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Splunk Inc SPLK Stock Quote

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Morningstar‘s Stock Analysis SPLK

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We Trim Our Forecasts and Cut Our FVE Despite a Strong Showing for Splunk; Lowering FVE to $120

Analyst Note

| Malik Ahmed Khan |

We are lowering our fair value estimate for Splunk to $120 from $175 primarily due to trimming of our long-term profitability forecasts, which, in retrospect, were too bullish. Part of our fair value cut is also informed by our belief that, in the near term, Splunk’s clients will rein in certain spending as they optimize costs in a challenging macroeconomic environment. At the same time, we'd be remiss not to note that despite the tough conditions in the near term, we continue to view Splunk as a strong business with enviable enterprise penetration (for example, the firm boasts more than 90% of Fortune 100 as its clients). Even after our fair value revision, we believe shares of Splunk are trading at a bargain for long-term investors willing to stomach the near-term volatility.

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Key Statistics SPLK

Company Profile SPLK

Business Description

Splunk is a cloud-first software company that focuses on analyzing machine data. The company is a major player in two markets: security and full-stack monitoring & analysis. Splunk is currently undergoing a cloud transition as the company weans its on-premises customers over to its cloud products that are delivered as software-as-a-service. The firm’s top line consists of the sale of software licenses, cloud subscriptions, and maintenance and support.

270 Brannan Street
San Francisco, CA, 94107
T +1 415 848-8400
Industry Software - Infrastructure
Most Recent Earnings Jul 31, 2022
Fiscal Year End Jan 31, 2023
Employees 7,000

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