Oppenheimer analyst Ittai Kidron lowered the firm’s price target on Splunk to $115 from $140 on lower multiples, while keeping an Outperform rating on the shares. The analyst notes Splunk reported a solid Q3, beating consensus estimates on solid demand for term licenses and record cloud gross margin, which led to impressive OM outperformance. That said, the company is still experiencing macro-related headwinds impacting cloud migrations/expansions, and saw its DBNRR contract to 127%, Kidron adds.
Published first on TheFly
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- Big Moves in the Cloud: Quarterly Results Spur Bullish Software Sentiment
- Splunk (NASDAQ:SPLK) Excites Investors With Strong Q3; Ups Guidance
- Splunk raises FY23 revenue view to $3.455B-$3.485B from $3.35B-$3.4B
- Splunk sees Q4 revenue $1.055B-$1.085B, consensus $1.06B
- Splunk reports Q3 adjusted EPS 83c, consensus 25c
