Splunk (SPLK): Cloud Bookings More Than Offset Smaller Deal Sizes, Raising PT - Wedbush
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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.
Shares of Splunk closed at $57.38 yesterday.
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