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Why Splunk's Stock Is Trading Lower Today

April 27, 2021 1:09 pm
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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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