Splunk (SPLK) Received its Third Buy in a Row

By Austin Angelo

After Needham and Mizuho Securities gave Splunk (NASDAQ: SPLK) a Buy rating last month, the company received another Buy, this time from Piper Jaffray. Analyst Andrew Nowinski initiated coverage with a Buy rating on Splunk today and set a price target of $160.00. The company’s shares closed last Monday at $122.51.

According to TipRanks.com, Nowinski is a 4-star analyst with an average return of 8.8% and a 51.2% success rate. Nowinski covers the Technology sector, focusing on stocks such as CyberArk Software, Check Point, and Nutanix.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Splunk with a $152.73 average price target, a 24.0% upside from current levels. In a report issued on October 24, Rosenblatt Securities also reiterated a Buy rating on the stock with a $150.00 price target.

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Based on Splunk’s latest earnings release for the quarter ending July 31, the company reported a quarterly GAAP net loss of $101 million. In comparison, last year the company had a GAAP net loss of $55.71 million.

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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.