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Analysts Bullish on Spunk Inc (SPLK) Following Conference

By Austin Angelo

Splunk Inc (NASDAQ:SPLK), a platform provider for operational intelligence, had its 6th annual user conference this week. At the conference, the company highlighted its ability to reduce the total cost of ownership with its version 6.3, the company’s flagship product. This is a positive because for a long time, this product was considered as expensive. Analysts Brent Thill and Shaul Eyal weighed in on the stock following the conference.

Yesterday, analyst Brent Thill from UBS maintained a Buy rating on the stock with a price target of $76. According to Thill, the company has several strengths such as scarcity value, improving core technology, proven competitive advantage, and addressability across several IT disciplines.

On the same date Shaul Eyal from Oppenheimer maintained an Outperform rating on the stock with a price target of $80. Eyal said, “During SPLK’s 6th annual users’ conference in Las Vegas (9/22 through 9/24), the company highlighted improvements in the 6.3 offering, including greater capabilities, faster performance and lower hardware requirements.”

While acknowledging the company’s traditional strength in IT Ops, Eyal said the company highlighted improvement in the Cloud, Security, Application Delivery and Big Data. He noted the company is focused both on growth as well as profitability. Eyal said, “Splunk continues to generate strong growth, and we believe this momentum will continue into next year.”

On 24th September, the company’s stock had closed at $57.86.

According to the 15 analysts on TipRanks who have rated Splunk in the last three months, 12 are bullish on the company while 3 are staying on the sidelines. The average 12-month price target between the 15 analysts is $77.27, marking a 30% potential upside from current levels.