Summit: Splunk Product 'A Platform To Reckon With'

Splunk Inc (NASDAQ: SPLK) gained more than 5 percent Friday on strong third-quarter results and mounting enthusiasm for its system for so-called big data mining.

"Splunk is a seminal technology to bring insights into unstructured data, and is now becoming a platform to reckon with," Summit's Srini Nandury said in a note Friday.

Nandury maintained a Buy rating on Splunk and raised his price target almost 30 percent to $84.

Splunk changed hands recently at $68.18, up 5 percent.

Comparing Splunk's products to the early 1980s "relational database" technology pioneered by Oracle and IBM, Nandury said the company's momentum "continues unabated."

Splunk beat third-quarter expectations Thursday, posting revenue growth of 48 percent and offering an outlook above Wall Street views.

More than 70 percent of its license bookings in the recent quarter came from existing customers.

Splunk's system of products "is sticky and hard to displace given the plethora of applications" built by its customers, Nandury said.