Zacks Reiterates “Neutral” Rating for Cisco Systems (CSCO)
Cisco Systems (NASDAQ:CSCO)‘s stock had its “neutral” rating reaffirmed by Zacks in a research report issued on Thursday. They currently have a $26.00 price target on the stock. Zacks‘s target price would suggest a potential upside of 3.17% from the company’s current price.
Zacks’ analyst wrote, “Cisco Systems is the leading provider of IP-based networking and other products. The company’s fourth-quarter earnings beat the Zacks Consensus Estimate, driven by higher volumes and better opex management. Despite a sluggish macro-environment and increasing competition, we are positive about the company’s market position, innovative prowess, product range, growth initiatives and dividend payout. Additionally, overall growth prospects remain positive because of the drive toward cloud computing and increasing data flow on carrier and computing networks. Given these factors and the reasonable valuation, we are reiterating our Neutral recommendation on CSCO shares.”
Cisco Systems (NASDAQ:CSCO) traded down 2.42% on Thursday, hitting $24.59. 48,327,376 shares of the company’s stock traded hands. Cisco Systems has a 52 week low of $20.22 and a 52 week high of $26.08. The stock’s 50-day moving average is $25.33 and its 200-day moving average is $23.59. The company has a market cap of $126.0 billion and a P/E ratio of 17.00. Cisco Systems also saw unusually large options trading on Monday. Traders acquired 27,362 put options on the stock. This represents an increase of approximately 119% compared to the average daily volume of 12,486 put options.
Cisco Systems (NASDAQ:CSCO) last issued its quarterly earnings data on Wednesday, August 13th. The company reported $0.55 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.53 by $0.02. The company had revenue of $12.40 million for the quarter, compared to the consensus estimate of $12.14 billion. Analysts expect that Cisco Systems will post $2.04 EPS for the current fiscal year.
A number of other analysts have also recently weighed in on CSCO. Analysts at Sterne Agee raised their price target on shares of Cisco Systems from $26.00 to $28.00 in a research note on Thursday. They now have a “buy” rating on the stock. Separately, analysts at Cowen and Company raised their price target on shares of Cisco Systems from $30.00 to $33.00 in a research note on Thursday. Finally, analysts at BMO Capital Markets raised their price target on shares of Cisco Systems from $27.00 to $28.00 in a research note on Thursday. They now have an “outperform” rating on the stock. Three equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and twenty-one have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $26.60.
In other Cisco Systems news, EVP Pankaj Patel sold 100,000 shares of the stock 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. The sale was disclosed in a filing with the SEC, 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.
To view Zacks’ full report, visit Zacks’ official website.
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