Splunk Inc Gets a Buy Rating from RBC Capital

By Jason Carr

RBC Capital analyst Ross MacMillan reiterated a Buy rating on Splunk Inc (NASDAQ: SPLK) yesterday and set a price target of $75. The company’s shares opened today at $60.22.

According to TipRanks.com, MacMillan is a top 25 analyst with an average return of 24.1% and a 85.2% success rate. MacMillan covers the Technology sector, focusing on stocks such as SS&C Technologies Holdings, Intralinks Holdings, and Verint Systems Inc.

Currently, the analyst consensus on Splunk Inc is Strong Buy and the average price target is $73.53, representing a 22.1% upside.

In a report issued on July 20, Jefferies also reiterated a Buy rating on the stock with a $81 price target.

Based on Splunk Inc’s latest earnings report for the quarter ending April 30, the company posted quarterly revenue of $242 million and GAAP net loss of $99.93 million. In comparison, last year the company earned revenue of $213 million and had a GAAP net loss of $86.6 million.

Based on the recent corporate insider activity of 67 insiders, corporate insider sentiment is negative on the stock.

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Splunk, Inc. engages in the development and provision of software solutions. The company offers cloud services, enterprise security, application delivery, big data, business analytics, information technology operations and log management through its machine data product.