Pankaj Patel Unloads 35,000 Shares of Cisco Systems Stock (CSCO)
Cisco Systems (NASDAQ:CSCO) EVP Pankaj Patel unloaded 35,000 shares of the stock in a transaction dated Tuesday, June 10th. The stock was sold at an average price of $24.95, for a total value of $873,250.00. Following the transaction, the executive vice president now directly owns 657,497 shares of the company’s stock, valued at approximately $16,404,550. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.
Shares of Cisco Systems (NASDAQ:CSCO) traded up 0.16% on Wednesday, hitting $25.04. The stock had a trading volume of 36,173,952 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 $23.87 and its 200-day moving average is $22.50. The company has a market cap of $128.3 billion and a price-to-earnings ratio of 16.87. Cisco Systems also was the recipient of a significant decrease in short interest in the month of May. As of May 30th, there was short interest totalling 65,847,388 shares, a decrease of 13.0% from the May 15th total of 75,663,677 shares. Based on an average daily trading volume, of 36,898,009 shares, the short-interest ratio is presently 1.8 days. Approximately 1.3% of the company’s stock are short sold.
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 $2.04 EPS for the current fiscal year.
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 analysts have rated the stock with a sell rating, ten have assigned a hold rating and twenty-three have given a buy rating to the stock. The stock presently has an average rating of “Buy” and an average 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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