A Stock to Watch: EMC Corporation (NYSE:EMC)

[Zacks] EMC Corporation (NYSE:EMC) recently agreed to buy cloud-computing startup, CloudScaling Group Inc. Per Bloomberg, EMC is paying approximately $50 million for CloudScaling. EMC is all set to hold a cloud event on Oct 28, 2014, where other details regarding the deal will be revealed. Founded in 2006, San Francisco-based Cloudscaling helps companies to manage their cloud networks using OpenStack software.Stock PerformanceTaking a look at the company’s recent performance, EMC Corporation (EMC) reported second quarter earnings for fiscal year 2014 on july 23^rd 2014. The company reported actual earnings per share of $0.43 against the consensus Street estimate of $0.96. This represents year over year growth of 2.33%. EMC posted revenue of $5.90 billion against estimates of $160.80million.EMC Corporation (EMC) is currently valued at $54.45 billion and closed the last trading session at $27.11. The stock has a 50-day moving average of $29.49 and a 200-day moving average of $27.62.

Is this a Buying Opportunity?There are currently eighteen analysts that we track that cover the stock. Of those eighteen, fifteen have Buy rating and three have a hold rating. On a consensus basis this yields a score of 2.94 and a Buy. The combined price objective of these covering analysts is $31.80, which represents a 10.30% upside difference to the last closing price.The most recent analyst activity consisted of Oppenheimerboost price their outperform stance of the company. On the date of the report, the stock closed at $28.83.Another research firm weighing in recently was Macquarie who Reiterated their neutral Coverage on the stock. On July 23^rd 2014 Macquarie upgraded their price target on the stock $28.00, to $32.00 a 11% upside to the current price. On the day of the report, EMC shares closed at $28.75.Company Profile EMC Corporation develops, delivers, and supports information infrastructure and virtual infrastructure technologies, solutions, and services. It operates in three segments: Information Storage, Information Intelligence Group, and RSA Information Security. The company offers enterprise storage systems and software deployed in storage area networks (SAN), networked attached storage (NAS), unified storage combining NAS and SAN, object storage, and/or direct attached storage environments, as well as provides backup and recovery, disaster recovery, and archiving solutions. It also offers information security solutions that are engineered to combine agile controls for identity assurance, fraud detection, and data protection, as well as security analytics and GRC capabilities; and expert consulting and advisory services. In addition, the company provides information intelligence software etc.