Moors & Cabot Inc. Lowers Stock Holdings in Splunk Inc. (NASDAQ:SPLK)

Moors & Cabot Inc. trimmed its holdings in shares of Splunk Inc. (NASDAQ:SPLK) by 15.8% in the 2nd quarter, Holdings Channel.com reports. The firm owned 6,173 shares of the software company’s stock after selling 1,161 shares during the period. Moors & Cabot Inc.’s holdings in Splunk were worth $655,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Handelsbanken Fonder AB lifted its holdings in shares of Splunk by 9.9% during the first quarter. Handelsbanken Fonder AB now owns 34,684 shares of the software company’s stock valued at $3,326,000 after purchasing an additional 3,114 shares during the last quarter. Oppenheimer & Co. Inc. raised its holdings in Splunk by 81.4% in the 2nd quarter. Oppenheimer & Co. Inc. now owns 9,284 shares of the software company’s stock worth $985,000 after acquiring an additional 4,166 shares during the last quarter. Brown Advisory Inc. raised its holdings in Splunk by 21.2% in the 1st quarter. Brown Advisory Inc. now owns 4,533 shares of the software company’s stock worth $435,000 after acquiring an additional 793 shares during the last quarter. Arete Wealth Advisors LLC purchased a new position in Splunk in the 1st quarter worth approximately $1,310,000. Finally, Forum Financial Management LP raised its holdings in Splunk by 72.2% in the 2nd quarter. Forum Financial Management LP now owns 11,553 shares of the software company’s stock worth $1,226,000 after acquiring an additional 4,844 shares during the last quarter. 87.56% of the stock is currently owned by hedge funds and other institutional investors.

Splunk Trading Up 0.1 %

Shares of NASDAQ SPLK opened at $151.01 on Friday. The firm’s 50-day moving average price is $143.12 and its 200-day moving average price is $116.78. The stock has a market capitalization of $25.45 billion, a price-to-earnings ratio of -457.61, a P/E/G ratio of 12.39 and a beta of 1.09. Splunk Inc. has a 12-month low of $72.17 and a 12-month high of $151.50.

Splunk (NASDAQ:SPLK) last announced its earnings results on Wednesday, August 23rd. The software company reported $0.71 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.46 by $0.25. The firm had revenue of $910.59 million for the quarter, compared to analysts’ expectations of $889.29 million. Splunk had a negative net margin of 0.61% and a negative return on equity of 22.78%. The business’s revenue was up 14.0% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.94) EPS. On average, equities analysts predict that Splunk Inc. will post 0.41 EPS for the current fiscal year.

Insider Activity

In other news, Director Elisa Steele sold 3,050 shares of the company’s stock in a transaction dated Thursday, August 24th. The shares were sold at an average price of $112.00, for a total transaction of $341,600.00. Following the sale, the director now directly owns 13,920 shares in the company, valued at approximately $1,559,040. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, SVP Christian Smith sold 1,500 shares of the stock in a transaction dated Monday, October 2nd. The shares were sold at an average price of $146.27, for a total value of $219,405.00. Following the sale, the senior vice president now directly owns 104,548 shares of the company’s stock, valued at approximately $15,292,235.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Elisa Steele sold 3,050 shares of the stock in a transaction dated Thursday, August 24th. The stock was sold at an average price of $112.00, for a total transaction of $341,600.00. Following the completion of the sale, the director now directly owns 13,920 shares in the company, valued at $1,559,040. The disclosure for this sale can be found here. In the last three months, insiders have sold 29,962 shares of company stock worth $3,967,513. 0.17% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of brokerages recently weighed in on SPLK. KeyCorp boosted their price objective on shares of Splunk from $135.00 to $140.00 and gave the stock an “overweight” rating in a report on Thursday, August 24th. Truist Financial boosted their price objective on shares of Splunk from $130.00 to $157.00 and gave the stock a “buy” rating in a report on Friday, September 22nd. Oppenheimer restated an “outperform” rating and issued a $115.00 price objective on shares of Splunk in a report on Thursday, August 24th. Robert W. Baird downgraded shares of Splunk from an “outperform” rating to a “neutral” rating in a research report on Thursday, September 21st. Finally, BTIG Research downgraded shares of Splunk from a “buy” rating to a “neutral” rating in a research report on Tuesday, September 26th. Twenty-three research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $132.68.

About Splunk

Splunk Inc, together with its subsidiaries, develops and markets cloud services and licensed software solutions in the United States and internationally. The company offers unified security and observability platform, including Splunk Security that helps security leaders fortify their organization's digital resilience by mitigating cyber risk and meeting compliance requirements; and Splunk Observability, which provides visibility across the full stack of infrastructure, applications, and the digital customer experience.