NEW YORK (TheStreet) -- Cisco Systems (CSCO) - Get Report stock is up by 1.57% to $26.59 in mid-morning trading on Tuesday, after the company announced it was buying CliQr Technologies for $260 million.
The technology company announced on Monday that it is acquiring the hybrid cloud management company based in San Jose, CA. The acquisition will allow Cisco customers to simplify their hybrid cloud deployments, Cisco said in a statement.
The deal is expected to close during the 2016 third quarter.
"With CliQr, Cisco will be able to help our customers realize the promise of the cloud and easily manage the lifecycle of their applications on any hybrid cloud environment," Rob Salvagno, VP of Cisco corporate development, said in a statement.
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Separately, recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
TheStreet Ratings rates this stock as a "buy" with a ratings score of B. This is driven by a few notable strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its notable return on equity, attractive valuation levels, expanding profit margins, good cash flow from operations and impressive record of earnings per share growth. We feel its strengths outweigh the fact that the company has had lackluster performance in the stock itself.
You can view the full analysis from the report here: CSCO