Buckingham Research Initiates Coverage on Cisco Systems (CSCO)
Investment analysts at Buckingham Research began coverage on shares of Cisco Systems (NASDAQ:CSCO) in a note issued to investors on Thursday, TheFlyOnTheWall.com reports. The firm set a “neutral” rating on the stock.
Other equities research analysts have also recently issued reports about the stock. 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, eleven have issued a hold rating and twenty-three have assigned a buy rating to the company. Cisco Systems has an average rating of “Buy” and a consensus target price of $26.23.
Cisco Systems (NASDAQ:CSCO) opened at 24.63 on Thursday. 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 $24.06 and a 200-day moving average of $22.61. The company has a market cap of $126.2 billion and a price-to-earnings ratio of 16.53. Cisco Systems also was the target of a large drop in short interest in May. As of May 30th, there was short interest totalling 65,847,388 shares, a drop 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 days-to-cover ratio is presently 1.8 days. Approximately 1.3% of the shares of the 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.
In other Cisco Systems news, SVP Charles Robbins unloaded 27,858 shares of Cisco Systems stock on the open market in a transaction that occurred on Monday, June 16th. The stock was sold at an average price of $24.51, for a total value of $682,799.58. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.
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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