Rosenblatt Sees Splunk 'Attractive' At Current Levels - Read Why

  • Last week, Splunk Inc SPLK held its annual conference, during which it made several products and partner announcements. 
  • Rosenblatt analyst Blair Abernethy says encouraged that Splunk has continued to progress steadily over the past year in advancing its product offering, shifting more of its customers towards the Cloud, and supporting and expanding its robust partner ecosystem. 
  • Newly appointed CEO Gary Steele outlined his views and strategy for Splunk. 
  • Steele noted that he joined Splunk as he sees IT security as a data problem. He saw that Splunk could extend its platform value into the Observability market and that the company has a large customer base that has long been passionate about Splunk’s technology and platform. 
  • Steele believes that customers were turning to Splunk to deal with an increasingly unpredictable IT Security world with well-funded threat actors, the proliferation of digital systems and rapid growth in new cloud-based applications, and hybrid and multi-cloud approaches that were adding to enterprise IT complexity. To address these challenges, Splunk has now unified its Security and Observability solutions on its platform.
  • Most customers Abernethy spoke to at the event were expanding their use of Splunk and evaluating or expecting to adopt Splunk’s Cloud offering.
  • Splunk announced several advancements to its Observability and Security offerings on the product front. 
  • In addition, Splunk announced Data Manager for scalable data onboarding across AWS and Azure, with GCP support later this summer.
  • In the Security market, Splunk announced Incident Intelligence (in preview) which delivers security event correlation, incident response and on-call routing, collaboration, and automation.
  • For Observability, the company announced its Splunk Log Observer Connect to enable users to have a unified visualization of all their data by combining the Splunk Cloud Platform and Splunk Observability. 
  • Abernethy continues to see the stock as attractive at current levels and maintained a Buy rating and $152 price target. 
  • Price Action: SPLK shares traded higher by 4.71% at $96.71 on the last check Friday.

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