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Following discussions with four key contacts from the ecosystem of Splunk Inc (NASDAQ: SPLK), JPMorgan’s Mark R. Murphy believes the company “continues to enjoy its enviable position as a leader in machine data.”
Murphy maintains a Neutral rating on the company, with a price target of $60.
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Partner Feedback
Discussions with key contacts from Splunk’s ecosystem suggested demand continues to be robust, albeit with some caveats.
“Partners observe sustained demand with one saying that reps ‘are doing very well and exceeded their Q3 numbers,’ though he notes hearing for the first time about a small quota incentive for reps, but downplayed it being out of the ordinary,” the analyst mentioned.
Some Surprises
On the other hand, one reseller expects 2016 to be “down-year,” driven possibly by his expectation of Splunk’s decreasing support for resellers.
The company’s partners referred to sales and channel leadership changes as a “pivot,” referring to the new CRO, CMO and CPO.
Murphy noted that Splunk’s partners “see increasing discussions, though a contact’s ‘experience with Cloud is that it isn’t yet ready.’ He believes Splunk’s reps don’t want to sell Cloud because it potentially creates unappealing customer service issues.”
Some also expressed concern regarding scalability limitations, stating that it could open the doors to increased competition.
At last check, Splunk was down 0.71 percent at $57.01.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.