Multinational technology company Cisco (CSCO) recently announced that it has completed the acquisition of event technology platform Socio Labs, Inc. The financials of the deal have not been disclosed so far.
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Following the news release, shares of the company appreciated marginally to close at $53.43 in Thursday’s extended trading session.
Post the buyout, Socio Labs will become a part of Cisco’s Webex cohort. The addition is expected to be beneficial to Cisco in terms of customizable and inclusive offerings. Notably, access to actionable data insights on customers can aid Cisco to further enhance offerings in the future.
Executive Vice-President and General Manager at Cisco Jeetu Patel said, “The acquisition of Socio Labs is another example of how Cisco is rapidly addressing the evolving needs of our Webex customers and continuing to execute on our vision of providing the most seamless, inclusive, engaging and intelligent platform for meetings and events.” (See Cisco stock chart on TipRanks)
Recently, UBS analyst John Roy reiterated a Hold rating on the stock. The analyst, however, raised the price target from $45 to $52, implying downside potential of 2.4% from current levels.
The stock has a Moderate Buy consensus rating based on 12 Buys and 8 Holds. The average Cisco price target of $56 implies upside potential of 5.1% from current levels.
Cisco scores a “Perfect 10” from TipRanks’ Smart Score rating system, indicating that the stock has strong potential to outperform market expectations. Shares have gained about 14.1% over the past year.
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