Oppenheimer Reiterates Bullish Stance on Splunk (SPLK) Amid Strong Q2

Oppenheimer analyst Shaul Eyal reiterated an Outperform rating and $77 price target on Splunk (NASDAQ: SPLK) following strong Q2 results and guidance.

Eyal commented, "SPLK reported consensus-beating results, posting revenue of $101.5M in 2Q15, up 52% y/y and ahead of the consensus $94M(E). Non-GAAP EPS came in at $0.01 compared to ($0.01) a year ago, and was ahead of the consensus ($0.02)E. Results beat SPLK's own revenue plan, and performance was strong across all core metrics. More transactions closed during the Q than during any other Q in the company's history. New products and upgrades were announced during 2Q as management continued to expand the company's reach. Use cases continue to proliferate, driving accelerated adoption, and SPLK continues to evolve into a multi-product company targeting markets with high potential."

The firm's FY15E goes to $0.02/$425M from ($0.01)/$410M. FY16E goes to $0.11/$571M from $0.10/$549M.

For an analyst ratings summary and ratings history on Splunk click here. For more ratings news on Splunk click here.

Shares of Splunk closed at $45.29 yesterday.

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