UPDATE: Loop Capital Starts Splunk (SPLK) at Buy
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Rating Summary:
24 Buy, 34 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 0 | Down: 0 | New: 0
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Loop Capital analyst Yun Kim initiates coverage on Splunk (NASDAQ: SPLK) with a Buy rating and a price target of $270.00.
The analyst comments "In our view, SPLK is emerging as the next de facto enterprise standard in technology, as an increasing number of large organizations are turning to SPLK to better manage and secure complex hybrid IT environments with disparate technologies. This trend is evident in the number of $1M+ deals, which grew 25% last year and 76% this past quarter (1Q21). Going forward, we expect this positive trend in large deal activity to continue as more organizations adopt SPLK as their enterprise standard, which should support management’s 40%+ ARR CAGR guidance over the next three years and $1B in OCF in FY23, which represents 36% CAGR. Our industry checks validate SPLK’s strategic position in the market. As the infrastructure and security software markets become more data-driven, we are expecting accelerated adoption of SPLK’s data-driven platform as the enterprise standard within large organizations. Also, our checks indicate that SPLK has a strong presence in the highly strategic cloud environments such as AWS (Amazon Web Services) and Azure, which further validates our thesis that SPLK is emerging as the next enterprise technology standard."
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 $195.46 yesterday.
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