Oppenheimer Boosts Cisco Systems (NASDAQ:CSCO) Price Target to $58.00

Cisco Systems (NASDAQ:CSCO) had its target price boosted by investment analysts at Oppenheimer from $54.00 to $58.00 in a research note issued to investors on Thursday, Benzinga reports. The firm presently has an “outperform” rating on the network equipment provider’s stock. Oppenheimer’s price objective indicates a potential upside of 17.96% from the company’s current price.

A number of other equities analysts have also recently issued reports on CSCO. JPMorgan Chase & Co. initiated coverage on shares of Cisco Systems in a research report on Monday, April 22nd. They set a “neutral” rating and a $53.00 price objective for the company. Citigroup started coverage on Cisco Systems in a report on Friday, April 12th. They set a “neutral” rating and a $52.00 target price on the stock. Piper Sandler reaffirmed a “neutral” rating and issued a $52.00 price objective (up from $51.00) on shares of Cisco Systems in a research note on Thursday. Bank of America upgraded shares of Cisco Systems from a “neutral” rating to a “buy” rating and boosted their target price for the company from $55.00 to $60.00 in a report on Monday, April 15th. Finally, StockNews.com upgraded Cisco Systems from a “hold” rating to a “buy” rating in a report on Monday. One equities research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $56.08.

Cisco Systems Price Performance

Shares of NASDAQ CSCO traded down $0.50 during trading hours on Thursday, hitting $49.17. 12,743,012 shares of the stock were exchanged, compared to its average volume of 18,926,131. The company’s fifty day simple moving average is $48.73 and its two-hundred day simple moving average is $49.56. The company has a market cap of $199.10 billion, a PE ratio of 14.96, a price-to-earnings-growth ratio of 2.81 and a beta of 0.87. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.26 and a current ratio of 1.37. Cisco Systems has a 1-year low of $45.70 and a 1-year high of $58.19.

Cisco Systems (NASDAQ:CSCO) last issued its earnings results on Wednesday, May 15th. The network equipment provider reported $0.88 earnings per share for the quarter, beating analysts’ consensus estimates of $0.70 by $0.18. Cisco Systems had a return on equity of 33.01% and a net margin of 23.49%. The firm had revenue of $12.70 billion for the quarter, compared to the consensus estimate of $12.53 billion. During the same quarter last year, the business posted $0.88 EPS. The company’s revenue was down 12.8% compared to the same quarter last year. On average, sell-side analysts predict that Cisco Systems will post 3.13 EPS for the current year.

Insiders Place Their Bets

In other news, SVP Maria Victoria Wong sold 2,497 shares of the firm’s stock in a transaction on Wednesday, March 13th. The stock was sold at an average price of $50.00, for a total transaction of $124,850.00. Following the completion of the sale, the senior vice president now directly owns 58,121 shares of the company’s stock, valued at approximately $2,906,050. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, SVP Maria Victoria Wong sold 2,497 shares of the stock in a transaction dated Wednesday, March 13th. The shares were sold at an average price of $50.00, for a total transaction of $124,850.00. Following the completion of the transaction, the senior vice president now owns 58,121 shares in the company, valued at $2,906,050. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Richard Scott Herren sold 13,942 shares of Cisco Systems stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $50.00, for a total transaction of $697,100.00. Following the completion of the sale, the chief financial officer now directly owns 328,491 shares in the company, valued at approximately $16,424,550. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 19,441 shares of company stock valued at $972,080. Insiders own 0.02% of the company’s stock.

Hedge Funds Weigh In On Cisco Systems

Several institutional investors and hedge funds have recently bought and sold shares of CSCO. Wealthspire Advisors LLC increased its holdings in Cisco Systems by 48.1% in the 3rd quarter. Wealthspire Advisors LLC now owns 71,385 shares of the network equipment provider’s stock worth $3,838,000 after acquiring an additional 23,194 shares during the last quarter. Roble Belko & Company Inc increased its stake in shares of Cisco Systems by 77.1% in the fourth quarter. Roble Belko & Company Inc now owns 6,405 shares of the network equipment provider’s stock worth $324,000 after purchasing an additional 2,788 shares in the last quarter. HBK Sorce Advisory LLC lifted its stake in shares of Cisco Systems by 0.5% during the 3rd quarter. HBK Sorce Advisory LLC now owns 64,136 shares of the network equipment provider’s stock valued at $3,448,000 after buying an additional 301 shares in the last quarter. Louisiana State Employees Retirement System bought a new position in Cisco Systems in the 4th quarter worth approximately $28,685,000. Finally, Adage Capital Partners GP L.L.C. grew its stake in Cisco Systems by 1.1% in the 3rd quarter. Adage Capital Partners GP L.L.C. now owns 4,470,521 shares of the network equipment provider’s stock valued at $240,335,000 after buying an additional 49,700 shares in the last quarter. 73.33% of the stock is 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 in the Americas, Europe, the Middle East, Africa, the Asia Pacific, Japan, and China. The company also offers switching portfolio encompasses campus switching as well as data center switching; enterprise routing portfolio interconnects public and private wireline and mobile networks, delivering highly secure, and reliable connectivity to campus, data center and branch networks; wireless products include wireless access points and controllers; and compute portfolio including the cisco unified computing system, hyperflex, and software management capabilities, which combine computing, networking, and storage infrastructure management and virtualization.