Royal Bank of Canada Boosts Splunk (NASDAQ:SPLK) Price Target to $255.00

Splunk (NASDAQ:SPLK) had its price target upped by stock analysts at Royal Bank of Canada from $240.00 to $255.00 in a research note issued to investors on Thursday, The Fly reports. The brokerage presently has an “outperform” rating on the software company’s stock. Royal Bank of Canada’s target price indicates a potential upside of 20.47% from the company’s previous close.

Other research analysts have also issued research reports about the company. BidaskClub raised Splunk from a “sell” rating to a “hold” rating in a report on Wednesday, September 30th. Rosenblatt Securities increased their target price on Splunk from $200.00 to $250.00 and gave the stock a “buy” rating in a research report on Tuesday, July 7th. Piper Sandler restated an “overweight” rating and set a $250.00 price target (up from $230.00) on shares of Splunk in a research note on Thursday. Cowen increased their target price on Splunk from $190.00 to $200.00 and gave the company a “market perform” rating in a research note on Thursday, August 27th. Finally, Robert W. Baird upgraded Splunk from a “neutral” rating to an “outperform” rating and set a $240.00 target price for the company in a research note on Thursday, September 24th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and thirty-four have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $226.51.

Shares of SPLK opened at $211.67 on Thursday. The stock has a 50-day simple moving average of $195.81 and a 200-day simple moving average of $182.24. The stock has a market capitalization of $33.95 billion, a PE 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 debt-to-equity ratio of 1.35, a quick ratio of 2.50 and a current ratio of 2.50.

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. The company had revenue of $491.66 million for the quarter, compared to analyst estimates of $520.28 million. Splunk had a negative return on equity of 25.57% and a negative net margin of 27.62%. The firm’s revenue was down 4.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.30 earnings per share. Analysts predict that Splunk will post -3.51 EPS for the current year.

In related news, CEO Douglas Merritt sold 13,709 shares of the company’s stock in a transaction on Monday, August 31st. The shares were sold at an average price of $218.10, for a total value of $2,989,932.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Jason Child sold 2,469 shares of the stock in a transaction dated Friday, September 4th. The stock was 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. Insiders have sold a total of 99,357 shares of company stock valued at $19,003,013 in the last quarter. Corporate insiders own 0.21% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the business. Holocene Advisors LP boosted its stake in shares of Splunk by 32,404.2% during the 2nd quarter. Holocene Advisors LP now owns 789,528 shares of the software company’s stock worth $156,879,000 after buying an additional 787,099 shares during the last quarter. Softbank Group Corp acquired a new position in shares of Splunk during the 2nd quarter worth about $64,390,000. Vanguard Group Inc. boosted its stake in shares of Splunk by 1.3% during the 2nd quarter. Vanguard Group Inc. now owns 14,770,516 shares of the software company’s stock worth $2,934,901,000 after buying an additional 194,156 shares during the last quarter. Peregrine Capital Management LLC acquired a new position in shares of Splunk during the 2nd quarter worth about $28,417,000. Finally, Sarasin & Partners LLP boosted its stake in shares of Splunk by 26.4% during the 2nd quarter. Sarasin & Partners LLP now owns 557,156 shares of the software company’s stock worth $110,707,000 after buying an additional 116,455 shares during the last quarter. Hedge funds and other 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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Analyst Recommendations for Splunk (NASDAQ:SPLK)

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