Shares of E-commerce shipping solutions provider Stamps.com (STMP) closed 64% higher on Friday following the news that software investment firm Thoma Bravo signed an agreement to acquire it for nearly $6.6 billion.
Don't Miss Our Christmas Offers:
- Discover the latest stocks recommended by top Wall Street analysts, all in one place with Analyst Top Stocks
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
Stamps.com offers Internet-based shipping and mailing services. As per the terms of the agreement, the company’s shareholders will get $330 per share in cash, which represents a 67% premium over the company’s closing price on July 8.
The Chairman and CEO of Stamps.com, Ken McBride, said, “With the financial and operational support of Thoma Bravo, Stamps.com can continue to innovate and pursue growth opportunities to capture the expanding e-commerce shipping market and extend our position as the leading global multi-carrier e-commerce shipping software company.”
Thoma Bravo is likely to complete the acquisition in the third quarter of the year. (See Stamps.com stock chart on TipRanks)
Maxim Group analyst Allen Klee recently reiterated a Buy rating on the stock with a price target of $378 (16.6% upside potential). The analyst expects the company to report earnings per share (EPS) of $1.86 in the second quarter.
Overall, the stock has a Moderate Buy consensus rating based on 2 Buys. The average Stamps.com price target of $311.50 implies 3.9% downside potential. The company’s shares have gained 59.8% year-to-date.
Related News:
Accenture Concludes Purchase of Linkbynet
Pfizer Seeks U.S. Approval for Vaccine Booster Shot Against Delta Variant – Report
BNY Mellon Strikes Deal to Acquire Milestone Group; Shares Dip 2.3%
