Cisco Systems’ (CSCO) Overweight Rating Reaffirmed at Pacific Crest
Cisco Systems, Inc. (NASDAQ:CSCO)‘s stock had its “overweight” rating reaffirmed by stock analysts at Pacific Crest in a note issued to investors on Friday. They presently have a $33.00 price target on the network equipment provider’s stock, down from their previous price target of $34.00. Pacific Crest’s price objective indicates a potential upside of 5.74% from the stock’s previous close.
CSCO has been the subject of a number of other reports. Robert W. Baird reiterated a “buy” rating on shares of Cisco Systems in a report on Wednesday, January 25th. Vetr downgraded Cisco Systems from a “buy” rating to a “hold” rating and set a $31.28 price target for the company. in a report on Monday, January 23rd. Zacks Investment Research upgraded Cisco Systems from a “sell” rating to a “hold” rating in a report on Monday, February 20th. Sanford C. Bernstein reiterated an “overweight” rating and set a $34.00 price target on shares of Cisco Systems in a report on Sunday, February 19th. Finally, Oppenheimer Holdings Inc. set a $34.00 price target on Cisco Systems and gave the stock a “buy” rating in a report on Tuesday, January 24th. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating, twenty-one have given a buy rating and one has given a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $35.09.
Cisco Systems (NASDAQ:CSCO) opened at 31.21 on Friday. The firm has a market capitalization of $156.21 billion, a PE ratio of 15.84 and a beta of 1.36. Cisco Systems has a 1-year low of $27.13 and a 1-year high of $34.60. The firm has a 50-day moving average price of $33.35 and a 200-day moving average price of $32.03.
Cisco Systems (NASDAQ:CSCO) last issued its quarterly earnings results on Wednesday, May 17th. The network equipment provider reported $0.60 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.58 by $0.02. Cisco Systems had a return on equity of 17.50% and a net margin of 21.73%. The firm had revenue of $11.94 billion during the quarter, compared to the consensus estimate of $11.90 billion. During the same period last year, the business posted $0.57 EPS. The business’s revenue was down .5% compared to the same quarter last year. Equities analysts expect that Cisco Systems will post $2.38 earnings per share for the current fiscal year.
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In related news, SVP Prat Bhatt sold 15,672 shares of Cisco Systems stock in a transaction that occurred on Wednesday, March 15th. The shares were sold at an average price of $34.27, for a total value of $537,079.44. Following the completion of the transaction, the senior vice president now directly owns 77,174 shares in the company, valued at approximately $2,644,752.98. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Mark D. Chandler sold 16,000 shares of Cisco Systems stock in a transaction that occurred on Thursday, March 9th. The shares were sold at an average price of $34.04, for a total transaction of $544,640.00. The disclosure for this sale can be found here. Insiders sold a total of 371,807 shares of company stock valued at $12,668,893 over the last quarter. 0.11% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Ironwood Investment Management LLC raised its position in Cisco Systems by 0.3% in the third quarter. Ironwood Investment Management LLC now owns 13,894 shares of the network equipment provider’s stock worth $441,000 after buying an additional 36 shares in the last quarter. Southeast Asset Advisors Inc. raised its position in Cisco Systems by 0.5% in the first quarter. Southeast Asset Advisors Inc. now owns 9,233 shares of the network equipment provider’s stock worth $312,000 after buying an additional 44 shares in the last quarter. Eagle Ridge Investment Management raised its position in Cisco Systems by 0.6% in the first quarter. Eagle Ridge Investment Management now owns 8,462 shares of the network equipment provider’s stock worth $286,000 after buying an additional 47 shares in the last quarter. Front Street Capital Management Inc. raised its position in Cisco Systems by 0.5% in the first quarter. Front Street Capital Management Inc. now owns 11,478 shares of the network equipment provider’s stock worth $388,000 after buying an additional 53 shares in the last quarter. Finally, Farmers National Bank raised its position in Cisco Systems by 1.3% in the first quarter. Farmers National Bank now owns 6,344 shares of the network equipment provider’s stock worth $201,000 after buying an additional 83 shares in the last quarter. Institutional investors and hedge funds own 75.24% of the company’s stock.
Cisco Systems Company Profile
Cisco Systems, Inc designs and sells a range of products, provides services and delivers integrated solutions to develop and connect networks around the world. The Company operates through three geographic segments: Americas; Europe, the Middle East and Africa (EMEA), and Asia Pacific, Japan and China (APJC).
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