1/30/2024 0 Comments Splunk stock forecast![]() Deutsche Bank analyst Brad Zelnick maintained Splunk with a Hold and lowered the price target from $125 to $117.Derrick Wood maintained Splunk with a Market Perform and lowered the price target from $110 to $95. Mizuho analyst Gregg Moskowitz maintained Splunk with a Neutral and lowered the price target from $120 to $115. ![]() RBC Capital analyst Matthew Hedberg maintained Splunk with an Outperform and lowered the price target from $143 to $139.Credit Suisse analyst Phil Winslow maintained Splunk with an Outperform and lowered the price target from $180 to $150.See Also: What Are Whales Doing With SplunkĪnalyst Assessment: Several analysts adjusted price targets on the stock following the company's quarterly results. Cloud ARR is expected to be approximately $1.8 billion, which is down from the previous forecast of $2 billion. Total ARR is expected to be approximately $3.65 billion for the full year, which is down from previous expectations of $3.9 billion. Full-year revenue is expected to be between $3.35 billion and $3.4 billion versus the estimate of $3.33 billion. Splunk expects third-quarter revenue to be between $835 million and $855 million versus the estimate of $834.82 million. The cloud software company reported quarterly adjusted earnings of 9 cents per share, which beat average analyst estimates for a loss of 35 cents per share.Ĭustomers with total ARR greater than $1 million were up 24% year-over-year to 723 customers. What Happened: Splunk said second-quarter revenue grew 32% year-over-year to $799 million, which beat average analyst estimates of $747.55 million, according to Benzinga Pro. Splunk reported better-than-expected financial results Wednesday night, but lowered its total annual recurring revenue and cloud ARR expectations after some of the company's customers decided to opt for shorter contracts. Splunk Inc (NASDAQ:SPLK) shares are trading lower Thursday after multiple analysts cut price targets on the stock following the company's earnings results.
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