Cisco Systems (NASDAQ:CSCO)‘s stock had its “buy” rating restated by research analysts at JPMorgan Chase & Co. in a research note issued to investors on Wednesday, Borsen Zeitung reports. They currently have a $60.00 target price on the network equipment provider’s stock. JPMorgan Chase & Co.‘s price target points to a potential upside of 6.82% from the company’s current price.
A number of other equities research analysts also recently weighed in on CSCO. BidaskClub downgraded Cisco Systems from a “buy” rating to a “hold” rating in a report on Tuesday. Zacks Investment Research raised Cisco Systems from a “hold” rating to a “buy” rating and set a $63.00 price objective on the stock in a report on Tuesday, May 21st. William Blair reaffirmed an “outperform” rating on shares of Cisco Systems in a report on Thursday, May 16th. Morgan Stanley lifted their price objective on Cisco Systems from $49.00 to $51.00 and gave the company an “equal weight” rating in a report on Thursday, May 16th. Finally, Piper Jaffray Companies lifted their price objective on Cisco Systems from $52.00 to $58.00 and gave the company an “overweight” rating in a report on Thursday, May 16th. Seven investment analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company. The stock has an average rating of “Buy” and an average target price of $55.92.
CSCO stock opened at $56.17 on Wednesday. Cisco Systems has a twelve month low of $40.25 and a twelve month high of $57.56. The stock has a market cap of $239.12 billion, a P/E ratio of 24.00, a PEG ratio of 2.92 and a beta of 1.21. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.64 and a current ratio of 1.69.
Cisco Systems (NASDAQ:CSCO) last released its earnings results on Wednesday, May 15th. The network equipment provider reported $0.78 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.01. The business 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 29.88% and a net margin of 25.76%. The firm’s revenue for the quarter was up 4.0% compared to the same quarter last year. During the same period last year, the business earned $0.66 earnings per share. On average, sell-side analysts predict that Cisco Systems will post 2.8 earnings per share for the current fiscal year.
In other news, EVP Mark D. Chandler sold 3,750 shares of the business’s stock in a transaction that occurred on Monday, May 20th. The stock was sold at an average price of $55.79, for a total value of $209,212.50. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Kelly A. Kramer sold 70,000 shares of the business’s stock in a transaction that occurred on Thursday, May 30th. The stock was sold at an average price of $53.56, for a total value of $3,749,200.00. Following the completion of the transaction, the chief financial officer now directly owns 349,122 shares in the company, valued at $18,698,974.32. The disclosure for this sale can be found here. Insiders sold a total of 75,129 shares of company stock worth $4,035,554 over the last three months. 0.03% of the stock is owned by company insiders.
Several institutional investors and hedge funds have recently made changes to their positions in the company. Belpointe Asset Management LLC boosted its holdings in shares of Cisco Systems by 8.7% in the 1st quarter. Belpointe Asset Management LLC now owns 40,741 shares of the network equipment provider’s stock worth $2,200,000 after acquiring an additional 3,245 shares in the last quarter. Meridian Wealth Management LLC raised its position in Cisco Systems by 1.2% in the 1st quarter. Meridian Wealth Management LLC now owns 21,018 shares of the network equipment provider’s stock worth $1,135,000 after purchasing an additional 259 shares during the last quarter. Financial Insights Inc. bought a new position in Cisco Systems in the 1st quarter worth approximately $217,000. Princeton Global Asset Management LLC raised its position in Cisco Systems by 16.3% in the 1st quarter. Princeton Global Asset Management LLC now owns 37,850 shares of the network equipment provider’s stock worth $2,043,000 after purchasing an additional 5,316 shares during the last quarter. Finally, Diversified Trust Co raised its position in Cisco Systems by 8.0% in the 1st quarter. Diversified Trust Co now owns 174,358 shares of the network equipment provider’s stock worth $9,414,000 after purchasing an additional 12,957 shares during the last quarter. 74.60% of the stock is currently owned by institutional investors and hedge funds.
About Cisco Systems
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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