Credit Suisse Initiates Coverage on Cisco Systems (CSCO)
Equities researchers at Credit Suisse initiated coverage on shares of Cisco Systems (NASDAQ:CSCO) in a research report issued on Wednesday, TheFlyOnTheWall.com reports. The firm set an “underperform” rating and a $21.00 price target on the stock. Credit Suisse’s price objective would suggest a potential downside of 15.31% from the company’s current price.
The analysts wrote, “Over the past year, Cisco has seen the benefits of improving execution, gross margin stability, and increased capital redeployment, all of which are to be applauded. However, the impact on the networking market from Software Defined Networking (SDN) architectures should be very real and accelerate over time, leading to further margin compression. We initiate with an Underperform rating and a target price of $21.”
Other equities research analysts have also recently issued reports about the stock. Analysts at Lazard Capital Markets reiterated a “neutral” rating on shares of Cisco Systems (NASDAQ:CSCO) in a research note to investors on Tuesday, September 10th. They now have a $415.00 price target on the stock. Separately, analysts at TheStreet reiterated a “buy” rating on shares of Cisco Systems (NASDAQ:CSCO) in a research note to investors on Tuesday, September 10th. Finally, analysts at Thomson Reuters/Verus downgraded shares of Cisco Systems (NASDAQ:CSCO) from a “buy” rating to a “hold” rating in a research note to investors on Monday, September 2nd.
Two analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, twenty-eight have issued a buy rating and one has given a strong buy rating to the company. Cisco Systems has a consensus rating of “Buy” and a consensus price target of $37.74.
Shares of Cisco Systems (NASDAQ:CSCO) traded down 0.78% during mid-day trading on Wednesday, hitting $24.601. The stock had a trading volume of 25,353,244 shares. Cisco Systems has a 52-week low of $16.68 and a 52-week high of $26.49. The stock has a 50-day moving average of $24.67 and a 200-day moving average of $23.3. The company has a market cap of $131.9 billion and a P/E ratio of 13.33.
Cisco Systems (NASDAQ:CSCO) last posted its quarterly earnings results on Wednesday, August 14th. The company reported $0.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.51 by $0.01. The company had revenue of $12.40 billion for the quarter, compared to the consensus estimate of $12.40 billion. During the same quarter in the prior year, the company posted $0.47 earnings per share. The company’s quarterly revenue was up 6.2% on a year-over-year basis. Analysts expect that Cisco Systems will post $2.09 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Wednesday, October 23rd. Investors of record on Thursday, October 3rd will be paid a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 2.74%. The ex-dividend date is Tuesday, October 1st.
In other Cisco Systems news, Insider Robert Wayne Lloyd sold 973,946 shares of the stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $24.39, for a total transaction of $23,754,542.94. Following the completion of the sale, the insider now directly owns 349,050 shares in the company. The sale was disclosed in a document filed with the SEC, which can be accessed through this link.
Cisco Systems, Inc designs, manufactures, and sells Internet protocol (NASDAQ:CSCO)-based networking and other products related to the communications and information technology (IT) industry and provide services associated with these products and their use.
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