There’s a lot to be optimistic about in the Technology sector as 2 analysts just weighed in on Tabula Rasa HealthCare (TRHC) and Splunk Inc (SPLK) with bullish sentiments.
Tabula Rasa HealthCare (TRHC)
In a report released today, Mohan Naidu from Oppenheimer maintained a Buy rating on Tabula Rasa HealthCare, with a price target of $97. The company’s shares closed yesterday at $55.11.
Naidu wrote:
“$57M/$8.5M came in slightly ahead of our estimates. Management reported traction on several fronts and we continue to be excited about the opportunity to take the company’s offering to the mainstream. While PACE is likely to deliver steady 20% growth, there is upside with the expanded product portfolio. the provider market are starting to open up on the non-PACE side. DoseMe acquisition gives the company a foot in the door of hospitals and the integration into the EHRs will make it easier for the providers to access it at point of care. With multiple points of growth, execution continues to be key and the recent 2.0 efforts increase our confidence on it. Reiterate Outperform, $97 target.”
According to TipRanks.com, Naidu is a 5-star analyst with an average return of 10.5% and a 54.8% success rate. Naidu covers the Services sector, focusing on stocks such as Tivity Health Inc, Hms Holdings Corp, and Evolent Health.
Currently, the analyst consensus on Tabula Rasa HealthCare is a Strong Buy with an average price target of $90.20, implying a 63.7% upside from current levels. In a report released yesterday, Cantor Fitzgerald also reiterated a Buy rating on the stock with a $99 price target.
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Splunk Inc (SPLK)
In a report released today, Shaul Eyal from Oppenheimer reiterated a Buy rating on Splunk Inc, with a price target of $154. The company’s shares closed yesterday at $135.88, close to its 52-week high of $139.04.
Eyal observed:
“We are raising our price target on SPLK to $154 from $130 following very strong 4Q (Jan. ’19) results. For the Q, SPLK posted $0.93/622M, with revenue up 35% y/ y, beating the consensus $0.76/563M. SPLK’s growth is broad-based coming from both new and existing customers with strength internationally and deployments both on-premises and in the cloud. During the quarter, SPLK signed more than 600 new enterprise customers. Rising demand for data-driven insights across multiple industries continues to drive SPLK’s performance, and the company’s unique platform has positioned it to leverage global data proliferation into steady revenue growth. SPLK continues to deliver impressive results, and we reiterate our Outperform.”
According to TipRanks.com, Eyal is a top 100 analyst with an average return of 16.6% and a 68.6% success rate. Eyal covers the Technology sector, focusing on stocks such as Nuance Communications, Verint Systems Inc, and CyberArk Software.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Splunk Inc with a $158 average price target, a 16.3% upside from current levels. In a report issued on February 19, Monness also maintained a Buy rating on the stock with a $170 price target.
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