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.

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Source Fool.com