Market Overview

UPDATE: Wedbush Raises PT on Splunk Following Clean Beat and Raise

Related SPLK
Benzinga's Option Alert Recap From July 20
Cybersecurity Breaches Have Shed Light On This ETF

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.

Latest Ratings for SPLK

Jun 2017GuggenheimUpgradesNeutralBuy
Jun 2017SusquehannaInitiates Coverage OnNeutral
Apr 2017BTIG ResearchInitiates Coverage OnBuy

View More Analyst Ratings for SPLK
View the Latest Analyst Ratings

Posted-In: Steve Koenig WedbushAnalyst Color Price Target Analyst Ratings


Related Articles (SPLK)

View Comments and Join the Discussion!