Splunk (SPLK): New Buy Recommendation for This Technology Giant

In a report released today, Jack Andrews from Needham assigned a Buy rating to Splunk (SPLKResearch Report), with a price target of $301.00. The company’s shares closed last Wednesday at $211.67, close to its 52-week high of $225.89.

According to TipRanks.com, Andrews is a 5-star analyst with an average return of 26.9% and a 69.1% success rate. Andrews covers the Technology sector, focusing on stocks such as LiveRamp Holdings, CommVault Systems, and Pegasystems.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Splunk with a $240.37 average price target, which is a 14.5% upside from current levels. In a report released today, Oppenheimer also maintained a Buy rating on the stock with a $250.00 price target.

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Based on Splunk’s latest earnings release for the quarter ending July 31, the company reported a quarterly revenue of $492 million and GAAP net loss of $261 million. In comparison, last year the company earned revenue of $517 million and had a GAAP net loss of $101 million.

Based on the recent corporate insider activity of 114 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of SPLK in relation to earlier this year.

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Splunk, Inc. engages in the development and marketing of software solutions. Its products include Splunk cloud, Splunk light, and Splunk enterprise. It also offers solutions for information technology operations, security, internet-of-things, application analytics, business analytics, and industries. The company was founded by Erik M. Swan, Michael J. Baum and Robin K. Das in October 2003 and is headquartered in San Francisco, CA.