![]() Investors seeking out even more of the most recent stock market stories for today will want to stick around! SPLK stock is up 20.9% as of Thursday morning. For comparison, its daily average trading volume is closer to 1.6 million shares. As of this writing, more than 9 million shares of the company’s stock have changed hands. With today’s announcement, shares of SPLK stock are seeing heavy trading volume. This will see him report directly to Cisco chairman and CEO Chuck Robbins. “Uniting with Cisco represents the next phase of Splunk’s growth journey, accelerating our mission to help organizations worldwide become more resilient, while delivering immediate and compelling value to our shareholders.”įollowing the acquisition deal, Steele will join the executive leadership team at Cisco. Gary Steele, president and CEO of Splunk, said the following about the deal with Cisco: The company also expects it to be accretive to adjusted EPS in the second year after it is completed. That has it valuing shares of SPLK at $157 each, which represents a roughly 31.3% premium over its prior closing price.Ĭisco notes that its acquisition of Splunk will be cash flow positive and gross margin accretive in the fiscal first year following the closure of the deal. This is massive news for holders of SPLK stock, as Cisco intends to pay $28 billion in cash for the company. Splunk (NASDAQ: SPLK) stock is soaring higher on Thursday following news of an acquisition deal with Cisco (NASDAQ: CSCO).
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