Needham Offers Clarity Into Splunk (SPLK) Financials, PT To $145

Needham & Company analyst, Jack Andrews, reiterated his Buy rating on shares of Splunk (NASDAQ: SPLK) and raised his price target to $145 from $127 after the company reported a strong 2QFY19. The company posted its third consecutive quarter of accelerating growth and the anticipated achievement of a 75% subscription license mix a year early.

The analyst stated "We believe the best way to discern SPLK’s business momentum is to add the company’s software revenue (including both license and cloud) to the change in RPO (revenue performance obligation). In our opinion, this methodology normalizes for the effect of a mixed license revenue model. For 2QFY19, this equates to $316 million, compared with $205.5 million in FY2Q18 (+54%)".

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 $117.15 yesterday.

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