Software and data analytics company Splunk (NASDAQ:$SPLK) saw a rise in its stock on Friday, August 25th. The rise can most likely be attributed to the second quarter earnings report Splunk released on Thursday. The report had exceeded the average analysts’ expectations. As of 1:02 PM EDT on Friday, August 25th, Splunk’s shares have gone up by 8.44%.

For its second quarter, Splunk saw an adjusted earnings per share of $0.08  – a 60% rise year-over-year – and a revenue of $280 million – a 32% rise year-over-year. Both these results exceeded the average analysts’ expectations of an adjusted earnings per share of $0.06 and revenue $268.5 million. Splunk is now expecting $308 million in revenue for its third quarter. It did not give an estimate for the earnings per share. Meanwhile, analysts are expecting an earnings per share of $0.15 and a revenue of $306.9 million for Splunk’s third quarter.

“Splunk reported a clean beat-and-raise (quarter) highlighted strong license revenue growth, a Q2 record for $100,000-plus deals and a quick rebound from last quarter’s EMEA (Europe, Middle East and Africa) hiccup,” Matthew Hedberg, an analyst at RBC Capital Markets, noted. “We continue to like the long-term trends including analytics, machine learning, and vertical solutions including security and we think the shares are attractively valued.”

Following Splunk’s report and the positive reaction from the market, Hedberg kept his outperform rating on Splunk and changed his price target for the company from 75 to 76.

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