Splunk (SPLK): Revenue Momentum Continues; Cloud Performance Strong - Oppenheimer

August 26, 2016 7:13 AM EDT
Get Alerts SPLK Hot Sheet
Price: $53.63 -0.15%

Rating Summary:
    34 Buy, 11 Hold, 1 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 18 | Down: 17 | New: 10
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Oppenheimer analyst, Shaul Eyal, reiterated his Outperform rating on shares of Splunk (NASDAQ: SPLK) along with the price target of $80. For 2Q17 (July '16), Splunk posted $0.05/$213M (revenue +43% y/y), beating the consensus $0.03/$200.5M. During 2Q, SPLK saw strong cloud growth and signed more than 500 new enterprise customers. SPLK highlighted several high-profile customers including the City of Los Angeles, the Dubai Airport, the State of New York, Uber and Yelp. A Gartner report, "Critical Capabilities for Security Information and Event Management," 8/10/16, highlighted SPLK as a leader in Gartner’s 2016 Magic Quadrant for SIEM.

The analyst believes that SPLK is still in the early stages of its growth trajectory and should be able to maintain high revenue growth rates for several quarters to come. No change to the $80 price target.

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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