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

Research analysts at StockNews.com assumed coverage on shares of Splunk (NASDAQ:SPLK) in a research note issued on Thursday. The brokerage set a “buy” rating on the software company’s stock.

Separately, TheStreet raised Splunk from a “c” rating to a “b” rating in a research note on Tuesday, February 27th. Twenty-three investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $135.31.

Splunk Stock Performance

Shares of NASDAQ SPLK opened at $156.90 on Thursday. Splunk has a twelve month low of $82.19 and a twelve month high of $156.97. The company has a current ratio of 1.69, a quick ratio of 1.69 and a debt-to-equity ratio of 15.61. The stock has a fifty day simple moving average of $155.92 and a 200-day simple moving average of $152.14. The stock has a market capitalization of $26.44 billion, a PE ratio of 124.52, a PEG ratio of 4.42 and a beta of 1.00.

Splunk (NASDAQ:SPLK) last issued its quarterly earnings data 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 return on equity of 32,117.42% and a net margin of 6.26%. The business had revenue of $1.49 billion during the quarter, compared to analysts’ expectations of $1.26 billion. On average, equities analysts forecast that Splunk will post 1.62 earnings per share for the current year.

Institutional Trading of Splunk

Several institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in shares of Splunk by 1.9% in the 4th quarter. Vanguard Group Inc. now owns 16,363,126 shares of the software company’s stock valued at $2,492,922,000 after purchasing an additional 307,552 shares during the last quarter. Clearbridge Investments LLC raised its stake in Splunk by 12.3% during the 1st quarter. Clearbridge Investments LLC now owns 5,753,569 shares of the software company’s stock valued at $855,038,000 after acquiring an additional 628,288 shares during the last quarter. FIL Ltd raised its stake in Splunk by 86.1% during the 4th quarter. FIL Ltd now owns 4,586,306 shares of the software company’s stock valued at $698,724,000 after acquiring an additional 2,121,811 shares during the last quarter. Norges Bank purchased a new stake in Splunk during the 4th quarter valued at approximately $378,850,000. Finally, Legal & General Group Plc raised its stake in Splunk by 8.0% during the 4th quarter. Legal & General Group Plc now owns 2,302,775 shares of the software company’s stock valued at $198,246,000 after acquiring an additional 170,233 shares during the last quarter. 87.56% of the stock is owned by hedge funds and other institutional investors.

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.