Splunk (SPLK): Cloud Bookings More Than Offset Smaller Deal Sizes, Raising PT - Wedbush

November 30, 2016 7:24 AM EST
Get Alerts SPLK Hot Sheet
Price: $53.73 -0.17%

Rating Summary:
    34 Buy, 11 Hold, 1 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 29 | Down: 30 | New: 23
Trade SPLK Now!
Join SI Premium – FREE

Find out which companies are about to raise their dividend well before the news hits the Street with StreetInsider.com's Dividend Insider Elite. Sign-up for a FREE trial here.

Wedbush analyst, Steve Koenig, reiterated his Outperform rating on shares of Splunk (NASDAQ: SPLK) and raised the price target to $75 after the company demonstrated solidly consistent execution with licenses, billings, and total revenue all growing 30-40% Y/Y or higher. Additionally, the analyst's checks support the notion that SPLK’s market opportunity and strong competitive position will translate to sustainable long-term growth and operating leverage.

Despite smaller sizes for SPLK’s top deals than the year-ago quarter, the company beat and raised guidance by growing its cloud business by about 200% Y/Y. The analyst hopes to see greater transparency at the forthcoming January 12th investor day.

The new $75 PT is up from $72.

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 $57.38 yesterday.



Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In






Related Categories

Analyst Comments, Analyst EPS Change, Analyst PT Change

Add Your Comment