Insider Selling: Cisco Systems EVP Unloads 90,000 Shares of Stock (CSCO)
Cisco Systems (NASDAQ:CSCO) EVP Pankaj Patel unloaded 90,000 shares of the company’s stock in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $24.59, for a total value of $2,213,100.00. Following the completion of the transaction, the executive vice president now directly owns 582,497 shares of the company’s stock, valued at approximately $14,323,601. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.
A number of analysts have recently weighed in on CSCO shares. Analysts at Morgan Stanley initiated coverage on shares of Cisco Systems in a research note on Wednesday. They set an “overweight” rating and a $30.00 price target on the stock. Separately, 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. Finally, 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. Three investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and twenty-four have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $26.31.
Cisco Systems (NASDAQ:CSCO) traded up 0.53% on Wednesday, hitting $24.63. The stock had a trading volume of 24,723,704 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 $24.04 and its 200-day moving average is $22.60. The company has a market cap of $126.2 billion and a P/E ratio of 16.53. Cisco Systems also saw a significant decline in short interest in 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 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 for the quarter, beating the analysts’ 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 last year, the company posted $0.51 earnings per share. Cisco Systems’s revenue was down 5.5% compared to the same quarter last year. On average, analysts predict that Cisco Systems will post $2.04 earnings per share 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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