Cisco Systems, Inc. (CSCO) Earns “Buy” Rating from KeyCorp
Cisco Systems, Inc. (NASDAQ:CSCO)‘s stock had its “buy” rating reiterated by KeyCorp in a report issued on Friday.
A number of other research firms have also recently weighed in on CSCO. Instinet reaffirmed a “neutral” rating and set a $29.00 price target on shares of Cisco Systems in a research note on Monday, July 3rd. J P Morgan Chase & Co reaffirmed a “neutral” rating on shares of Cisco Systems in a research note on Monday, June 26th. Morgan Stanley raised shares of Cisco Systems from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $33.45 to $39.00 in a research note on Monday, May 15th. Vetr raised shares of Cisco Systems from a “hold” rating to a “buy” rating and set a $33.39 price target on the stock in a research note on Monday, July 17th. Finally, Zacks Investment Research cut shares of Cisco Systems from a “hold” rating to a “sell” rating in a research note on Monday, May 15th. Fourteen equities research analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $35.54.
Shares of Cisco Systems (NASDAQ CSCO) opened at 31.76 on Friday. The firm has a market cap of $158.58 billion, a price-to-earnings ratio of 16.72 and a beta of 1.19. Cisco Systems has a 52-week low of $29.12 and a 52-week high of $34.60. The company’s 50-day moving average is $31.60 and its 200 day moving average is $32.54.
Cisco Systems (NASDAQ:CSCO) last posted its quarterly earnings results on Wednesday, August 16th. The network equipment provider reported $0.61 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.61. Cisco Systems had a net margin of 20.02% and a return on equity of 16.91%. The business had revenue of $12.13 billion for the quarter, compared to analysts’ expectations of $12.07 billion. During the same period in the prior year, the company posted $0.63 EPS. The business’s revenue for the quarter was down 4.0% on a year-over-year basis. On average, analysts expect that Cisco Systems will post $2.43 earnings per share for the current fiscal year.
In other news, insider John T. Chambers sold 250,000 shares of Cisco Systems stock in a transaction that occurred on Wednesday, August 23rd. The shares were sold at an average price of $31.14, for a total transaction of $7,785,000.00. Following the sale, the insider now owns 729,305 shares in the company, valued at $22,710,557.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Rebecca Jacoby sold 92,840 shares of Cisco Systems stock in a transaction that occurred on Wednesday, June 14th. The shares were sold at an average price of $31.71, for a total transaction of $2,943,956.40. Following the sale, the senior vice president now owns 271,725 shares in the company, valued at approximately $8,616,399.75. The disclosure for this sale can be found here. Insiders have sold 350,642 shares of company stock worth $10,973,081 in the last quarter. Insiders own 0.11% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the company. Vantage Financial Partners Ltd. Inc. acquired a new stake in shares of Cisco Systems during the second quarter worth approximately $231,000. Lowe FS grew its position in shares of Cisco Systems by 714.3% during the third quarter. Lowe FS now owns 570 shares of the network equipment provider’s stock worth $15,000 after buying an additional 500 shares in the last quarter. Proficio Capital Partners acquired a new stake in shares of Cisco Systems during the fourth quarter worth approximately $31,000. Sun Life Financial INC acquired a new stake in shares of Cisco Systems during the first quarter worth approximately $63,773,000. Finally, Proficio Capital Partners LLC grew its position in shares of Cisco Systems by 7.0% during the third quarter. Proficio Capital Partners LLC now owns 3,211 shares of the network equipment provider’s stock worth $102,000 after buying an additional 210 shares in the last quarter. 74.70% of the stock is owned by institutional investors and hedge funds.
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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