Splunk (SPLK): Cloud Weighs on License But Raising PT - Wedbush

August 26, 2016 7:18 AM EDT
Get Alerts SPLK Hot Sheet
Price: $60.00 +1.83%

Rating Summary:
    33 Buy, 11 Hold, 1 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 26 | Down: 29 | New: 38
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Wedbush analyst, Steve Koenig, reiterated his Outperform rating on shares of Splunk (NASDAQ: SPLK) after a strong revenue beat and guidance raise. Cloud grew rapidly, consistent with channel checks but the transition led to significant license deceleration. Checks and analysis give the analyst confidence in SPLK’s fundamentals, and he suspects greater transparency will be forthcoming in the next several quarters. He would accumulate SPLK on any pullback due to confusion about SPLK’s optics.

SPLK’s upcoming customer conference and analyst day on Sept. 27th; should help investors understand the significance of the company’s cloud transition. The price target increases to $72 from $70.

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 $65.10 yesterday.

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