Splunk Inc. (NASDAQ: SPLK) Stock Coverage Initiated at Summit Redstone

Analysts at Summit Redstone initiated coverage on Splunk Inc. (NASDAQ: SPLK) stock, starting the company at Buy and a price target of $72.00. As a means of comparison, a number of other analysts have commented on the stock recently, and the company has earned a consensus one-year price target of $69.88, $59.66. Splunk Inc.stock has a 52-week high of $66.90.

U.S. stocks finished August with its second consecutive day of losses, albeit moderately. Volume for the day was less than stellar as traders readied themselves for a long holiday weekend.

The Dow Jones Industrial Average fell 53 points, or 0.29 percent, to 18,401.

The S&P 500 shed a little more than 5 points, or 0.24 percent, to close at 2,171.

The Nasdaq lost 10 points, or 0.19 percent, to finish at 5,213.
Share prices sometimes get a bounce to the upside when analysts inititate coverage.

Shares of Splunk Inc. (NASDAQ: SPLK) opened at $59.66 and traded in a range between, $59.57 and $61.39 yesterday, and last traded at $60.72, which represents a change of $ 1.33 over the previous closing price.

Splunk Inc. (NASDAQ: SPLK) now has a market cap of 8.08B

The stocks average daily volume is 1,741,150 shares out of a total float 131,260,000 of and some 1,269,092 shares traded hands yesterday, 101 percent lower than normal. Look for trading volume to pick up in the coming days as momentum traders often use upticks in trading volume to identify heavy volume accumulation or distribution by institutional investors.

However, a single day of heavy buy side trading is not enough to assert a trend. As such, market traders will continue to watch for institutional sponsorship as a signal that financial institutions are moving forward.

Institutional sponsorship is defined by ownership of a stock by mutual funds, banks, pension funds and other large institutions.

These instituitional investors have teams of analysts researching thousands of stocks, so it is good confirmation to see them buying a stock you are researching.

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 $61.19 and 200-day MA is $53.13, and it has traded in a 52-week range between $29.85 – 66.900 and today’s last price is -9.25 percent off the 52 week high.

Earnings growth is an important factor to look at when buying stocks and investors look for companies that have grown their earnings at least 25% or more for the past 3 years.

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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