Splunk SPLK shares are trading lower on Wednesday after UBS downgraded the stock from Buy to Sell and lowered its price target from $242 to $165 per share.
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. The company has historically deployed its solutions on-premises, but the software-as-a-service delivery model is growing in popularity with Splunk Cloud. The company derives revenue from software licenses, as well as cloud subscriptions, maintenance, and support.
Splunk shares traded down 4.59% to $205.93 on Wednesday. The stock has a 52-week high of $225.89 and a 52-week low of $93.92.
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