Cisco Systems (NASDAQ:CSCO) had its target price boosted by Piper Jaffray Companies from $52.00 to $58.00 in a research report report published on Thursday morning, The Fly reports. They currently have an overweight rating on the network equipment provider’s stock.
Several other equities research analysts have also recently weighed in on CSCO. Wells Fargo & Co reiterated an outperform rating and issued a $57.00 target price (up from $52.00) on shares of Cisco Systems in a report on Wednesday, February 13th. Oppenheimer upped their target price on Cisco Systems from $52.00 to $60.00 and gave the stock an outperform rating in a report on Friday, April 26th. Credit Suisse Group set a $44.00 target price on Cisco Systems and gave the stock a hold rating in a report on Wednesday, January 16th. KeyCorp upped their target price on Cisco Systems from $53.00 to $55.00 and gave the stock an overweight rating in a report on Thursday, February 14th. Finally, BidaskClub cut Cisco Systems from a strong-buy rating to a buy rating in a report on Tuesday, May 7th. Six analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company’s stock. The company currently has a consensus rating of Buy and a consensus target price of $55.26.
Shares of NASDAQ CSCO traded up $0.83 during trading hours on Thursday, hitting $56.76. 1,577,317 shares of the company traded hands, compared to its average volume of 19,828,814. The company has a market cap of $252.63 billion, a P/E ratio of 24.28, a P/E/G ratio of 2.73 and a beta of 1.21. 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 has a 12 month low of $40.25 and a 12 month high of $57.53.
Cisco Systems (NASDAQ:CSCO) last announced its quarterly earnings data on Wednesday, May 15th. The network equipment provider reported $0.78 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.77 by $0.01. The company had revenue of $12.96 billion for the quarter, compared to the consensus estimate of $12.89 billion. Cisco Systems had a return on equity of 28.86% and a net margin of 25.76%. Cisco Systems’s quarterly revenue was up 4.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.66 EPS. As a group, equities analysts predict that Cisco Systems will post 2.75 EPS for the current year.
Cisco Systems announced that its Board of Directors has authorized a share repurchase program on Wednesday, February 13th that authorizes the company to buyback $15.00 billion in shares. This buyback authorization authorizes the network equipment provider to repurchase up to 6.5% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.
In related news, Director Roderick C. Mcgeary sold 15,000 shares of the company’s stock in a transaction dated Tuesday, February 19th. The stock was sold at an average price of $49.66, for a total transaction of $744,900.00. Following the transaction, the director now directly owns 102,898 shares of the company’s stock, valued at approximately $5,109,914.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Kelly A. Kramer sold 70,000 shares of the company’s stock in a transaction dated Thursday, February 28th. The shares were sold at an average price of $51.70, for a total value of $3,619,000.00. Following the transaction, the chief financial officer now directly owns 420,696 shares in the company, valued at $21,749,983.20. The disclosure for this sale can be found here. Insiders have sold a total of 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 company insiders.
Large investors have recently made changes to their positions in the stock. Phocas Financial Corp. acquired a new position in shares of Cisco Systems in the fourth quarter valued at about $26,000. Stone House Investment Management LLC acquired a new position in shares of Cisco Systems in the first quarter valued at about $27,000. Essex Investment Management Co. LLC acquired a new position in shares of Cisco Systems in the fourth quarter valued at about $29,000. Horan Securities Inc. increased its holdings in shares of Cisco Systems by 663.0% in the fourth quarter. Horan Securities Inc. now owns 763 shares of the network equipment provider’s stock valued at $33,000 after purchasing an additional 663 shares during the period. Finally, Lucia Wealth Services LLC increased its holdings in shares of Cisco Systems by 435.5% in the first 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 during the period. 69.04% of the stock is currently owned by institutional investors.
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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