If you give the stock a forward market multiple of 14 and take next year's "estimated" earnings of $3.76 X 14 = $52.64. Now we can debate whether or VMW actually deserves a market multiple considering all of their problems, but that's another debate.... In any case $50s seems like a reasonable level to get long if you really like the company. There's no point in buying way up here.
I am actually more interested in Pivotal stocks if they will be offered or not. the question is, if you take all of the bells and whistles out of VMW and put it in to PI, then whats left of VMW ? They really screwed up on their Web Flex vSphere 5.1 front end release. What was meant to be their next generation UI. 1 Yr post release and everyone is still using the Old Desktop client. It will take them another +1year to come out with another new release. Also doesn't help that alot of the key engineers left. All the old timers are leaving left and right.
If there are ex-vmware employees on here they know what I am talking about.