Cisco Systems Sees Large Increase in Short Interest (CSCO)
Shares of Cisco Systems (NASDAQ:CSCO) were the target of a large growth in short interest in the month of July. As of July 31st, there was short interest totalling 72,138,151 shares, a growth of 2.1% from the July 15th total of 70,622,550 shares, American Banking and Market News reports. Based on an average daily trading volume, of 27,406,975 shares, the days-to-cover ratio is presently 2.6 days. Currently, 1.4% of the shares of the stock are short sold.
In other Cisco Systems news, EVP Pankaj Patel sold 100,000 shares of Cisco Systems stock in a transaction dated Wednesday, August 6th. The shares were sold at an average price of $24.92, for a total value of $2,492,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.
CSCO has been the subject of a number of recent research reports. Analysts at Citigroup Inc. reiterated a “sell” rating on shares of Cisco Systems in a research note on Monday. They now have a $20.50 price target on the stock, up previously from $18.00. Separately, 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, August 5th. They now have an “outperform” rating on the stock. Finally, 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. Three analysts have rated the stock with a sell rating, eleven have assigned a hold rating and twenty-one have assigned a buy rating to the stock. The company has an average rating of “Buy” and an average price target of $26.35.
Shares of Cisco Systems (NASDAQ:CSCO) opened at 25.23 on Tuesday. Cisco Systems has a one year low of $20.22 and a one year high of $26.48. The stock’s 50-day moving average is $25.30 and its 200-day moving average is $23.55. The company has a market cap of $129.2 billion and a price-to-earnings ratio of 16.89.
Cisco Systems (NASDAQ:CSCO) last posted its quarterly earnings results 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. 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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