Why Splunk's Stock Is Trading Lower Today
Splunk Inc. (NASDAQ:SPLK) shares are trading lower after Morgan Stanley downgraded the stock from Overweight to Equal-Weight and lowered its price target from $213 to $160 per share.
Morgan Stanley analyst Keith Weiss noted, "Challenges closing large deals, competitive noise, and a heightened level of executive departures increase the execution risk at Splunk near term."
Splunk provides software for machine log analysis. Its flagship solution, Splunk Enterprise, is employed across a multitude of use cases, including application management, IT operations, and security.
Splunk's stock was trading down 4.5% at $128 on Tuesday at the time of publication. The stock has a 52-week high of $225.89 and a 52-week low of $126.91.
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