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Data analytics firm Splunk is gunning for the big leagues.

At an event on Wednesday, Splunk (SPLK) - Get Splunk Inc. Report rolled out a number of updates to its Data-to-Everything platform.

CEO Doug Merritt called the platform the next chapter for the firm and a development that will place Splunk alongside giants like Microsoft (MSFT) - Get Microsoft Corporation (MSFT) Report , Salesforce (CRM) - Get, inc. Report , SAP (SAP) - Get SAP SE Sponsored ADR Report , Oracle (ORCL) - Get Oracle Corporation Report and Workday (WDAY) - Get Workday, Inc. (WDAY) Report in terms of revenue growth.

Splunk's stock has been rocky this year and is trading roughly 7.5% lower since late August. That's when it lowered its cash flow estimates for the rest of 2019 despite topping expectations on both earnings and revenue.

The 16-year-old data firm has been steering its business away from long-term software licensing and toward subscription products. And updates to its Data-to-Everything platform are expected to supercharge this shift.

On Tuesday, J.P. Morgan analyst Mark Murphy upgraded Splunk's stock to overweight and raised his price target to $130, sending the shares higher. The shares closed Wednesday down 1.5% at $116.93.

President Barack Obama also spoke at the event, touching on several ways in which big data can improve economic and social outcomes and access to research. He cited the health care industry as the area with "extraordinary promise" in that respect.

"Through Medicare and Medicaid and all the systems we have, the possibility of us [enhancing] not only the health care system, but using data sets to pinpoint how we can attack certain diseases, more effective prevention, all that stuff, is really powerful," he said.

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Splunk's Data-to-Everything product suite aims to help organizations mine, analyze and act on data from a multitude of sources.

On Wednesday, the company rolled out a number of flexible pricing options, including predictive pricing tiers, infrastructure-based pricing, and a "rapid adoption" package for companies with a smaller set of needs.

It also announced a slate of partnerships and integrations with firms such as Cisco (CSCO) - Get Cisco Systems, Inc. Report , SAP and Accenture, as well as a new $150 million fund called Splunk Ventures.

Merritt told reporters on Wednesday that with the more flexible pricing options, Splunk is focused on "divorcing data volume from what people are actually trying to do." The company is appealing to more users and customers by adding entry-level to more sophisticated pricing options that are based on factors other than simply the volume of data used.

"The point on aligning incentives with customers is extremely powerful," said Cristina Junqueira, co-founder of Nubank, the largest fintech firm in Latin America and one of Splunk's largest customers. "As organizations scale, it's so important to make sure that incentives are aligned."

On Aug. 21, Splunk posted revenue growth of 33% and 80% growth in cloud revenues, and said that faster-than-expected adoption of renewable subscription options created a drag on its cash flow.

"While we expect long-term cash yield to return to the mid-20% levels, the timing to get there is dependent on our term/cloud mix over the next few years," Merritt told investors on the call, emphasizing that Splunk is "firing on all cylinders." 

The analytics firm has also made two acquisitions in the past month: application monitoring startup Omnition, and cloud monitoring platform SignalFX, the latter of which it purchased for $1.1 billion. 

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