Why Splunk Rocketed Higher This Week
Shares of data observability and security company (NASDAQ: SPLK) rose 19.5% this week through Thursday trading, according to data from S&P Global Market Intelligence.
It wasn't a mystery as to why the stock surged this week in spite of declines in the broader Nasdaq Composite. On Thursday, Splunk announced it had agreed to be acquired by tech giant Cisco Systems (NASDAQ: CSCO) at a hefty premium.
This isn't actually the first time Cisco had sought to buy Splunk. Back in February 2022, it was reported Cisco had made an offer of "over $20 billion" for Splunk. But apparently the two sides couldn't come to an agreement, especially as the tech sector was entering a bear market at the time.
Source Fool.com
Splunk Inc. Stock
€144.12
0.320%
The stock is one of the favorites of our community with 24 Buy predictions and 1 Sell predictions.
As a result the target price of 147 € shows a slightly positive potential of 2.0% compared to the current price of 144.12 € for Splunk Inc..
