Splunk (NASDAQ:SPLK) Price Target Raised to $128.00 at BTIG Research

Splunk (NASDAQ:SPLK – Get Rating) had its price target upped by BTIG Research from $121.00 to $128.00 in a research report released on Thursday, The Fly reports.

Other analysts have also issued reports about the stock. Royal Bank of Canada boosted their target price on shares of Splunk from $110.00 to $120.00 and gave the company an outperform rating in a research note on Tuesday, February 21st. Rosenblatt Securities reissued a buy rating and set a $130.00 target price on shares of Splunk in a research note on Tuesday, February 28th. William Blair began coverage on Splunk in a report on Wednesday, April 19th. They issued an outperform rating for the company. StockNews.com upgraded Splunk from a hold rating to a buy rating in a report on Wednesday, May 17th. Finally, Barclays lifted their price objective on Splunk from $122.00 to $130.00 in a report on Thursday. Nine equities research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of Moderate Buy and a consensus target price of $118.19.

Splunk Stock Down 1.0 %

NASDAQ SPLK opened at $95.70 on Thursday. Splunk has a 52 week low of $65.00 and a 52 week high of $116.84. The company has a fifty day moving average of $90.47 and a two-hundred day moving average of $90.70.

Splunk (NASDAQ:SPLK – Get Rating) last issued its earnings results on Wednesday, March 1st. The software company reported $1.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.16) by $1.41. The company had revenue of $1.25 billion for the quarter, compared to analysts’ expectations of $1.07 billion. Equities analysts anticipate that Splunk will post -0.55 EPS for the current fiscal year.

Insider Activity at Splunk

In related news, Director Elisa Steele sold 3,050 shares of the company’s stock in a transaction that occurred on Monday, March 6th. The stock was sold at an average price of $105.00, for a total value of $320,250.00. Following the sale, the director now owns 14,481 shares in the company, valued at $1,520,505. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, Director Elisa Steele sold 3,050 shares of the company’s stock in a transaction that occurred on Monday, March 6th. The stock was sold at an average price of $105.00, for a total value of $320,250.00. Following the sale, the director now owns 14,481 shares in the company, valued at $1,520,505. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Scott Morgan sold 2,000 shares of the company’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 sale, 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.

Institutional Investors Weigh In On Splunk

Hedge funds have recently bought and sold shares of the stock. Arizona State Retirement System boosted its position in Splunk by 4.2% in the 4th quarter. Arizona State Retirement System now owns 46,053 shares of the software company’s stock worth $3,965,000 after purchasing an additional 1,875 shares in the last quarter. Seven Eight Capital LP purchased a new stake in Splunk in the 3rd quarter worth approximately $688,000. Future Fund LLC boosted its position in Splunk by 6.2% in the 3rd quarter. Future Fund LLC now owns 3,358 shares of the software company’s stock worth $253,000 after purchasing an additional 195 shares in the last quarter. Hillsdale Investment Management Inc. purchased a new position in shares of Splunk during the 3rd quarter valued at approximately $444,000. Finally, Biltmore Family Office LLC purchased a new position in shares of Splunk during the 4th quarter valued at approximately $391,000. Hedge funds and other institutional investors own 85.71% of the company’s stock.

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.