Cisco's Acquisition of Splunk Boosts Price Target by 35.3% According to Mizuho Analyst

By Don Francis, Editor
September 26, 2023 6:39 AM UTC
Cisco's Acquisition of Splunk Boosts Price Target by 35.3% According to Mizuho Analyst

Mizuho's Gregg Moskowitz raised their price target on Splunk (NASDAQ: SPLK) by 35.3% from $116 to $157 on 2023/09/22. The analyst maintained their Hold rating on the stock.

Moskowitz made their price target move after it was announced on 2023/09/21 that Cisco is acquiring the company for $157 per share in cash, representing $28B in equity value. Mizuho expects the deal to close "without any significant issues," the analyst told investors.

In addition to Moskowitz's update, several other analysts also adjusted their ratings and price targets for Splunk on 2023/09/22. Keith Bachman from BMO Capital raised their price target by 23.6% from $127, but downgraded their rating on the stock from Buy to Hold. Blair Abernethy from Rosenblatt raised their price target by 8.3% from $145, but also downgraded their rating from Strong Buy to Hold. Matthew Hedberg from RBC Capital raised their price target by 18.9% from $132, but downgraded their rating from Buy to Hold.

According to the latest data, 43.5% of top-rated analysts currently rate SPLK as a Strong Buy or Buy, while 56.5% see it as a Hold. None of the analysts recommend or strongly recommend selling the stock.

When looking at Splunk's performance, the stock has seen a significant increase since its last quarterly report on 2023/07/31. It is up 33.9% and has shown a year-over-year growth of 74.2%. During the same period, Splunk has outpaced the S&P 500, which has only grown by 15.4%.

Mizuho analyst Gregg Moskowitz, who made the recent price target adjustment, is ranked in the top 16% out of 4,337 Wall Street analysts by WallStreetZen. They have an average return of 1.6% and a win rate of 47.8%. Moskowitz specializes in the Technology sector.

Splunk Inc., headquartered in San Francisco, California, is a leading provider of software and cloud solutions that help businesses derive insights from the data generated by digital systems. The company's offerings include the Splunk Platform, which provides real-time data capabilities for collection, indexing, search, analysis, and more. Splunk also offers solutions for cybersecurity, IT operations, and observability, among others. The company sells its products directly and indirectly through various partners.

What is the target price for Splunk?

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