Splunk Announces Surprising News of CEO Stepping Down
<p><a href='https://financialmodelingprep.com/financial-summary/SPLK'>Splunk Inc. (NASDAQ:SPLK) </a>announced surprising news of CEO Doug Merritt stepping down. Chairman Graham Smith will be the interim CEO, while the board is searching for a qualified replacement. </p>
<p>Following the news, analysts at Deutsche Bank lowered their price target on the company’s shares to $155 from $180, maintaining their hold rating. Sudden transitions are never comforting and raise many questions, but keeping matters simple, the analysts said they have to believe existing plans, targets, and strategies are somewhat in limbo—at least those committed externally—pending the arrival of a new CEO.</p>
<p>The next leg forward in the company’s stock, in Deutsche Bank’s view, would happen after anchoring investors to a new timeline and set of targets and milestones for the company's model transition. </p>

NASDAQ:SPLK