Why Cloudera Is Trading Higher Today

Cloudera Inc (NYSE: CLDR) stock is trading higher Monday morning after the company reported better-than-expected earnings and announced it will be acquired for $5.3 billion.

What Happened: Cloudera reported first-quarter earnings of 12 cents per share, which beat the estimate of 8 cents per share. The company reported quarterly revenue of $224.28 million, which beat the estimate of $218.83 million. 

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"Our strong fiscal first quarter results reflect continued CDP momentum and customer enthusiasm for our market leading hybrid multi-cloud solution-set. We are also pleased to announce our transaction with CD&R and KKR," CEO Rob Bearden said in a statement. 

Cloudera announced that it entered into a definitive agreement to be acquired by affiliates of Clayton, Dubilier & Rice and KKR in an all-cash transaction of $5.3 billion.

The transaction is expected to close in the second half of 2021 and will result in Cloudera becoming a private company.

Related Link: Cloudera Enters into Definitive Agreement to be Acquired by Clayton, Dubilier & Rice and KKR for $5.3 Billion

Cloudera also announced that it agreed to acquire Datacoral and Cazena in two separate transactions.

CLDR Price Action: Cloudera traded as high as $19.35 and as low as $9.34 over a 52-week period. 

At last check Tuesday, the stock was up 24.11% in premarket trading at $15.96.