Fishbein made their price target move after it was announced on 2023/09/21 that the company is being acquired by Cisco for $157 per share in cash, representing $28B in equity value. The deal valuation implies 6.9x Enterprise Value to expected FY 2024 revenue, which the analyst characterized as "consistent with the company's value given recent transactions."
This rating update from Truist Securities follows ratings changes from other analysts who also adjusted their price targets and ratings for Splunk on September 22, 2023.
Mizuho's Gregg Moskowitz raised their price target by 35.3%, from $116 and maintained their Hold rating on the stock.
BMO Capital's Keith Bachman raised their price target by 23.6%, from $127 and downgraded their rating on the stock from Buy rating to Hold.
Rosenblatt's Blair Abernethy raised their price target by 8.3%, from $145 and downgraded their rating on the stock from Strong Buy rating to Hold.
As of now, 43.5% of top-rated analysts consider SPLK as a Strong Buy or Buy, while 56.5% see it as a Hold. No analysts recommend or strongly recommend selling the stock.
Splunk Inc. has experienced significant stock price growth since its last quarterly report on 2023/07/31. The stock is currently up 33.9% and has seen a year-over-year increase of 74.2%. During this period, SPLK has outperformed the S&P 500, which has seen a 15.4% increase.
Joel Fishbein, the Truist Securities analyst who raised SPLK's price target, is ranked in the top 14% of 4,337 Wall Street analysts by WallStreetZen. With an average return of 6% and a 50.7% win rate, Fishbein specializes in the Technology sector.
Splunk Inc., headquartered in San Francisco, California, provides software and cloud solutions that deliver and operationalize insights from the data generated by digital systems worldwide. Their offerings include the Splunk Platform, which offers real-time data capabilities, and Splunk Solutions, such as Splunk Security and Splunk IT Solutions, designed to streamline operations and enhance visibility and control. The company also provides Ecosystem Solutions and various services to support adoption and implementation.
WallStreetZen tracks the performance of nearly 4,000 Wall Street analysts, whom we rank by average returns, frequency, and win-rate (backtested over multiple years).
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