Splunk (NASDAQ:SPLK) shares rose more than 17% after the company reported its Q3 results, with EPS of $0.83 coming in better than the Street estimate of $0.25. Revenue of $930 million beat the Street estimate of $847.69 million.

Similar to Q2, management noted softness in cloud ARR as customers delay migrations due to near-term macro uncertainty though the underlying demand for cloud remains strong.

The analysts expect Q4/23 revenue to be in the range of $1.055-1.085 billion, compared to the Street estimate of $1.06 billion.

Analysts at RBC Capital raised their price target on the company’s shares to $110 from $105 while maintaining their Outperform rating. The analysts mentioned they watch for more details on a new CFO and appreciate the company's disciplined approach to balancing growth and profitability.