KeyCorp Raises Splunk (NASDAQ:SPLK) Price Target to $135.00

Splunk (NASDAQ:SPLK – Get Rating) had its target price upped by KeyCorp from $130.00 to $135.00 in a research report sent to investors on Thursday morning, The Fly reports.

A number of other research analysts have also recently commented on SPLK. William Blair assumed coverage on Splunk in a research note on Wednesday, April 19th. They issued an outperform rating for the company. BTIG Research increased their price target on Splunk from $105.00 to $121.00 and gave the company a buy rating in a research note on Monday, February 27th. Wells Fargo & Company increased their price target on Splunk from $115.00 to $125.00 in a research note on Thursday. StockNews.com upgraded Splunk from a hold rating to a buy rating in a research note on Wednesday, May 17th. Finally, Citigroup increased their price target on Splunk from $105.00 to $110.00 and gave the company a neutral rating in a research note on Friday, March 3rd. Nine analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of Moderate Buy and an average target price of $118.19.

Splunk Stock Performance

NASDAQ SPLK opened at $95.70 on Thursday. The business has a fifty day moving average price of $90.47 and a two-hundred day moving average price of $90.70. Splunk has a fifty-two week low of $65.00 and a fifty-two week high of $116.84.

Splunk (NASDAQ:SPLK – Get Rating) last released its earnings results on Wednesday, March 1st. The software company reported $1.25 earnings per share for the quarter, topping the consensus estimate of ($0.16) by $1.41. The business had revenue of $1.25 billion for the quarter, compared to the consensus estimate of $1.07 billion. As a group, research analysts predict that Splunk will post -0.55 EPS for the current fiscal year.

Insider Activity at Splunk

In related news, SVP Scott Morgan sold 2,000 shares of the firm’s stock in a transaction dated Monday, March 6th. The shares were sold at an average price of $101.04, for a total value of $202,080.00. Following the transaction, the senior vice president now owns 115,907 shares of the company’s stock, valued at approximately $11,711,243.28. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, Director Elisa Steele sold 3,050 shares of the firm’s stock in a transaction dated Monday, March 6th. The shares were sold at an average price of $105.00, for a total value of $320,250.00. Following the transaction, the director now owns 14,481 shares of the company’s stock, valued at approximately $1,520,505. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, SVP Scott Morgan sold 2,000 shares of the business’s stock in a transaction that occurred on Monday, March 6th. The stock was sold at an average price of $101.04, for a total value of $202,080.00. Following the completion of the transaction, the senior vice president now owns 115,907 shares in the company, valued at approximately $11,711,243.28. The disclosure for this sale can be found here. 0.17% of the stock is owned by insiders.

Hedge Funds Weigh In On Splunk

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Arete Wealth Advisors LLC purchased a new position in shares of Splunk in the 1st quarter worth approximately $1,310,000. Ameriprise Financial Inc. boosted its stake in shares of Splunk by 117.7% in the 1st quarter. Ameriprise Financial Inc. now owns 1,272,525 shares of the software company’s stock worth $122,010,000 after buying an additional 687,938 shares during the last quarter. Titleist Asset Management LLC purchased a new position in shares of Splunk in the 1st quarter worth approximately $312,000. Advisory Services Network LLC boosted its stake in shares of Splunk by 19.6% in the 1st quarter. Advisory Services Network LLC now owns 3,726 shares of the software company’s stock worth $357,000 after buying an additional 611 shares during the last quarter. Finally, Starboard Value LP boosted its stake in shares of Splunk by 145.5% in the 1st quarter. Starboard Value LP now owns 4,583,000 shares of the software company’s stock worth $439,418,000 after buying an additional 2,716,120 shares during the last quarter. Hedge funds and other institutional investors own 85.71% of the company’s stock.

Splunk Company Profile

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Splunk, Inc engages in the development and marketing of cloud 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.