Dan Nathan, co-founder and editor of riskreversal.com, said a lot of acquisitions have been made lately for unprofitable companies that only have a lot of users. He added the M&A activity seems to have raised the value of initial public offerings as well.
Tim Seymour, managing partner of Triogem Asset Management, said Google doesn't appear to have a problem with growth and still trades at a reasonable valuation. He added the companies that are acquiring other companies to "reinvent themselves," unlike Google, are the ones that are in trouble.
Karen Finerman, president of Metropolitan Capital Advisors, said she likes Google's acquisition of Twitch, which could complement YouTube, another one of Google's assets.
Guy Adami, managing director of stockmonster.com, expressed concern that all of the recent M&A activity may be marking a "top" in the stock market.
Steven Milunovich, managing director and IT hardware analyst at UBS, said the rumored deal by Apple (AAPL) for Beats Electronics is "okay." It allows the company to broaden its reach to consumers through different products. He called Apple a technology company and a "brand" play, referencing Nike (NKE) as an example of branding power. He has a buy rating on Apple with a $625 price target.
Nathan said he would not "chase" the stock, although the 7-for-1 stock split and coming Worldwide Developers Conference should boost shares of Apple. He argued that expectations for its next earnings report may be tough to top.
Seymour said he is not long Apple but is looking to buy on a pullback. He liked the valuation.
Urban Outfitters (URBN) "better hold" the $35 level, Adami said. Otherwise the stock is on its way back to $30.
CNBC's Josh Lipton was a guest on the show, discussing GoPro's IPO filing. He pointed out that net income and revenue has doubled in the past year. CEO Nick Woodman has also indicated GoPro's footage may be considered media content and therefore, another business opportunity for the company.