Cisco Systems, Inc. (CSCO) Stock Rating Reaffirmed by Instinet
Cisco Systems, Inc. (NASDAQ:CSCO)‘s stock had its “neutral” rating reissued by stock analysts at Instinet in a note issued to investors on Friday. They currently have a $29.00 price objective on the network equipment provider’s stock, down from their prior price objective of $30.00. Instinet’s price target suggests a potential downside of 7.08% from the company’s previous close.
Several other equities analysts also recently weighed in on the stock. Citigroup Inc reaffirmed a “buy” rating and set a $36.00 price target (down previously from $37.00) on shares of Cisco Systems in a report on Friday. Vetr upgraded shares of Cisco Systems from a “buy” rating to a “strong-buy” rating and set a $36.05 price objective on the stock in a research report on Thursday. BMO Capital Markets reduced their price objective on shares of Cisco Systems from $32.00 to $32.00 and set a “market perform” rating on the stock in a research report on Thursday. Royal Bank of Canada reiterated an “outperform” rating and set a $36.00 price objective (down previously from $37.00) on shares of Cisco Systems in a research report on Thursday. Finally, Drexel Hamilton reiterated a “buy” rating and set a $40.00 price objective on shares of Cisco Systems in a research report on Tuesday. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating, twenty-one have assigned a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $35.09.
Shares of Cisco Systems (NASDAQ:CSCO) opened at 31.21 on Friday. The company’s 50-day moving average is $33.35 and its 200-day moving average is $32.03. The company has a market cap of $156.21 billion, a price-to-earnings ratio of 15.84 and a beta of 1.36. Cisco Systems has a 12-month low of $27.13 and a 12-month high of $34.60.
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, beating the consensus estimate of $0.58 by $0.02. Cisco Systems had a net margin of 21.73% and a return on equity of 17.50%. The business had revenue of $11.94 billion for the quarter, compared to the consensus estimate of $11.90 billion. During the same quarter in the previous year, the firm earned $0.57 earnings per share. The company’s revenue for the quarter was down .5% on a year-over-year basis. Equities research analysts predict that Cisco Systems will post $2.38 earnings per share for the current year.
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In other news, EVP Chris Dedicoat sold 34,597 shares of the company’s stock in a transaction dated Friday, February 24th. The shares were sold at an average price of $34.12, for a total transaction of $1,180,449.64. Following the transaction, the executive vice president now owns 229,344 shares in the company, valued at $7,825,217.28. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, SVP Mark D. Chandler sold 16,000 shares of the company’s stock in a transaction dated 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. In the last 90 days, insiders have sold 371,807 shares of company stock worth $12,668,893. Corporate insiders own 0.11% of the company’s stock.
Institutional investors have recently bought and sold shares of the stock. Cambridge Trust Co. increased its position in Cisco Systems by 49.8% in the first quarter. Cambridge Trust Co. now owns 563,269 shares of the network equipment provider’s stock valued at $19,038,000 after buying an additional 187,317 shares during the period. Garde Capital Inc. increased its position in Cisco Systems by 1.9% in the first quarter. Garde Capital Inc. now owns 10,942 shares of the network equipment provider’s stock valued at $370,000 after buying an additional 204 shares during the period. American Beacon Advisors Inc. bought a new position in Cisco Systems during the first quarter valued at about $174,000. Farmers National Bank increased 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 valued at $201,000 after buying an additional 83 shares during the period. Finally, Meridian Wealth Management LLC bought a new position in Cisco Systems during the first quarter valued at about $243,000. Hedge funds and other institutional investors 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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