Cisco Systems (NASDAQ:CSCO) posted its quarterly earnings data on Wednesday. The network equipment provider reported $0.78 EPS for the quarter, beating the Zacks’ consensus estimate of $0.77 by $0.01, RTT News reports. Cisco Systems had a net margin of 25.31% and a return on equity of 27.58%. The business had revenue of $12.96 billion for the quarter, compared to analyst estimates of $12.89 billion. During the same quarter last year, the business earned $0.66 earnings per share. The business’s revenue for the quarter was up 4.0% on a year-over-year basis. Cisco Systems updated its Q4 2019 guidance to $0.80-0.82 EPS and its Q4 guidance to $0.80-0.82 EPS.
NASDAQ:CSCO traded up $0.42 during trading hours on Wednesday, reaching $52.44. 27,541,015 shares of the company’s stock were exchanged, compared to its average volume of 20,591,275. The stock has a market capitalization of $247.14 billion, a price-to-earnings ratio of 22.41, a PEG ratio of 2.67 and a beta of 1.21. Cisco Systems has a 12 month low of $40.25 and a 12 month high of $57.53. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.74 and a current ratio of 1.80.
Cisco Systems announced that its Board of Directors has authorized a share buyback program on Wednesday, February 13th that allows the company to buyback $15.00 billion in shares. This buyback authorization allows the network equipment provider to purchase up to 6.5% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its stock is undervalued.
In related news, EVP David Goeckeler sold 30,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $52.07, for a total value of $1,562,100.00. Following the completion of the transaction, the executive vice president now owns 419,439 shares of the company’s stock, valued at approximately $21,840,188.73. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Roderick C. Mcgeary sold 15,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 19th. The stock was sold at an average price of $49.66, for a total transaction of $744,900.00. Following the completion of the transaction, the director now directly owns 102,898 shares of the company’s stock, valued at approximately $5,109,914.68. The disclosure for this sale can be found here. Insiders have sold 115,000 shares of company stock valued at $5,926,000 over the last 90 days. 0.03% of the stock is currently owned by insiders.
Institutional investors have recently bought and sold shares of the stock. Phocas Financial Corp. acquired a new stake in shares of Cisco Systems during the 4th quarter valued at $26,000. Essex Investment Management Co. LLC acquired a new stake in shares of Cisco Systems during the 4th quarter valued at $29,000. Lucia Wealth Services LLC raised its holdings in shares of Cisco Systems by 435.5% during the 1st quarter. Lucia Wealth Services LLC now owns 664 shares of the network equipment provider’s stock valued at $36,000 after purchasing an additional 540 shares in the last quarter. University of Texas Texas AM Investment Managment Co. raised its holdings in shares of Cisco Systems by 132.8% during the 1st quarter. University of Texas Texas AM Investment Managment Co. now owns 859 shares of the network equipment provider’s stock valued at $46,000 after purchasing an additional 490 shares in the last quarter. Finally, Portfolio Solutions LLC bought a new position in shares of Cisco Systems during the 4th quarter valued at $48,000. 69.04% of the stock is owned by hedge funds and other institutional investors.
A number of research firms recently commented on CSCO. KeyCorp raised their price objective on shares of Cisco Systems from $55.00 to $58.00 and gave the company an “overweight” rating in a research note on Monday, March 25th. Goldman Sachs Group lowered shares of Cisco Systems from a “conviction-buy” rating to a “buy” rating and raised their price objective for the company from $58.00 to $62.00 in a research note on Tuesday, April 16th. BidaskClub lowered shares of Cisco Systems from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, May 7th. Jefferies Financial Group raised their price objective on shares of Cisco Systems to $55.00 and gave the company a “buy” rating in a research note on Thursday, February 14th. They noted that the move was a valuation call. Finally, Citigroup raised their price objective on shares of Cisco Systems from $52.00 to $56.00 and gave the company a “buy” rating in a research note on Thursday, February 14th. Six analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company’s stock. Cisco Systems presently has an average rating of “Buy” and a consensus price target of $54.35.
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Cisco Systems Company Profile
Cisco Systems, Inc designs, manufactures, and sells Internet Protocol based networking and other products related to the communications and information technology industry worldwide. The company offers switching products; routing products that interconnect public and private wireline and mobile networks; data center products; and wireless access points for use in voice, video, and data applications.
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