Today: Today: Splunk’s (SPLK) “Buy” Rating Reaffirm at Drexel Hamilton

Today: Splunk’s (SPLK) “Buy” Rating Reaffirm at Drexel Hamilton

Splunk Inc. (NASDAQ:SPLK)‘s stock had its “buy” rating reissued by stock analysts at Drexel Hamilton in a research report issued to clients and investors on Monday.

The analysts wrote, “We believe Splunk will slightly exceed our 3Q:FY17 revenue estimate of $229.7 million (up 32% YoY; Street is at $230.3 million) and meet our EPS projection of $0.07 (Street is at $0.08). Recall, Splunk’s 3Q:FY17 outlook calls for sales of $228-230 million.””

Several other analysts also recently weighed in on SPLK. DA Davidson set a $83.00 target price on Splunk and gave the company a “buy” rating in a research note on Thursday. RBC Capital Markets reaffirmed a “buy” rating and set a $70.00 target price (up previously from $60.00) on shares of Splunk in a research note on Friday, August 19th. Vetr cut Splunk from a “strong-buy” rating to a “buy” rating and set a $66.00 price target on the stock. in a research report on Monday, October 24th. Royal Bank Of Canada lifted their price target on Splunk from $60.00 to $70.00 and gave the company an “outperform” rating in a research report on Friday, August 19th. Finally, Barclays PLC reiterated an “equal weight” rating and set a $51.00 price target on shares of Splunk in a research report on Thursday, August 25th. Ten equities research analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $66.77.

Splunk (NASDAQ:SPLK) traded down 1.49% during trading on Monday, reaching $57.46. The company had a trading volume of 818,692 shares. Splunk has a 12 month low of $29.85 and a 12 month high of $65.75. The firm’s market capitalization is $7.73 billion. The stock has a 50 day moving average price of $59.12 and a 200 day moving average price of $58.41.

In related news, Director Godfrey Sullivan sold 40,000 shares of the company’s stock in a transaction on Wednesday, October 12th. The shares were sold at an average price of $57.66, for a total value of $2,306,400.00. Following the completion of the sale, the director now owns 311,676 shares in the company, valued at approximately $17,971,238.16. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Douglas Merritt sold 6,155 shares of the company’s stock in a transaction on Wednesday, September 14th. The shares were sold at an average price of $58.10, for a total transaction of $357,605.50. Following the completion of the sale, the insider now owns 164,117 shares of the company’s stock, valued at approximately $9,535,197.70. The disclosure for this sale can be found here. 3.00% of the stock is owned by insiders.

Hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its position in Splunk by 4.7% in the second quarter. Vanguard Group Inc. now owns 9,693,325 shares of the software company’s stock worth $525,184,000 after buying an additional 438,237 shares during the period. Baillie Gifford & Co. boosted its position in Splunk by 0.9% in the second quarter. Baillie Gifford & Co. now owns 7,750,654 shares of the software company’s stock worth $419,930,000 after buying an additional 69,890 shares during the period. Price T Rowe Associates Inc. MD boosted its position in Splunk by 37.4% in the third quarter. Price T Rowe Associates Inc. MD now owns 5,247,157 shares of the software company’s stock worth $307,903,000 after buying an additional 1,427,346 shares during the period. JPMorgan Chase & Co. boosted its position in Splunk by 5.8% in the third quarter. JPMorgan Chase & Co. now owns 4,911,187 shares of the software company’s stock worth $288,499,000 after buying an additional 268,544 shares during the period. Finally, Wells Fargo & Company MN boosted its position in Splunk by 8.3% in the third quarter. Wells Fargo & Company MN now owns 4,822,697 shares of the software company’s stock worth $282,995,000 after buying an additional 371,290 shares during the period. Institutional investors and hedge funds own 98.58% of the company’s stock.

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