Wells Fargo & Co Boosts Cisco Systems (CSCO) Price Target to $52.00

Cisco Systems (NASDAQ:CSCO) had its target price lifted by Wells Fargo & Co from $47.00 to $52.00 in a research note issued to investors on Thursday. The firm currently has a “positive” rating on the network equipment provider’s stock. Wells Fargo & Co’s price target would indicate a potential upside of 17.30% from the stock’s previous close.

CSCO has been the subject of several other reports. Oppenheimer reaffirmed a “buy” rating and issued a $36.00 price objective on shares of Cisco Systems in a report on Friday, October 20th. Zacks Investment Research raised Cisco Systems from a “hold” rating to a “buy” rating and set a $46.00 price objective for the company in a report on Wednesday, January 17th. Vetr raised Cisco Systems from a “sell” rating to a “hold” rating and set a $38.01 price objective for the company in a report on Wednesday, December 27th. Needham & Company LLC reaffirmed a “hold” rating on shares of Cisco Systems in a report on Tuesday, October 24th. Finally, Royal Bank of Canada lifted their price objective on Cisco Systems to $40.00 and gave the company an “outperform” rating in a report on Thursday, November 16th. Eleven analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and two have issued a strong buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $43.57.

Cisco Systems (NASDAQ CSCO) traded up $0.25 during trading hours on Thursday, reaching $44.33. The company had a trading volume of 38,624,634 shares, compared to its average volume of 30,950,000. The firm has a market cap of $219,150.00, a PE ratio of -138.53, a P/E/G ratio of 3.78 and a beta of 1.23. The company has a debt-to-equity ratio of 0.39, a quick ratio of 2.81 and a current ratio of 2.87. Cisco Systems has a 1-year low of $30.36 and a 1-year high of $45.13.

Cisco Systems (NASDAQ:CSCO) last announced its quarterly earnings data on Wednesday, February 14th. The network equipment provider reported $0.63 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.59 by $0.04. The firm had revenue of $11.89 billion during the quarter, compared to analysts’ expectations of $11.82 billion. Cisco Systems had a positive return on equity of 16.84% and a negative net margin of 3.00%. During the same period in the previous year, the firm earned $0.57 EPS. equities research analysts predict that Cisco Systems will post 2.23 earnings per share for the current fiscal year.

Cisco Systems announced that its Board of Directors has authorized a share repurchase program on Wednesday, February 14th that permits the company to buyback $25.00 billion in outstanding shares. This buyback authorization permits the network equipment provider to reacquire shares of its stock through open market purchases. Stock buyback programs are often a sign that the company’s leadership believes its stock is undervalued.

In related news, CAO Prat Bhatt sold 2,606 shares of the business’s stock in a transaction on Wednesday, November 22nd. The stock was sold at an average price of $36.49, for a total transaction of $95,092.94. Following the sale, the chief accounting officer now owns 89,184 shares in the company, valued at approximately $3,254,324.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Karen Walker sold 5,786 shares of the business’s stock in a transaction on Wednesday, November 22nd. The stock was sold at an average price of $36.49, for a total value of $211,131.14. Following the sale, the senior vice president now owns 176,418 shares in the company, valued at approximately $6,437,492.82. 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 90 days. 0.05% of the stock is currently owned by corporate insiders.

A number of hedge funds have recently modified their holdings of CSCO. Garland Capital Management Inc. grew its position in shares of Cisco Systems by 0.9% in the 2nd quarter. Garland Capital Management Inc. now owns 137,526 shares of the network equipment provider’s stock valued at $4,304,000 after buying an additional 1,250 shares during the last quarter. Grove Bank & Trust grew its position in shares of Cisco Systems by 141.3% in the 2nd 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. Edge Wealth Management LLC grew its position in shares of Cisco Systems by 31.7% in the 2nd quarter. Edge Wealth Management LLC now owns 392,608 shares of the network equipment provider’s stock valued at $12,210,000 after buying an additional 94,498 shares during the last quarter. Ironwood Investment Management LLC grew its position in shares of Cisco Systems by 5.0% in the 2nd quarter. Ironwood Investment Management LLC now owns 14,751 shares of the network equipment provider’s stock valued at $462,000 after buying an additional 701 shares during the last quarter. Finally, Daiwa Securities Group Inc. grew its position in shares of Cisco Systems by 38.6% in the 2nd quarter. Daiwa Securities Group Inc. now owns 366,531 shares of the network equipment provider’s stock valued at $11,473,000 after buying an additional 102,021 shares during the last quarter. Institutional investors and hedge funds own 75.42% of the company’s stock.

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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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