Splunk Reports Strong Quarter On Cybersecurity Demand: These 4 Analysts Deep Dive Into Q3 Print
Portfolio Pulse from Priya Nigam
Splunk Inc (SPLK) shares saw an early rise after reporting strong Q3 results, driven by cybersecurity demand. Analysts from Truist Securities, Mizuho Securities, Needham, and KeyBanc Capital Markets provided insights, with a common price target of $157. Truist downgraded SPLK from Buy to Hold, while others maintained Neutral or Sector Weight ratings. Cisco Systems Inc. (CSCO) plans to acquire SPLK for $157 per share in cash, expected to close by end of 2024. The acquisition is seen as favorable for Splunk's shareholders and reasonable for Cisco.
November 29, 2023 | 5:29 pm
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POSITIVE IMPACT
Cisco Systems plans to acquire Splunk for $157 per share in cash, with the deal expected to close by the end of 2024. Analysts view the acquisition as reasonable for Cisco and favorable for Splunk shareholders.
Cisco's planned acquisition of Splunk is seen as a strategic move to enhance its cybersecurity offerings. The acquisition is expected to be favorable for both companies, potentially leading to a positive short-term impact on CSCO's stock.
CONFIDENCE 75
IMPORTANCE 75
RELEVANCE 70
POSITIVE IMPACT
Splunk reported strong Q3 results, with analysts maintaining a price target of $157. Truist downgraded the stock from Buy to Hold, while others kept their ratings unchanged. The pending acquisition by Cisco is seen as favorable.
The positive earnings report and the pending acquisition by Cisco at a price target agreed upon by multiple analysts suggest a favorable short-term outlook for SPLK. The downgrade by Truist may temper some of the potential upside, but overall sentiment remains positive.
CONFIDENCE 80
IMPORTANCE 85
RELEVANCE 90