Despite all perspectives of Big Data technology in general and Splunk particularly, I assume that at the current valuation a material amount of future Splunk's growth is already being priced in.
Splunk is one of the few pure-play publicly traded vendors aligned with the Big Data. It could become an indispensable mainstay within the modern enterprise. I believe that its 2020 target is very achievable (rev $2 bn, OPM 14%). I am bullish on Splunk.