PFPT - Proofpoint acquisition will kick off 'massive' software M&A spree says Wedbush

Wedbush analyst Daniel Ives says Proofpoint's (PFPT) decision to be acquired by Thoma Bravo for $176 per share was a "smart move" with the "very attractive offer" carrying a premium.Ives: "In this cyber security arms race and with $500 billion of dry powder among PE/financial buyers and strategic players we expect a massive M&A spree in the software and cyber security space over the next 12 to 18 months."Ives views Microsoft's recent Nuance "marriage" and the PFPT deal "as just the tip of the icebuerg around a broader M&A spree in the tech landscape for the remainder of 2021."Ives doesn't expect another bidder for Proofpoint or any regulatory hurdles for the Thoma Bravo deal.Wedbush maintains an Outperform rating and $150 price target on Proofpoint.More analyst commentary: Truist says the "transaction represents continuing momentum in the cybersecurity space" and sees the deal as favorable for Proofpoint shareholders receiving a "solid premium" and Thoma

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Proofpoint acquisition will kick off 'massive' software M&A spree, says Wedbush