KeyBanc analyst Michael Turits raised the firm’s price target on Splunk to $140 from $135 and keeps an Overweight rating on the shares. Splunk delivered a solid ARR and revenue beat in Q2, and increased its FY24 cash flow margin guidance to 20.8% at the midpoint, the analyst tells investors in a research note. The company is executing well on its strategy of stabilizing growth in a still tough environment and expanding free cash flow margins, the firm says.
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Read More on SPLK:
- Splunk Stock (NASDAQ:SPLK): Vertical Price Move May Just be the Beginning
- Splunk (NASDAQ: SPLK) Surges after Strong Q2 Performance and Upbeat FY24 Outlook
- Splunk price target raised to $134 from $130 at Barclays
- Splunk raises FY24 revenue view to $3.925B-$3.95B from $3.9B, consensus $3.9B
- Splunk sees Q3 revenue $1.02B-$1.035B, consensus $981.34M