Cisco Systems Short Interest Up 3.5% in May (CSCO)
Shares of Cisco Systems (NASDAQ:CSCO) were the recipient of a large increase in short interest during 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, ARN reports. Currently, 1.5% of the shares of the stock are sold short. Based on an average trading volume of 40,732,223 shares, the days-to-cover ratio is currently 1.9 days.
In other Cisco Systems news, Director M Michele Burns unloaded 10,000 shares of the stock on the open market in a transaction dated Friday, May 30th. The shares were sold at an average price of $24.68, for a total transaction of $246,800.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link.
A number of analysts have recently weighed in on CSCO shares. Analysts at Deutsche Bank upgraded shares of Cisco Systems from a “hold” rating to a “buy” rating in a research note on Tuesday, May 27th. 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 equities research analysts have rated the stock with a sell rating, ten have given a hold rating and twenty-three have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $26.20.
Cisco Systems (NASDAQ:CSCO) opened at 24.62 on Monday. 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 (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. During the same quarter in the prior year, the company posted $0.51 earnings per share. The company’s quarterly revenue was down 5.5% on a year-over-year basis. Analysts expect that Cisco Systems will post $2.04 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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