Strong Qtr Shows Splunk (SPLK) Still in Growth Mode, Oppenheimer Says

Oppenheimer analyst Shaul Eyal reiterated an Outperform rating and $77 price target on Splunk (NASDAQ: SPLK) following a strong 'beat and raise' quarter.

Eyal commented, "For 3Q15 (Oct) SPLK beat the Street, delivering $0.02/$116M (+48%) compared to the consensus $0.01/$107M. SPLK also raised and tightened FY15 (Jan 15) guidance. Cloud was strong generating the largest transaction of the Q, a 7-digit deal to provide a next-generation security intelligence platform. SPLK hired an executive to run the cloud business, which was being led by the CEO on an interim basis. The segmentation of security is generating improved traction, and that vertical generated 40% of revenue. Public sector was also strong during the Q, aided by the Federal fiscal year-end. SPLK's top-line momentum continues unabated, and management remains focused on growth."

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 $64.94 yesterday.

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