Splunk Target Cut At Two Firms; Trades Up Heading Into Earnings
Splunk (NASDAQ: SPLK) provides software solutions that provide real-time operational intelligence in the United States and internationally.
The firm had its price target cut at Evercore and Northland Securities on Thursday, from $95 to $57 and $95 to $66, respectively.
Both houses have noted the decrease comes from the pressure expected to come upon peer multiples. Splunk does rate high for gross margins, though the rest of the company’s peers have been doing comparatively well:
The company has been beating as of late on its sales numbers and missing big time on earnings numbers.
The company is in the good graces of analysts with three-quarters of those covering the stock rating it a Buy, according to Zacks Research Group. Taking the recent move into context, Capital IQ shows the historic High/Low boundary for analyst price target expectations:
Analysts are expecting Splunk to how a loss of $0.06 on estimated revenues of $80.47M. The firm reports at the close is currently trading up 1.78 percent to $49.75
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