Splunk (SPLK) PT Lowered to $130 at Cowen

December 2, 2021 6:47 AM EST
Get Alerts SPLK Hot Sheet
Price: $114.33 -0.82%

Rating Summary:
    39 Buy, 18 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 20 | Down: 13 | New: 19
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Cowen analyst Derrick Wood lowered the price target on Splunk (NASDAQ: SPLK) to $130.00 (from $160.00) while maintaining a Market Perform rating.

The analyst commented, "Consistent w/ pre-announcement, SPLK reported 3Q ARR in-line w/ our ests while revs were slightly above. 4Q ARR guide was slightly below our ests while revs were significantly below. FY23 Cloud ARR guide was encouraging but the on-prem outlook was much weaker & we materially cut rev/margins. Still a messy model, a walk back of CF margins & a surprise CEO transition remain overhangs. PT to $130."

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