StockNews.com Initiates Coverage on Splunk (NASDAQ:SPLK)

Equities researchers at StockNews.com initiated coverage on shares of Splunk (NASDAQ:SPLK) in a research report issued to clients and investors on Friday. The brokerage set a “buy” rating on the software company’s stock.

Separately, TheStreet raised shares of Splunk from a “c” rating to a “b” rating in a research report on Tuesday, February 27th. Twenty-three analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $135.31.

Splunk Stock Performance

Shares of SPLK stock opened at $156.90 on Friday. The stock has a market cap of $26.44 billion, a price-to-earnings ratio of 124.52, a price-to-earnings-growth ratio of 4.42 and a beta of 1.00. The company has a quick ratio of 1.69, a current ratio of 1.69 and a debt-to-equity ratio of 15.61. Splunk has a fifty-two week low of $82.19 and a fifty-two week high of $156.97. The firm’s 50 day moving average price is $156.37 and its two-hundred day moving average price is $152.67.

Splunk (NASDAQ:SPLK) last announced its quarterly earnings results on Tuesday, February 27th. The software company reported $2.47 earnings per share for the quarter, beating analysts’ consensus estimates of $1.05 by $1.42. Splunk had a net margin of 6.26% and a return on equity of 32,117.42%. The firm had revenue of $1.49 billion for the quarter, compared to analysts’ expectations of $1.26 billion. On average, analysts anticipate that Splunk will post 1.62 EPS for the current year.

Hedge Funds Weigh In On Splunk

Institutional investors have recently modified their holdings of the company. Raleigh Capital Management Inc. grew its position in shares of Splunk by 546.2% during the third quarter. Raleigh Capital Management Inc. now owns 168 shares of the software company’s stock worth $25,000 after acquiring an additional 142 shares during the last quarter. Riverview Trust Co bought a new position in shares of Splunk during the first quarter worth about $26,000. Orion Capital Management LLC bought a new position in shares of Splunk during the third quarter worth about $33,000. Quest Partners LLC bought a new position in shares of Splunk during the fourth quarter worth about $36,000. Finally, Quarry LP bought a new position in shares of Splunk during the second quarter worth about $41,000. Institutional investors own 87.56% of the company’s stock.

Splunk Company Profile

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.