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Cloud-computing company Splunk (SPLK - Get Report)  fell Friday even though the company beat earnings estimates and issued strong forward guidance. 

SPLK shares briefly rose as much as 5.8% shortly after the market opened, but quickly reversed gears and fell into the red to close at $134.65, down 0.9% on the day.

Splunk went ker-plunk even though the company reported good earnings Thursday after the bell for the company's fiscal fourth quarter, which ended Jan. 31. Splunk said earnings per share for the period came in at 93 cents on an adjusted basis, beating Wall Street expectations of 76 cents. Revenue likewise totaled $622 million, besting analysts estimates of $562.5 million. 

"I'm proud of the team's exceptional performance, which drove strong results this year," CEO Doug Merritt said in announcing the results. "Organizations are competing in a highly complex and constantly changing data landscape. Splunk customers are succeeding because they have access to their data through Splunk's investigative capabilities and integrated monitoring, analysis and automation."

SPLK also issued guidance for its fiscal first quarter that called for $395 million in revenues, topping analysts' expectations of $393 million. Splunk also upped guidance for the current fiscal year ending Jan. 31, 2020. The company said it now expects to see $2.2 billion in revenues for the fiscal year, up from a previous guide of $2.15 billion. 

The strong earnings got analysts' attention, garnering several boosts in price targets even though Splunk has already risen some 45% over the past year. For example:

  • Barclays boosted SPLK's price target to $158 from $154;
  • BMO Capital Markets raised the stock's price target to $162 from a previous $132;
  • Jefferies increased its price target to $157 from an earlier $137;
  • Macquarie raised its target to $148 from a previous $136;
  • Morgan Stanley boosted its price target to $121 from an earlier $110;
  • RBC Capital Markets upped Splunk's target price to $158 from a previous $155.

(This article has been updated.)