holdings in shares of Splunk by 2.6% during the first quarter. AQR Capital Management LLC now owns 7,205 shares of the software company’s stock worth $909,000 after acquiring an additional 182 shares in the last quarter. Finally, APG Asset Management N.V. boosted its position in Splunk by 59.1% during the first quarter. APG Asset Management N.V. now owns 201,445 shares of the software company’s stock valued at $25,428,000 after purchasing an additional 74,800 shares during the last quarter. Institutional investors own 93.27% of the company’s stock.

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.

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