StockNews.com Initiates Coverage on Splunk with a Buy Rating

Investment analysts at StockNews.com have recently initiated coverage on Splunk (NASDAQ:SPLK), issuing a positive 'buy' rating for the data analysis software company's shares in a report to investors on Monday.

Analyst Ratings for Splunk

While StockNews.com has taken an optimistic stance on Splunk, other analysts have offered various perspectives. Notably, TheStreet upgraded Splunk from a 'c' rating to a 'b', and Jefferies Financial Group maintained a 'hold' rating with a price objective of $157.00. Contrarily, Truist Financial adjusted its recommendation from 'buy' to 'hold,' but also set a price target of $157.00. Currently, Splunk garners a consensus rating of 'Hold' and an average price target of $135.31, based on twenty-three 'hold' ratings and six 'buy' ratings from different analysts, as per MarketBeat.com data.

Market Performance of Splunk Stock

Splunk's stock started the Monday trading session at $156.90. The company's shares maintain a fifty-day simple moving average of $154.51 and a two-hundred-day simple moving average of $148.29. The stock has experienced a low of $82.19 and a peak value of $156.97 over the past year. With a market cap of $26.44 billion, a P/E ratio of 124.52, and a beta of 1.00, the company stands as a notable player in the software sector.

Insider Trading at Splunk

Recent insider transactions include a sale by SVP Scott Morgan, who offloaded 5,017 shares at an average price of $152.28, totaling $763,988.76. Post-sale, Morgan retains 89,265 shares, valued at about $13.6 million. Overall, insiders hold 0.17% of Splunk's shares.

Institutional Investment in Splunk

Several hedge funds and institutional investors have adjusted their holdings in Splunk. Notably, Norges Bank acquired a new position worth approximately $378.85 million, while FIL Ltd increased its shareholdings by 86.1%, and Alpine Associates Management Inc. increased its stake by 1,128.8%. Balyasny Asset Management L.P. has also expanded its Splunk holdings by a significant 155.4%. Currently, institutional investors possess 87.56% of Splunk's stock.

About Splunk

Splunk Inc., with its cloud services and licensed software offerings, is dedicated to providing unified security and observability across various digital infrastructure, applications, and customer experiences. Its portfolio includes Splunk Security, aiding in digital resilience and compliance, and Splunk Observability, which enhances full-stack visibility into technology operations.

Splunk, NASDAQ, Stock