What happened

Shares of Splunk (NASDAQ:SPLK) declined 10.6% in the month of June, according to data from S&P Global Market Intelligence, despite no company-specific news to merit the fall. Rather, the bulk of Splunk's loss last month came following disappointing quarterly guidance from one of its peers in the cloud software space, Red Hat (NYSE:RHT).

Stock market chart and prices indicating declines

IMAGE SOURCE: GETTY IMAGES.

So what

More specifically, Splunk fell 7% on June 22, 2018 alone, the day after Red Hat announced strong first-quarter results but followed with soft billings and underwhelming guidance for second-quarter growth relative to the market's expectations. And Splunk wasn't alone that day: Several other tech peers slumped in response to Red Hat's results, including Salesforce, Workday, and Adobe -- though none dropped quite as steeply as Splunk..

Now what

While the market tends to lump many tech stocks in the same basket, that doesn't mean Red Hat's weakness will translate directly to Splunk. Remember, Splunk, for its part, differentiates itself with cutting-edge artificial intelligence (AI) integrated within its wildly popular operational intelligence platform.

Still, it likely didn't help that Splunk stock had nearly doubled over the previous year as of the start of June. That moved was helped by the company's 14th straight quarterly beat announced in late May. 

In any case, while it's never fun as a bullish investor to see shares of your stock fall, Splunk shareholders shouldn't lose any sleep over last month's drop.

Steve Symington has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Adobe Systems, Salesforce.com, Splunk, and Workday. The Motley Fool has a disclosure policy.