Splunk, Inc. (SPLK) stock is on the rise today following an analyst upgrade.

Stephens upgraded the software company from an “equal weight” to an “overweight” rating. Analysts said the move was a valuation call.

The price target for Splunk stock was raised from $59.23 to $70.00. The company’s last quarterly report exceeded expectations, with earnings-per-share of $0.09.

SVP Leonard R. Stein sold 12,000 shares of Splunk stock on the open on April 1 at an average price of $58.06.

SPLK stock is up about 1.3% Monday afternoon.

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