Splunk (NASDAQ:SPLK) Shares Down 2.3%

Splunk Inc. (NASDAQ:SPLK)’s stock price fell 2.3% on Wednesday . The stock traded as low as $135.62 and last traded at $136.44. 19,846 shares traded hands during trading, a decline of 99% from the average session volume of 2,420,612 shares. The stock had previously closed at $139.61.

Several research firms have weighed in on SPLK. TheStreet cut Splunk from a “c-” rating to a “d+” rating in a research note on Friday, March 12th. Needham & Company LLC lowered their price target on shares of Splunk from $265.00 to $198.00 and set a “buy” rating on the stock in a report on Thursday, June 3rd. Stifel Nicolaus lowered their price target on shares of Splunk from $160.00 to $140.00 and set a “hold” rating on the stock in a report on Thursday, June 3rd. Evercore ISI lowered their price target on shares of Splunk from $225.00 to $186.00 and set an “outperform” rating on the stock in a report on Thursday, June 3rd. Finally, Bank of America reissued a “buy” rating and issued a $180.00 price target on shares of Splunk in a research note on Wednesday, April 14th. Fourteen equities research analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $184.77.

The company has a market capitalization of $22.90 billion, a P/E ratio of -21.01 and a beta of 1.24. The business’s fifty day moving average is $122.80. The company has a quick ratio of 2.15, a current ratio of 2.16 and a debt-to-equity ratio of 1.87.

Splunk (NASDAQ:SPLK) last announced its quarterly earnings results on Tuesday, June 1st. The software company reported ($0.91) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.70) by ($0.21). Splunk had a negative net margin of 46.72% and a negative return on equity of 49.90%. The company had revenue of $502.00 million during the quarter, compared to the consensus estimate of $491.85 million. During the same quarter last year, the company earned ($0.56) earnings per share. The business’s revenue was up 15.6% on a year-over-year basis. As a group, equities analysts expect that Splunk Inc. will post -5.01 EPS for the current year.

In other Splunk news, SVP Timothy Tully sold 5,865 shares of Splunk stock in a transaction on Monday, April 5th. The stock was sold at an average price of $138.49, for a total value of $812,243.85. Following the completion of the transaction, the senior vice president now owns 143,756 shares in the company, valued at approximately $19,908,768.44. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Douglas Merritt sold 8,114 shares of Splunk stock in a transaction on Monday, April 5th. The shares were sold at an average price of $138.48, for a total value of $1,123,626.72. Following the completion of the transaction, the chief executive officer now owns 341,240 shares of the company’s stock, valued at approximately $47,254,915.20. The disclosure for this sale can be found here. Insiders have sold a total of 41,327 shares of company stock valued at $5,678,379 over the last three months. 0.27% of the stock is currently owned by insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in SPLK. Norges Bank bought a new position in shares of Splunk in the fourth quarter worth about $514,722,000. Primecap Management Co. CA raised its position in shares of Splunk by 39.7% during the first quarter. Primecap Management Co. CA now owns 5,680,450 shares of the software company’s stock worth $769,587,000 after acquiring an additional 1,614,130 shares during the last quarter. Renaissance Technologies LLC bought a new stake in shares of Splunk during the first quarter worth $192,341,000. Clearbridge Investments LLC raised its position in shares of Splunk by 23.5% during the fourth quarter. Clearbridge Investments LLC now owns 5,447,822 shares of the software company’s stock worth $925,530,000 after acquiring an additional 1,037,630 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD raised its position in shares of Splunk by 1.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 25,467,295 shares of the software company’s stock worth $4,323,356,000 after acquiring an additional 465,111 shares during the last quarter. 84.71% of the stock is owned by institutional investors.

About Splunk (NASDAQ:SPLK)

Splunk Inc provides software and cloud solutions that deliver and operationalize insights from the data generated by digital systems in the United States and internationally. The company offers Splunk Platform, a real-time data platform comprising collection, streaming, indexing, search, reporting, analysis, machine learning, alerting, monitoring, and data management capabilities.

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