Cisco Systems’ (CSCO) “Buy” Rating Reiterated at Piper Jaffray Companies
Cisco Systems, Inc. (NASDAQ:CSCO)‘s stock had its “buy” rating restated by stock analysts at Piper Jaffray Companies in a research report issued on Thursday. They currently have a $36.00 price objective on the network equipment provider’s stock. Piper Jaffray Companies’ price objective would indicate a potential upside of 18.54% from the stock’s current price.
Other equities research analysts have also issued research reports about the company. Vetr lowered Cisco Systems from a “strong-buy” rating to a “buy” rating and set a $37.03 target price for the company. in a research note on Wednesday, April 26th. Jefferies Group LLC reissued a “buy” rating and issued a $37.00 target price on shares of Cisco Systems in a research note on Wednesday, April 26th. Robert W. Baird reissued a “buy” rating on shares of Cisco Systems in a research note on Monday, May 1st. Drexel Hamilton reissued a “buy” rating and issued a $40.00 target price on shares of Cisco Systems in a research note on Tuesday, May 16th. Finally, Citigroup Inc. set a $36.00 target price on Cisco Systems and gave the company a “buy” rating in a research note on Friday, May 19th. Fourteen equities research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $35.47.
Shares of Cisco Systems (NASDAQ CSCO) traded down 2.16% during trading on Thursday, hitting $30.37. The stock had a trading volume of 34,802,193 shares. The firm has a 50-day moving average price of $31.48 and a 200 day moving average price of $32.55. Cisco Systems has a 52 week low of $29.12 and a 52 week high of $34.60. The company has a market capitalization of $151.64 billion, a PE ratio of 15.98 and a beta of 1.24.
Cisco Systems (NASDAQ:CSCO) last released its earnings results on Wednesday, August 16th. The network equipment provider reported $0.61 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.61. Cisco Systems had a return on equity of 16.91% and a net margin of 20.02%. The company had revenue of $12.13 billion during the quarter, compared to analyst estimates of $12.07 billion. During the same quarter in the previous year, the company posted $0.63 EPS. Cisco Systems’s revenue for the quarter was down 4.0% on a year-over-year basis. Equities analysts anticipate that Cisco Systems will post $2.43 earnings per share for the current year.
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In other news, SVP Rebecca Jacoby sold 92,840 shares of the stock in a transaction on Wednesday, June 14th. The stock was sold at an average price of $31.71, for a total transaction of $2,943,956.40. Following the transaction, the senior vice president now directly owns 271,725 shares of the company’s stock, valued at approximately $8,616,399.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Karen Walker sold 7,802 shares of the stock in a transaction on Tuesday, June 13th. The shares were sold at an average price of $31.29, for a total value of $244,124.58. Following the transaction, the senior vice president now directly owns 178,577 shares in the company, valued at $5,587,674.33. The disclosure for this sale can be found here. Insiders have sold a total of 396,179 shares of company stock worth $12,503,407 over the last three months. Insiders own 0.11% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in the stock. Barnett & Company Inc. boosted its position in Cisco Systems by 1,511.5% in the second quarter. Barnett & Company Inc. now owns 3,223 shares of the network equipment provider’s stock valued at $101,000 after buying an additional 3,023 shares during the last quarter. Tortoise Investment Management LLC boosted its position in Cisco Systems by 36.1% in the second quarter. Tortoise Investment Management LLC now owns 3,309 shares of the network equipment provider’s stock valued at $104,000 after buying an additional 878 shares during the last quarter. Mountain Capital Investment Advisors Inc purchased a new position in Cisco Systems during the second quarter valued at $104,000. Grove Bank & Trust boosted its position in Cisco Systems by 141.3% in the second quarter. Grove Bank & Trust now owns 3,620 shares of the network equipment provider’s stock valued at $113,000 after buying an additional 2,120 shares during the last quarter. Finally, Manchester Capital Management LLC boosted its position in Cisco Systems by 10.7% in the second quarter. Manchester Capital Management LLC now owns 3,606 shares of the network equipment provider’s stock valued at $113,000 after buying an additional 350 shares during the last quarter. 75.28% of the stock is currently owned by hedge funds and other institutional investors.
About Cisco Systems
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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