Cisco Systems Price Target Raised to $26.00 at Piper Jaffray (CSCO)
Equities research analysts at Piper Jaffray boosted their target price on shares of Cisco Systems (NASDAQ:CSCO) from $24.00 to $26.00 in a research note issued to investors on Thursday, American Banking and Market News reports. Piper Jaffray’s target price would indicate a potential upside of 13.99% from the stock’s previous close.
Cisco Systems (NASDAQ:CSCO) traded up 7.96% during mid-day trading on Thursday, hitting $24.625. 59,590,080 shares of the company’s stock traded hands. Cisco Systems has a one year low of $20.22 and a one year high of $26.49. The stock’s 50-day moving average is $22.92 and its 200-day moving average is $22.20. The company has a market cap of $126.9 billion and a P/E ratio of 15.00. Cisco Systems also was the recipient of a significant drop in short interest during the month of April. As of April 30th, there was short interest totalling 73,104,530 shares, a drop of 3.2% from the April 15th total of 75,490,266 shares. Currently, 1.4% of the company’s shares are short sold. Based on an average daily volume of 31,120,368 shares, the short-interest ratio is presently 2.3 days.
Cisco Systems (NASDAQ:CSCO) last announced its earnings results on Wednesday, May 14th. The company reported $0.51 earnings per share (EPS) for the quarter, beating the 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. 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 5.5% on a year-over-year basis. 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 Pacific Crest raised their price target on shares of Cisco Systems from $25.00 to $26.00 in a research note on Thursday. Separately, analysts at Deutsche Bank raised their price target on shares of Cisco Systems from $24.00 to $25.00 in a research note on Thursday. Finally, analysts at BMO Capital Markets raised their price target on shares of Cisco Systems from $25.00 to $27.00 in a research note on Thursday. Four research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and eighteen have assigned a buy rating to the stock. Cisco Systems presently has a consensus rating of “Hold” and an average target price of $25.46.
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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