Pacific Crest Increases Cisco Systems Price Target to $26.00 (CSCO)
Equities researchers at Pacific Crest hoisted their price target on shares of Cisco Systems (NASDAQ:CSCO) from $25.00 to $26.00 in a research report issued on Thursday, Analyst Ratings Network.com reports. Pacific Crest’s price objective indicates a potential upside of 13.99% from the stock’s previous close.
A number of other analysts have also recently weighed in on CSCO. 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. Separately, 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. Finally, analysts at Bank of America reiterated a “buy” rating on shares of Cisco Systems in a research note on Thursday. They now have a $28.00 price target on the stock, up previously from $25.00. Four research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and eighteen have given a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $25.46.
Shares of Cisco Systems (NASDAQ:CSCO) traded up 8.02% on Thursday, hitting $24.64. The stock had a trading volume of 59,701,456 shares. Cisco Systems has a 1-year low of $20.22 and a 1-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 price-to-earnings ratio of 15.00. 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 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 stock are sold short.
Cisco Systems (NASDAQ:CSCO) last released its earnings data 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. Analysts expect that Cisco Systems will post $1.99 EPS for the current fiscal year.
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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