Splunk (SPLK, $134.65 ) beats earnings expectations; analysts raise price targets

For the three months ending January 31, Splunk reported adjusted earnings of 93 cents per share, beating analysts’ estimates of 76 cents per share. Revenue for the quarter came in at $622 million, higher than analysts’ expectations of $562.5 million.  

At $395 million, the cloud computing company’s expectation for fiscal first quarter exceeded analysts’ forecast of  $393 million. It also revised upwards its revenue projection for the fiscal year ending January 2020 to $2.2 billion compared to a previous guidance of $2.15 billion. 

Splunk’s stock saw price target raises from several analysts.  For instance, BMO Capital Markets hiked the stock's price target to $162 from $132, while Morgan Stanley raised it to $121 from an earlier $110. Analysts at Barclays and Jefferies, among others, also upped their price targets on the stock.