Dallas, Texas 05/28/2014 (FINANCIALSTRENDS) – Splunk Inc. (NASDAQ:SPLK) yesterday received a stock upgrade by investment analysts at Northland Securities who changed their rating from a “market perform” to an “outperform” with a target price of $66 for the shares of Splunk. The research note released on Tuesday morning revealed the upgrade. On the contrary, investment analysts at Pacific Crest expressed to exercise caution on the stock of Splunk and substantially lowered its price target from $107 to $68. The price cut was ahead of the company’s 1Q15 quarterly earnings release scheduled on Thursday, May 29, 2014. Even an investment company, Cantor Fitzgerald cut its price target for the shares of Splunk Inc. from $115 to $99.
Earnings and Stock Performance
Splunk Inc. (NASDAQ:SPLK) has generally delivered quarterly earnings at par with anticipation of equity analysts or has topped the estimates is almost seven of the last eight quarters. The stock has lost nearly 29% year to date and almost 49% over the past three months. On Tuesday, the stock closed at $48.89, gaining 6.31% from its previous close. Its 52 week price ranges between $41.07 and $106.15.
Previous Analyst Updates
Equity analysts at Barclays also reduced their price target on shares of Splunk Inc. to $51 from their previous target of $78, in a research note released on Friday, May 23, 2014. The analysts currently maintain an “equal weight” rating on the stock. Separately, analysts at Credit Agricole upgraded the stock to an “outperform” rating, which cutting their price target for the shares from $110 to $66. Among others, Analysts at Cantor Fitzgerald reaffirmed a “buy” rating for the stock in a research note released on May 15, 2014. Finally, equity analysts at Goldman Sachs also substantially reduced their price target for the stock from $92 to $55.
The stock of Splunk Inc. (NASDAQ:SPLK) has been assigned a “buy” rating by fourteen equity analysts; and a “hold” rating by eight equity analysts. The company currently has a consensus rating of “buy” with a consensus price target of $78.81.