Doug Merritt, president and CEO of Splunk, told Mad Money’s Jim Cramer on a recent episode that harnessing and reusing data and keeping it safe are keys to the success needed to keep its customer companies competitive during their digital transformations.
On Real Money, Bruce Kamich recently revisited Splunk, after looking at the stock at the beginning of the summer. “If you are still long SPLK from June 2, great,” Kamich wrote on Real Money recently. “Traders could go long SPLK at current levels or add to existing longs.”
Merritt told Cramer Splunk can boast of the tenth consecutive quarter of double-digit growth in its cloud business. He said cybersecurity represents 50% of Splunk's business, but the power of its platform is its ability to reuse data in different applications. One of Splunk’s largest customers is Walmart (WMT) - Get Walmart Inc. Report, which uses Splunk to provide a strong digital experience to over 220 million customers. San Francisco-based Splunk offers analytics that bridge the gap between data and action and make it secure, saying they “turn data into doing.”
One of the Splunk's newest features helps companies automatically redact sensitive and personally-identifiable information from its data as it's being loaded into the Splunk platform. That way, companies and consumers alike can be assured their information won't be leaked or hacked.
Merritt also noted that the government continues to be a key sector for Splunk, as it's imperative that government agencies modernize and keep data safe.