Cisco Systems (CSCO) Announces Quarterly Earnings, Beats Estimates By $0.03 EPS
Cisco Systems (NASDAQ:CSCO) posted its quarterly earnings results on Wednesday. The company reported $0.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.48 by $0.03, AR Network reports. The company had revenue of $11.50 billion for the quarter, compared to the consensus estimate of $11.38 billion.
CSCO has been the subject of a number of recent research reports. Analysts at Citigroup Inc. initiated coverage on shares of Cisco Systems in a research note on Wednesday. They set a “sell” rating on the stock. On the ratings front, analysts at RBC Capital raised their price target on shares of Cisco Systems from $22.00 to $23.00 in a research note on Tuesday. Finally, analysts at MKM Partners raised their price target on shares of Cisco Systems from $24.00 to $26.00 in a research note on Monday. They now have a “neutral” rating on the stock. Four equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and twenty-one have assigned a buy rating to the company’s stock. Cisco Systems presently has a consensus rating of “Hold” and a consensus target price of $24.31.
Shares of Cisco Systems (NASDAQ:CSCO) traded down 0.22% on Wednesday, hitting $22.8099. The stock had a trading volume of 51,947,348 shares. Cisco Systems has a 52-week low of $20.22 and a 52-week high of $26.49. The stock’s 50-day moving average is $22.87 and its 200-day moving average is $22.20. The company has a market cap of $117.5 billion and a price-to-earnings ratio of 15.03. Cisco Systems also saw a significant decrease in short interest in the month of April. As of April 30th, there was short interest totalling 73,104,530 shares, a decrease of 3.2% from the April 15th total of 75,490,266 shares. Based on an average daily volume of 31,120,368 shares, the days-to-cover ratio is currently 2.3 days. Approximately 1.4% of the shares of the company are sold short.
Cisco Systems, Inc (NASDAQ:CSCO) designs, manufactures, and sells Internet protocol (IP)-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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