Splunk Inc. (NASDAQ: SPLK) Price Target Increased at Robert W. Baird

Equities researchers at Robert W. Baird raised the price target of Splunk Inc. (NASDAQ: SPLK) shares from $62.00 to $65.00 in a research note to investors today and reiterated a rating of Outperform on the stock.

The much anticipated comments from Federal Reserve Chairwoman Janet Yellen came on Friday.

Yellen said the case for another interest-rate hike is strengthening, sending a strong signal the U.S. central bank is preparing to increase rates as soon as next month.

The market responded first positively and thenswung back to losses across all three major indices.

The Dow Jones Industrial Average fell 53 points, or 0.29 percent, to 18,395.

The S&P 500 fell around 3 points, or 0.16 percent, to 2,169.

The Nasdaq climbed 7 points, or 0.13 percent, to end the week at 5,219.

NYMEX crude oil futures fell 0.02 percent to $47.32 while Brent contracts added 0.06 percent to $49.70.

Natural gas futures climbed 0.35 percent on the session and finished the week at $2.86.Precious metals were mixed on Friday.

COMEX gold futures were basically unchanged at $1,324.50.

Share prices sometimes get a bounce to the upside on analysts price target increases.

Shares of Splunk Inc. (NASDAQ: SPLK) opened at $61.00 and traded in a range between, $57.58 and $61.88 yesterday, and last traded at $58.52, which represents a change of $ -6.58 over the previous closing price.

Splunk Inc. (NASDAQ: SPLK) now has a market cap of 7.79B

The stock’s average daily volume is 1,827,990 shares out of a total float 131,260,000 of and some 10,825,305 shares traded hands ysterday.

Investors will now, obviously, continue to look for increases in trading volume.

Momentum traders often use increases in trading volume to identify heavy volume accumulation by institutional investors.

Increased trading for short periods will not mean much will not mean much, however, a trend of heavy trading volume on the buy side over a period of days or weeks sends a positive signal to market traders that institutions may be moving in, so institutional sponsorship is very important.

Institutional sponsorship simply refers to ownership of a stock by mutual funds, banks, pension funds and other large institutions.

Professional investors such as these retain substantial teams of analysts that research thousands of stocks. Thus, watching their interests is a good way to ensure you are buying the right stocks.

By tracking the activity of these professional investors—and the moving averages they affect—it allows for traders to make more effective decisions on trades.

With that in mind Splunk Inc. (NASDAQ: SPLK) now has a 50-day MA is $61.07 and 200-day MA is $52.30, and it has traded in a 52-week range between $29.85 – 66.90

Indeed, earnings growth is among the most important things to look in regards to stock investing and, accordingly, investors seek companies who have been successful at growing their earnings by at least 25 percent over a 3 year period.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of BNB Daily News. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please see our terms and conditions page.

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