During Tuesday’s Morning trade, Shares of International Business Machines Corp (NYSE:IBM), gained 0.68% to $141.32. The firm opened its current trade at $140.02. The total volume traded for the day is 288,730.00 shares, as compared to its average daily volume of 5.02M shares. The stock is floating in a range of $139.90 $141.50. The stocks hold the market capitalization of $137.13B.
According to news report, IBM (NYSE: IBM) declared that it has attained Gravitant, Inc., a privately held company that develops cloud-based software to enable organizations to easily plan, buy and manage, or broker, software and computing services from multiple suppliers across hybrid clouds. With such capabilities, mixed environments of private and public clouds can start to be integrated and digitally managed as one for greater performance and efficiency.
With the Gravitant solutions everyone from IT managers to authorized employees can review and purchase compute and software services from different suppliers, in addition to compare capabilities and pricing, all through a single, central console. Once purchased, the technology can be offered as a service and managed from the same console for greater efficiency and visibility into how the services are being used.
The reality of enterprise IT is that it is many clouds with many characteristics, whether they be economic, capacity or security, said Martin Jetter, Senior Vice President, Global Technology Services, IBM. Gravitant provides an innovative approach to add choice and simplicity to how enterprises can now manage their environments. It will be a key component as we broaden our hybrid cloud services.
IBM plans to integrate the Gravitant capabilities into the IBM Global Technology Services unit. In addition, IBM Cloud plans to integrate the capabilities into Software-as-a-Service offerings, extending the companys growing hybrid cloud solutions and capabilities.
Short-Term Price Target Update: The mean estimate for the short-term price target for the firm stands at $149.17, according to 18 brokers. The higher price target for IBM is $170.00, while the lower price target is $125.00. In the past 52-weeks, the company shares have declined -14.04% and marked new low $137.33 on Oct 27, 2015.
IBM is the leader in hybrid cloud and enterprise IT services and our technology will advance our clients experiences in addition to bring new capabilities to IBMs base, said Mohammed Farooq, Chairman and CEO, at Gravitant. Together, well be able to assist more enterprises manage their expanding private and public cloud environments.
International Business Machines Corporation provides information technology (IT) products and services worldwide. The company’s Global Technology Services segment provides IT infrastructure and business process services, such as outsourcing, processing, integrated technology, cloud, and technology support.