Insider Selling: Cisco Systems Director Unloads 10,000 Shares of Stock (CSCO)
Cisco Systems (NASDAQ:CSCO) Director M Michele Burns sold 10,000 shares of Cisco Systems stock on the open market in a transaction that occurred on Friday, May 30th. The stock was sold at an average price of $24.68, for a total transaction of $246,800.00. Following the completion of the transaction, the director now directly owns 59,864 shares of the company’s stock, valued at approximately $1,477,444. The sale was disclosed in a document filed with the SEC, which can be accessed through this link.
Shares of Cisco Systems (NASDAQ:CSCO) traded down 0.24% during mid-day trading on Friday, hitting $24.62. 29,381,576 shares of the company’s stock traded hands. Cisco Systems has a 1-year low of $20.22 and a 1-year high of $26.49. The stock has a 50-day moving average of $23.47 and a 200-day moving average of $22.34. The company has a market cap of $126.1 billion and a P/E ratio of 16.65. Cisco Systems also was the recipient of a large increase in short interest in the month of May. As of May 15th, there was short interest totalling 75,663,677 shares, an increase of 3.5% from the April 30th total of 73,104,530 shares. Based on an average daily trading volume, of 40,732,223 shares, the short-interest ratio is presently 1.9 days. Approximately 1.5% of the company’s shares are sold short.
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 $2.04 earnings per share for the current fiscal year.
CSCO has been the subject of a number of recent research reports. Analysts at Deutsche Bank upgraded shares of Cisco Systems from a “hold” rating to a “buy” rating in a research note on Tuesday. They now have a $30.00 price target on the stock, up previously from $25.00. Separately, analysts at ISI Group reiterated a “buy” rating on shares of Cisco Systems in a research note on Wednesday, May 21st. They now have a $28.00 price target on the stock, up previously from $25.00. Finally, analysts at Stifel Nicolaus raised their price target on shares of Cisco Systems from $25.00 to $28.00 in a research note on Wednesday, May 21st. They now have a “buy” rating on the stock. Three investment analysts have rated the stock with a sell rating, ten have issued a hold rating and twenty-three have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $26.20.
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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