Cisco Systems EVP Sells $2,492,000 in Stock (CSCO)
Cisco Systems (NASDAQ:CSCO) EVP Pankaj Patel unloaded 100,000 shares of the stock on the open market in a transaction dated Wednesday, August 6th. The stock was sold at an average price of $24.92, for a total transaction of $2,492,000.00. Following the completion of the sale, the executive vice president now directly owns 583,633 shares of the company’s stock, valued at approximately $14,544,134. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.
Several analysts have recently commented on the stock. Analysts at Robert W. Baird raised their price target on shares of Cisco Systems from $27.00 to $29.00 in a research note on Tuesday. They now have an “outperform” rating on the stock. Separately, analysts at Pacific Crest downgraded shares of Cisco Systems from an “outperform” rating to a “sector perform” rating in a research note on Monday, July 28th. They now have a $26.00 price target on the stock. Finally, analysts at RBC Capital raised their price target on shares of Cisco Systems from $24.00 to $28.00 in a research note on Monday, July 21st. They now have an “outperform” rating on the stock. Three investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and twenty-one have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $26.51.
Cisco Systems (NASDAQ:CSCO) traded up 0.68% on Friday, hitting $25.03. 21,655,828 shares of the company’s stock traded hands. Cisco Systems has a 52-week low of $20.22 and a 52-week high of $26.48. The stock’s 50-day moving average is $25.26 and its 200-day moving average is $23.51. The company has a market cap of $128.2 billion and a P/E ratio of 16.77.
Cisco Systems (NASDAQ:CSCO) last issued its quarterly 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.
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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