UPDATE: Wedbush Raises PT on Splunk Following Clean Beat and Raise
In a report published Friday, Wedbush analyst Steve Koenig reiterated an Outperform rating on Splunk (NASDAQ: SPLK), and raised the price target from $58.00 to $60.00.
In the report, Wedbush noted, “SPLK put up a good, clean quarter with lots of outperformance. Revenue of $67M (+50% Y/Y) beat consensus by $4M and our expectation by $2M, while a penny per share loss was $0.02 ahead of our estimate and consensus as revenue out-performance fell to the bottom line. SPLK reported 163 orders above $100K (+66% Y/Y), and saw balanced growth across the U.S. and international markets. We believe the mix across primary use cases (security, systems management, and applications management) was also balanced. SPLK shipped its third application in 2Q, Splunk for VMware, and several new products are on the way: (1) a new version of Splunk Enterprise, expected to ship during SPLK's user conference in early October; (2) SPLK's new product for native Hadoop access (Hunk) is expected to ship prior to year-end; and (3) expanded cloud offerings – including developer and operational offerings – will be announced at the user conference.”
Splunk closed on Thursday at $48.92.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.