After Piper Jaffray and Monness gave Splunk Inc (NASDAQ: SPLK) a Buy rating last month, the company received another Buy, this time from Maxim Group. Analyst Nehal Chokshi reiterated a Buy rating on Splunk Inc yesterday and set a price target of $148. The company’s shares closed last Monday at $118.41.
Chokshi said:
“Key metric of software revenue growth up a solid 46% y/y. Initial re-visitation of competitive landscape leaves us believing shift to reduced upfront collections consistent with industry trends rather than competitive issues. Raised top-line guidance leads us to modestly raise estimates. Reiterating Buy rating & 12-month price target of $148.”
According to TipRanks.com, Chokshi is a 4-star analyst with an average return of 4.3% and a 51.3% success rate. Chokshi covers the Consumer Goods sector, focusing on stocks such as Hewlett Packard Enterprise, Super Micro Computer, and Palo Alto Networks.
Currently, the analyst consensus on Splunk Inc is a Strong Buy with an average price target of $150.50, a 22.6% upside from current levels. In a report issued on August 9, Piper Jaffray also maintained a Buy rating on the stock with a $160 price target.
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Based on Splunk Inc’s latest earnings release for the quarter ending July 31, the company reported a quarterly GAAP net loss of $101 million. In comparison, last year the company had a GAAP net loss of $103 million.
Based on the recent corporate insider activity of 81 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.
