Yes, Datadog (NASDAQ: DDOG) is growing much faster and is a "cloud-first" competitor. The past couple of months have not been kind to the software-as-a-service sector, as inflation and interest rate fears have caused a quick and violent sell-off in these exciting yet highly priced stocks. The two hires show Splunk has the ability to attract top senior talent away from a place like AWS -- not exactly the struggles of a legacy company losing out to quicker, more agile competitors.