Google’s acquisition of Wiz to strengthen cloud security, says Canaccord

Canaccord analyst Maria Ripps noted Google announced that it has entered into a definitive agreement to acquire cloud security platform Wiz for $32 billion in an all-cash transaction. The firm sees the acquisition as a robust strategic move that should enable Google to offer more holistic security offerings to customers and with its its unique cloud-native capabilities, it should enable Google to capture growth across the cloud security market, accelerating its pace of share gains. Canaccord reiterated its Buy rating and $225 price target on Alphabet (GOOG) shares.