Splunk (SPLK) PT Raised at Wedbush on 'Beat and Raise' Q1

Wedbush analyst Steve Koenig reiterated an Outperform rating and boosted his price target on Splunk (NASDAQ: SPLK) to $83.00 (from $82.00) after 'beat and raise'. The analyst said the quarter highlights the companies diverse uses.

Koenig commented, "SPLK continues to grow solidly -- billings were up 45% Y/Y and licenses were up 40% -- despite a license mix shift to recurring revenue, including a 7-figure cloud deal. Deal and customer metrics remained on track, propelled by strong execution in IT operations use cases. SPLK had several significant cloud wins in the quarter including deals with AOL, City of Los Angeles, and a customer who was migrating 90% of enterprise data to the cloud. On the bottom line, the company continues to benefit from operating leverage, improving its margin performance while maintaining 20%+ cash flow margins."

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 $71.07 yesterday.

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