Mizuho Boosts Splunk (NASDAQ:SPLK) Price Target to $115.00

Splunk (NASDAQ:SPLK – Get Rating) had its target price lifted by Mizuho from $110.00 to $115.00 in a report issued on Thursday morning, The Fly reports.

Several other brokerages have also recently weighed in on SPLK. TheStreet raised shares of Splunk from a d rating to a c- rating in a research report on Thursday, March 2nd. Rosenblatt Securities reiterated a buy rating and set a $130.00 price objective on shares of Splunk in a research note on Tuesday, February 28th. Needham & Company LLC boosted their price objective on shares of Splunk from $115.00 to $120.00 and gave the stock a buy rating in a research note on Thursday, March 2nd. Bank of America boosted their price objective on shares of Splunk from $110.00 to $125.00 and gave the stock a buy rating in a research note on Wednesday, February 22nd. Finally, William Blair initiated coverage on shares of Splunk in a research note on Wednesday, April 19th. They set an outperform rating for the company. Nine investment analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and an average target price of $118.19.

Splunk Stock Down 1.0 %

Shares of SPLK opened at $95.70 on Thursday. The company has a 50 day moving average price of $90.47 and a 200-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 announced its quarterly 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 during the quarter, compared to analysts’ expectations of $1.07 billion. As a group, sell-side analysts anticipate that Splunk will post -0.55 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Elisa Steele sold 3,050 shares of the stock in a transaction on Monday, March 6th. The shares were sold at an average price of $105.00, for a total transaction of $320,250.00. Following the sale, the director now directly owns 14,481 shares of the company’s stock, valued at $1,520,505. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, Director Elisa Steele sold 3,050 shares of the stock in a transaction on Monday, March 6th. The shares were sold at an average price of $105.00, for a total transaction of $320,250.00. Following the sale, the director now directly owns 14,481 shares of the company’s stock, valued at $1,520,505. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Scott Morgan sold 2,000 shares of the stock in a transaction on Monday, March 6th. The stock was sold at an average price of $101.04, for a total transaction of $202,080.00. Following the sale, the senior vice president now directly owns 115,907 shares in the company, valued at $11,711,243.28. The disclosure for this sale can be found here. Insiders own 0.17% of the company’s stock.

Hedge Funds Weigh In On Splunk

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Arete Wealth Advisors LLC purchased a new position in Splunk during the first quarter valued at $1,310,000. Ameriprise Financial Inc. lifted its holdings in Splunk by 117.7% during the first quarter. Ameriprise Financial Inc. now owns 1,272,525 shares of the software company’s stock valued at $122,010,000 after purchasing an additional 687,938 shares in the last quarter. Titleist Asset Management LLC acquired a new stake in shares of Splunk in the first quarter valued at about $312,000. Advisory Services Network LLC raised its position in shares of Splunk by 19.6% in the first quarter. Advisory Services Network LLC now owns 3,726 shares of the software company’s stock valued at $357,000 after buying an additional 611 shares during the last quarter. Finally, Starboard Value LP raised its position in shares of Splunk by 145.5% in the first quarter. Starboard Value LP now owns 4,583,000 shares of the software company’s stock valued at $439,418,000 after buying an additional 2,716,120 shares during the last quarter. 85.71% of the stock is owned by hedge funds and other institutional investors.

About Splunk

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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.