Evercore ISI analysts downgraded Splunk (NASDAQ:SPLK) from an Outperform rating to an In-Line rating while keeping their price target for the stock at $157.00. This adjustment reflects the company’s impending acquisition by Cisco.
In late September, Cisco announced its plans to acquire Splunk for $157 per share. Upon the completion of the acquisition, Gary Steele, President, and CEO of Splunk, will join Cisco’s Executive Leadership Team and report to Chairman and CEO Chuck Robbins. Currently, the stock is trading approximately 6.5% below the acquisition price of $157 per share.