Cisco Systems (NASDAQ:CSCO) was upgraded by equities researchers at Nomura from a “neutral” rating to a “buy” rating in a research report issued to clients and investors on Monday, Marketbeat Ratings reports. The firm presently has a $33.00 price objective on the network equipment provider’s stock. Nomura’s price objective would indicate a potential downside of 18.72% from the stock’s previous close.
Several other brokerages also recently commented on CSCO. Royal Bank of Canada reissued a “buy” rating and issued a $36.00 price target on shares of Cisco Systems in a report on Wednesday, November 15th. BidaskClub raised shares of Cisco Systems from a “buy” rating to a “strong-buy” rating in a report on Friday, January 5th. Vetr raised shares of Cisco Systems from a “buy” rating to a “strong-buy” rating and set a $44.13 price target for the company in a report on Monday, February 5th. ValuEngine raised shares of Cisco Systems from a “hold” rating to a “buy” rating in a report on Friday, February 2nd. Finally, Wells Fargo & Co reissued an “outperform” rating and issued a $42.00 price target on shares of Cisco Systems in a report on Tuesday, November 14th. Eleven research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and two have assigned a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $40.19.
Cisco Systems (CSCO) traded up $1.07 on Monday, reaching $40.60. 38,210,000 shares of the company traded hands, compared to its average volume of 27,140,000. The company has a market cap of $200,710.00, a P/E ratio of 21.04, a PEG ratio of 3.55 and a beta of 1.23. Cisco Systems has a 52 week low of $30.36 and a 52 week high of $42.98. The company has a debt-to-equity ratio of 0.39, a quick ratio of 2.81 and a current ratio of 2.87.
In other news, SVP Rebecca Jacoby sold 75,021 shares of Cisco Systems stock in a transaction dated Tuesday, December 19th. The shares were sold at an average price of $38.42, for a total transaction of $2,882,306.82. Following the sale, the senior vice president now owns 257,476 shares of the company’s stock, valued at approximately $9,892,227.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider John T. Chambers sold 250,000 shares of Cisco Systems stock in a transaction dated Wednesday, November 22nd. The shares were sold at an average price of $36.50, for a total transaction of $9,125,000.00. Following the sale, the insider now directly owns 712,736 shares in the company, valued at approximately $26,014,864. The disclosure for this sale can be found here. Insiders have sold a total of 348,643 shares of company stock worth $12,892,271 in the last ninety days. Insiders own 0.05% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the company. Bank of New York Mellon Corp boosted its stake in Cisco Systems by 12.8% during the fourth quarter. Bank of New York Mellon Corp now owns 122,958,272 shares of the network equipment provider’s stock worth $4,709,302,000 after acquiring an additional 13,927,416 shares in the last quarter. Ameriprise Financial Inc. boosted its stake in Cisco Systems by 23.6% during the third quarter. Ameriprise Financial Inc. now owns 62,709,508 shares of the network equipment provider’s stock worth $2,109,614,000 after acquiring an additional 11,972,070 shares in the last quarter. Stifel Financial Corp boosted its stake in Cisco Systems by 6,109.5% during the third quarter. Stifel Financial Corp now owns 8,147,775 shares of the network equipment provider’s stock worth $273,977,000 after acquiring an additional 8,016,561 shares in the last quarter. Vanguard Group Inc. boosted its stake in Cisco Systems by 2.2% during the second quarter. Vanguard Group Inc. now owns 352,120,694 shares of the network equipment provider’s stock worth $11,021,378,000 after acquiring an additional 7,411,891 shares in the last quarter. Finally, American Century Companies Inc. boosted its stake in Cisco Systems by 54.2% during the second quarter. American Century Companies Inc. now owns 14,362,422 shares of the network equipment provider’s stock worth $449,544,000 after acquiring an additional 5,049,326 shares in the last quarter. 75.42% of the stock is currently owned by hedge funds and other institutional investors.
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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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