Cisco Systems Given New $58.00 Price Target at Northland Securities (CSCO)
Investment analysts at Northland Securities raised their target price on shares of Cisco Systems (NASDAQ:CSCO) from $50.00 to $58.00 in a note issued to investors on Friday, American Banking & Market News reports. Northland Securities’ price objective points to a potential upside of 144.01% from the company’s current price.
Cisco Systems (NASDAQ:CSCO) opened at 23.77 on Friday. Cisco Systems has a 1-year low of $16.68 and a 1-year high of $26.49. The stock’s 50-day moving average is $24.37 and its 200-day moving average is $23.43. The company has a market cap of $127.4 billion and a price-to-earnings ratio of 12.78. Cisco Systems also saw some unusual options trading activity on Thursday. Stock investors bought 52,249 call options on the stock. This represents an increase of 168% compared to the typical daily volume of 19,471 call options.
Cisco Systems (NASDAQ:CSCO) last issued its quarterly earnings data on Wednesday, August 14th. The company reported $0.52 earnings per share for the quarter, beating the analysts’ 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 last year, the company posted $0.47 earnings per share. Cisco Systems’s revenue was up 6.2% compared to the same quarter last year. On average, analysts predict that Cisco Systems will post $2.09 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Wednesday, October 23rd. Investors of record on Thursday, October 3rd will be given a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 2.86%. The ex-dividend date of this dividend is Tuesday, October 1st.
Other equities research analysts have also recently issued reports about the stock. Analysts at Northland Capital Partners raised their price target on shares of Cisco Systems (NASDAQ:CSCO) from $50.00 to $58.00 in a research note to investors on Friday. They now have an “outperform” rating 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. Finally, analysts at Cantor Fitzgerald initiated coverage on shares of Cisco Systems (NASDAQ:CSCO) in a research note to investors on Thursday, September 19th. They set a “buy” rating and a $29.50 price target on the stock. Two equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating, twenty-eight have given a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $39.57.
In other Cisco Systems news, Insider Robert Wayne Lloyd sold 973,946 shares of Cisco Systems stock on the open market in a transaction that occurred on Monday, September 16th. The stock was 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 of the company’s stock, valued at approximately $8,513,330. The sale was disclosed in a legal filing 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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