While Splunk continued its tradition of beating and raising sales numbers, a bookings deceleration and a guide-down on operating cash flow for the fiscal year "opens up questions," Barclays analyst Raimo Lenschow tells investors in a post-earnings research note titled "Bookings Growth of +30% Not Too Shabby." The analyst, however, believes bookings growth of 33% for a $2B-plus revenue company is "still impressive." Nonetheless, he thinks the operating cash flow revision driven by $80M of un-invoiced contracts will weigh on the shares. Without a clear path to calculating this un-invoiced number, investors will be split on taking management at their word, Lenschow contends. He expects Splunk shares to be under pressure in the short-term, but thinks this could create a buying opportunity for longer term investors. Lenschow keeps an Overweight rating on the name with a $158 price target.