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 * Technology


SPLUNK STOCK BOOSTED 13% AS COMPANY OFFERS STRONG SOFTWARE SALES OUTLOOK



Licensing
 * RYAN DEFFENBAUGH
 * 04:10 PM ET 08/24/2023

Data analytics and cybersecurity software firm Splunk (SPLK) reported a
quarterly earnings beat Wednesday and raised its outlook for the rest of the
year. SPLK stock finished Thursday with a double-digit gain.

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For the second quarter ended July 31, San Francisco-based Splunk reported
adjusted earnings of 71 cents per share on revenue of $911 million. That's up
from earnings of 9 cents per share on $799 million in sales for the same period
last year.

SPLK stock analysts polled by FactSet expected earnings of 46 cents a share on
$889 million in sales.

Also, Splunk officials increased the company's sales outlook for the rest of
fiscal 2024, which ends in January. The firm now expects $3.94 billion at the
midpoint, up from $3.9 billion. Analysts polled by FactSet had called for sales
of $3.91 billion for the fiscal year.

SPLK stock surged 12.9% to close at 112.83 on the stock market today.




SPLK STOCK: FINDING STABILITY

Splunk offers cloud-based software tools that allow corporations to crunch data
in real time. That can allow companies to identify operational issues in their
software, as well as potential security breaches. Company leaders said Splunk is
increasingly using artificial intelligence to bolster its offerings.

"Given Splunk's flexible and highly scalable data architecture, our
industry-leading security and observability solutions, and our quickening pace
of innovation, we are in a unique position to help enterprises bolster
resilience by harnessing AI across our product portfolio," Splunk Chief
Executive Gary Steele said on the company's earnings call.

Analysts took the results and the management commentary as a sign the company is
finding stability while other companies have been more cautious with software
spending.

"We believe the worst of headwinds are behind, and await [annual recurring
revenue] growth stabilization in coming quarters," Stifel analyst Brad Reback
wrote in a note to clients. "Beyond the top-line, we believe Splunk is well
positioned to drive improving profitability and cash flow generation over the
next several years."


WATCHING THE AI MARKET

Also, analysts took note of Splunk's commentary on investing in improvements to
its software, including AI. Splunk reported the same day as Nvidia (NVDA)
released blockbuster earnings that stoked further excitement over the AI market.

At its investor day last month, Splunk announced a new Splunk AI software suite.
The company said it will bolster the security and data observability
capabilities of its products.

"Splunk's strong results and improved full-year outlook reflect the company's
solid execution and strong demand for its security and observability solutions,"
William Blair analyst Jonathan Ho said in his note to clients. "We are
encouraged by the company's commitment to maintain a fast pace of innovation as
we believe that is crucial to remain competitive in this space."

Ho maintained an outperform rating on SPLK stock.


GETTING BACK ON THE RADAR?

Evercore ISI also holds an outperform rating on Splunk, with a target price of
125.

"While Splunk remains off most investor radar screens (for now), management
continues to deliver on driving more profitable growth, and we believe Splunk
remains one of the more idiosyncratic stories in software heading into [the
second half of the year,]" Evercore ISI analyst Kirk Materne said in a note.

As of Wednesday's close, SPLK stock is up 15.6% for 2023. But shares had fallen
7% this quarter.

Also, Splunk holds a strong composite rating of 94 out of a best-possible 99,
according to IBD Stock Checkup. The company's shares rank sixth out of 26
companies in the Computer Software Database group.

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