Could Splunk Inc. (SPLK) See a Reversal After Having Formed Several Months Bullish Multiple Top Chart Pattern

Splunk Inc. (NASDAQ:SPLK) Logo

Investors sentiment increased to 1.28 in 2019 Q1. Its up 0.50, from 0.78 in 2018Q4. It improved, as 26 investors sold Splunk Inc. shares while 136 reduced holdings. 80 funds opened positions while 127 raised stakes. 157.67 million shares or 17.33% more from 134.38 million shares in 2018Q4 were reported.
Private Advisor Gru Limited Liability Company holds 0.01% in Splunk Inc. (NASDAQ:SPLK) or 2,578 shares. 5,992 are held by Cookson Peirce &. Partner Fund Management L P reported 90,080 shares or 0.25% of all its holdings. Glynn Cap Mgmt Ltd invested in 173,339 shares or 3.99% of the stock. State Of Wisconsin Inv Board owns 85,453 shares or 0.03% of their US portfolio. Mathes Co Inc reported 23,862 shares. Suntrust Banks has invested 0.01% of its portfolio in Splunk Inc. (NASDAQ:SPLK). Sei reported 142,520 shares. Salem Counselors invested 0.14% in Splunk Inc. (NASDAQ:SPLK). Riverhead Mngmt Lc holds 0.07% of its portfolio in Splunk Inc. (NASDAQ:SPLK) for 13,778 shares. Verition Fund invested in 28,598 shares. Bp Public Limited reported 15,000 shares. Barclays Plc holds 840,658 shares. California Employees Retirement Sys reported 237,375 shares stake. 4,698 were reported by Creative Planning.

The stock of Splunk Inc. (SPLK) shows a multiple tops pattern with $134.66 target or 9.00 % above today’s $123.54 share price. The 5 months chart pattern indicates low risk for the $18.55 billion company. It was reported on Aug, 16 by Finviz.com. If the $134.66 price target is reached, the company will be worth $1.67 billion more.
Multiple tops are chart patterns with decent performance in a bull market. The failure rate is higher but the average decline is reasonable. Back-tests of such patterns show that the break even failure rate is 10%, the average rise: 19%, the throwback rate: 61% and the percentage of stocks meeting their price targets: 40%.

The stock decreased 1.64% or $2.06 during the last trading session, reaching $123.54. About 967,774 shares traded. Splunk Inc. (NASDAQ:SPLK) has risen 41.86% since August 16, 2018 and is uptrending. It has outperformed by 41.86% the S&P500.

Analysts await Splunk Inc. (NASDAQ:SPLK) to report earnings on August, 22. They expect $-0.51 EPS, up 1.92 % or $0.01 from last year’s $-0.52 per share. After $-0.85 actual EPS reported by Splunk Inc. for the previous quarter, Wall Street now forecasts -40.00 % EPS growth.

Splunk Inc. (NASDAQ:SPLK) Ratings Coverage

Among 26 analysts covering Splunk Inc (NASDAQ:SPLK), 22 have Buy rating, 1 Sell and 3 Hold. Therefore 85% are positive. Splunk Inc has $170 highest and $112 lowest target. $153.27’s average target is 24.07% above currents $123.54 stock price. Splunk Inc had 35 analyst reports since February 19, 2019 according to SRatingsIntel. The stock of Splunk Inc. (NASDAQ:SPLK) earned “Outperform” rating by Wedbush on Friday, May 24. The firm earned “Outperform” rating on Friday, March 1 by Wells Fargo. The rating was maintained by Cowen & Co on Friday, March 1 with “Buy”. As per Friday, March 1, the company rating was maintained by BMO Capital Markets. Piper Jaffray reinitiated the stock with “Overweight” rating in Monday, June 24 report. The firm earned “Buy” rating on Friday, March 1 by BTIG Research. The rating was maintained by Monness on Tuesday, February 19 with “Buy”. The firm earned “Buy” rating on Monday, February 25 by RBC Capital Markets. Wedbush maintained Splunk Inc. (NASDAQ:SPLK) on Friday, March 1 with “Outperform” rating. Argus Research maintained Splunk Inc. (NASDAQ:SPLK) on Friday, March 8 with “Buy” rating.

More notable recent Splunk Inc. (NASDAQ:SPLK) news were published by: Finance.Yahoo.com which released: “Why Splunk Rose 10.3% in June – Yahoo Finance” on July 08, 2019, also Investorplace.com with their article: “Why Splunk Stock Has Fallen Despite Record Earnings – Investorplace.com” published on March 05, 2019, Nasdaq.com published: “Splunk (SPLK) Gains As Market Dips: What You Should Know – Nasdaq” on July 17, 2019. More interesting news about Splunk Inc. (NASDAQ:SPLK) were released by: Seekingalpha.com and their article: “Splunk Is Still A Great Buying Opportunity – Seeking Alpha” published on July 08, 2019 as well as Nasdaq.com‘s news article titled: “DWPP’s Underlying Holdings Could Mean 10% Gain Potential – Nasdaq” with publication date: August 02, 2019.

Splunk Inc. provides software solutions that enable organizations to gain real-time operational intelligence in the United States and internationally. The company has market cap of $18.55 billion. The company??s products enable users to collect, index, search, explore, monitor, and analyze data regardless of format or source. It currently has negative earnings. It offers Splunk Enterprise, a machine data platform with collection, indexing, search, reporting, analysis, alerting, monitoring, and data management capabilities; and Splunk Cloud service.

Splunk Inc. (NASDAQ:SPLK) Institutional Positions Chart

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