Pacific Crest Securities Sees Nothing to Slow the Momentum for Splunk

In a report published Friday, Pacific Crest Securities analyst Brendan Barnicle reiterated an Outperform and $68.00 price target on Splunk SPLK. In the report, Pacific Crest Securities noted, “Splunk reported FQ2 (July) revenue of $101.5 million (up 52% y/y) and license revenue of $62.1 million (up 44% y/y), better than consensus of $93.8 million and $57.6 million, respectively. Product billings growth of 40.5% y/y was also above our expectation of 33% y/y. The company cited strength in public sector and government business, including a major expansion with the U.S. Department of Defense. More importantly, sales productivity continued to improve.” Splunk closed on Thursday at $45.29.