You are absolutely right. Why would SPLK want to go viral? Because they can't and their products and business models by no mean can take advantage of going viral.
I have no doubt about the company fundamentals. And you seem to understand their fundamentals very well. I wished all investors were like you. But then again, if all investors were like you, there wouldn't be an IPO-day pop. Stock prices would not fluctuate and it's boring.
I'm talking about the 99% of investors (not exact figure but 99% is so trendy nowadays). They bought into the IPO-day pop, they expected it would go even higher. Disregarding the fact that at 25% growth this company at current price is way overvalued. It's still overvalued using 3 years in the future revenue at 25% growth. I'm not including the fact that the company spends $1.06 for every $1 of revenue. The sustainable cash flow is still questionable until they prove they can spend less than $1 for $1 revenue.
They may not have to spend heavily on marketing but they do on every R&D and product integration.
So for now, the price is good at $14.50 and it should go up 25% every year. Maybe a little pop when they are no longer in red. Hopefully the 99% will soon enough realize that and refuse letting the 1% controlling them.
But again the 1% has always been controlling the 99%.