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Citigroup Inc. assumed coverage on shares of Cisco Systems (NASDAQ:CSCO) in a research note issued on Wednesday, TheFlyOnTheWall.com reports. The firm set a “sell” rating on the stock.

Shares of Cisco Systems (NASDAQ:CSCO) traded down 0.22% on Wednesday, hitting $22.8099. The stock had a trading volume of 52,616,856 shares. Cisco Systems has a 52-week low of $20.22 and a 52-week high of $26.49. The stock has a 50-day moving average of $22.87 and a 200-day moving average of $22.20. The company has a market cap of $117.5 billion and a P/E ratio of 15.03. Cisco Systems also was the recipient of a large decrease in short interest during 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 trading volume of 31,120,368 shares, the days-to-cover ratio is presently 2.3 days. Approximately 1.4% of the shares of the stock are sold short.

Cisco Systems (NASDAQ:CSCO) last released its earnings data on Wednesday, May 14th. The company reported $0.51 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.48 by $0.03. The company had revenue of $11.50 billion for the quarter, compared to the consensus estimate of $11.38 billion. On average, analysts predict that Cisco Systems will post $1.99 earnings per share for the current fiscal year.

Several other analysts have also recently commented on the stock. 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. Separately, 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. Finally, analysts at Credit Suisse reiterated an “underperform” rating on shares of Cisco Systems in a research note on Monday. They now have a $20.00 price target on the stock. Four analysts have rated the stock with a sell rating, fifteen have given a hold rating and twenty-one have assigned a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $24.31.

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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