Cisco Systems EVP Pankaj Patel Sells 35,865 Shares (CSCO)
Cisco Systems (NASDAQ:CSCO) EVP Pankaj Patel unloaded 35,865 shares of Cisco Systems stock in a transaction that occurred on Friday, June 13th. The shares were sold at an average price of $24.70, for a total transaction of $885,865.50. Following the completion of the sale, the executive vice president now directly owns 582,497 shares of the company’s stock, valued at approximately $14,387,676. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.
Cisco Systems (NASDAQ:CSCO) traded up 0.16% during mid-day trading on Friday, hitting $24.70. 20,947,626 shares of the company’s stock traded hands. Cisco Systems has a 52-week low of $20.22 and a 52-week high of $26.49. The stock’s 50-day moving average is $23.94 and its 200-day moving average is $22.53. The company has a market cap of $126.5 billion and a price-to-earnings ratio of 16.64. Cisco Systems also was the recipient of a large decline in short interest during the month of May. As of May 30th, there was short interest totalling 65,847,388 shares, a decline of 13.0% from the May 15th total of 75,663,677 shares. Based on an average daily volume of 36,898,009 shares, the days-to-cover ratio is presently 1.8 days. Currently, 1.3% of the company’s stock are short sold.
Cisco Systems (NASDAQ:CSCO) last posted its quarterly earnings results 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.
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 research analysts have rated the stock with a sell rating, ten have issued a hold rating and twenty-three have issued a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price 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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