Splunk Inc (NASDAQ:SPLNK) Receives a Buy from Canaccord Genuity

Canaccord Genuity analyst Richard Davis reiterated a Buy rating on Splunk Inc. (NASDAQ: SPLK) today and set a price target of $75. The company’s shares closed yesterday at $57.63.

Splunk Inc. has an analyst consensus of Moderate Buy, with a price target consensus of $82.63.

Based on Splunk Inc.`s latest earnings report from July 31, the company posted quarterly revenue of $148.3M and quarterly net profit of -$55.29M. In comparison, last year the company earned revenue of $101.5M and had a net profit of -$60.78M.

Financial bloggers on sites such as SeekingAlpha, investorplace.com and others, seem to have a Positive view on SPLK. When evaluating the opinions of financial bloggers over the last 3 months, 80% of bloggers have indicated a Bullish sentiment, while 20% have indicated a Bearish sentiment. The average blogger Bullish sentiment in the sector is 44% which is much more negative than the blogger sentiment of SPLK.

Unlike Canaccord Genuity`s latest rating, based on the recent corporate insider activity of 122 insiders, corporate insider sentiment is negative on the stock. Earlier this month, Leonard Stein, a the SVP, GC & Sec of SPLK sold 3,163 shares for a total of $187,566.

According to TipRanks.com, Davis is a 4-star analyst with an average return of 3.5% and a 52.2% success rate. Davis covers the Technology sector, focusing on stocks such as Bottomline Technologies, Nuance Communications, and Ultimate Software.

Splunk Inc provides software products. Its flagship product is Splunk Enterprise and at its core is a proprietary machine data engine, comprised of collection, indexing, search, reporting analysis and data management capabilities.