Zacks Reiterates Neutral Rating for Cisco Systems (CSCO)
Cisco Systems (NASDAQ:CSCO)‘s stock had its “neutral” rating reiterated by Zacks in a research note issued to investors on Thursday, AnalystRatings.NET reports. They currently have a $24.00 target price on the stock. Zacks‘ price target points to a potential upside of 5.45% from the stock’s previous close.
Zacks‘ analyst wrote, “Cisco Systems is the leading provider of IP-based networking and other products. The company’s second-quarter earnings beat the Zacks Consensus Estimate by a penny. However, management provided a weak forward sales guidance. Despite a sluggish macro-environment and increasing competition, we are positive about the company’s market position, innovative prowess, product range, growth initiatives and dividend payout. Additionally, overall growth prospects remain positive because of the drive toward cloud computing and increasing data flow on carrier and computing networks. Given these factors and the reasonable valuation, we are reiterating our Neutral recommendation on CSCO shares. “
Cisco Systems (NASDAQ:CSCO) traded down 3.94% during mid-day trading on Thursday, hitting $21.95. 81,168,064 shares of the company’s stock traded hands. Cisco Systems has a 1-year low of $19.98 and a 1-year high of $26.49. The stock has a 50-day moving average of $22.26 and a 200-day moving average of $22.9. The company has a market cap of $117.4 billion and a price-to-earnings ratio of 12.43. Cisco Systems also saw unusually large options trading on Wednesday. Traders bought 233,965 call options on the company. This is an increase of 414% compared to the average volume of 45,514 call options.
Cisco Systems (NASDAQ:CSCO) last released its earnings data on Wednesday, February 12th. The company reported $0.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.46 by $0.01. The company had revenue of $11.16 billion for the quarter, compared to the consensus estimate of $11.03 billion. During the same quarter in the previous year, the company posted $0.51 earnings per share. The company’s revenue for the quarter was down 7.8% on a year-over-year basis. On average, analysts predict that Cisco Systems will post $1.98 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Wednesday, April 23rd. Stockholders of record on Thursday, April 3rd will be given a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a yield of 3.34%.
A number of other firms have also recently commented on CSCO. Analysts at MKM Partners raised their price target on shares of Cisco Systems from $20.00 to $24.00 in a research note on Thursday. They now have a “neutral” rating on the stock. Separately, analysts at TheStreet reiterated a “buy” rating on shares of Cisco Systems in a research note on Tuesday. Finally, analysts at Sterne Agee reiterated a “buy” rating on shares of Cisco Systems in a research note on Tuesday. They now have a $21.00 price target on the stock, down previously from $25.00. Three equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating and twenty-eight have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $24.90.
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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