Splunk soars after raising annual forecast; PT hiked

Splunk

25/05/2023 12:57

** Shares of data analytics software maker Splunk Inc
 SPLK.O  up 9.1% at $105.43 premarket
    ** Co sees fiscal 2024 revenue to be at the top end of its
prior forecast of $3.85 bln to $3.9 bln
    ** Expects Q2 revenue of $880 mln to $895 mln, ahead of
analysts' estimate of $868.5 mln - Refinitiv
    ** Piper Sandler says public sector strength, optimism
around AI implications and continued progress on expense
management were positives; raises PT to $123 from $118
    ** Stifel raises PT to $105 from $97, as the company
continues to benefit from better-than-anticipated upfront term
license recognition and aggressive expense management 
    ** Co also expects free cash flow to be between $805 mln and
$825 mln vs previous forecast of between $775 mln and $795 mln
    ** As of last close, SPLK shares have gained 12.3% YTD
    

 (Reporting by Samrhitha Arunasalam in Bengaluru)
 ((Samrhitha.A@thomsonreuters.com))