UPDATE: Drexel Hamilton Initiates Coverage on Splunk

According to a research report published this morning, Drexel Hamilton has initiated Splunk (NASDAQ: SPLK) with a Hold rating and $34 PT.

In the report, Drexel Hamilton said, "Splunk sells software that creates real-time operational intelligence by analyzing the data streams created by/from customer facing websites, software applications, servers and other enterprise data center centric systems, which means Splunk can be considered a ‘big data' vendor. There are many other companies that offer similar solutions, but they are either privately-held or a small division within a much larger company."

Splunk closed yesterday at $36.38.

(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.