Cisco Systems (NASDAQ:CSCO) updated its fourth quarter earnings guidance on Wednesday. The company provided earnings per share guidance of $0.80-0.82 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $0.81. The company issued revenue guidance of +4.5-6.5% to ~$13.21-13.46 billion, compared to the consensus revenue estimate of $13.29 billion.Cisco Systems also updated its Q4 2019 guidance to $0.80-0.82 EPS.
A number of equities research analysts have recently commented on the company. Goldman Sachs Group cut Cisco Systems from a conviction-buy rating to a buy rating and increased their target price for the stock from $58.00 to $62.00 in a research note on Tuesday, April 16th. Oppenheimer increased their target price on Cisco Systems from $52.00 to $60.00 and gave the company an outperform rating in a report on Friday, April 26th. BidaskClub downgraded Cisco Systems from a strong-buy rating to a buy rating in a report on Tuesday, May 7th. KeyCorp increased their target price on Cisco Systems from $55.00 to $58.00 and gave the company an overweight rating in a report on Monday, March 25th. Finally, Bank of America reissued a buy rating and issued a $56.00 target price on shares of Cisco Systems in a report on Thursday, February 14th. Six equities research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. Cisco Systems currently has a consensus rating of Buy and an average price target of $54.35.
Shares of NASDAQ:CSCO traded up $0.42 during midday trading on Wednesday, reaching $52.44. 27,541,015 shares of the company’s stock were exchanged, compared to its average volume of 20,591,275. The company has a market capitalization of $247.14 billion, a price-to-earnings ratio of 22.41, a PEG ratio of 2.67 and a beta of 1.21. Cisco Systems has a 12 month low of $40.25 and a 12 month high of $57.53. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.74 and a current ratio of 1.80.
Cisco Systems (NASDAQ:CSCO) last announced its quarterly earnings results on Wednesday, May 15th. The network equipment provider reported $0.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.01. Cisco Systems had a net margin of 25.31% and a return on equity of 27.58%. The firm had revenue of $12.96 billion during the quarter, compared to the consensus estimate of $12.89 billion. During the same period last year, the firm posted $0.66 EPS. The firm’s quarterly revenue was up 4.0% on a year-over-year basis. Sell-side analysts forecast that Cisco Systems will post 2.75 EPS for the current year.
Cisco Systems declared that its Board of Directors has authorized a share buyback plan on Wednesday, February 13th that authorizes the company to repurchase $15.00 billion in outstanding shares. This repurchase authorization authorizes the network equipment provider to buy up to 6.5% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its stock is undervalued.
In other news, Director Roderick C. Mcgeary sold 15,000 shares of the business’s stock in a transaction on Tuesday, February 19th. The shares were sold at an average price of $49.66, for a total value of $744,900.00. Following the sale, the director now owns 102,898 shares of the company’s stock, valued at $5,109,914.68. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP David Goeckeler sold 30,000 shares of the business’s stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $52.07, for a total transaction of $1,562,100.00. Following the completion of the sale, the executive vice president now directly owns 419,439 shares in the company, valued at approximately $21,840,188.73. The disclosure for this sale can be found here. In the last ninety days, insiders sold 115,000 shares of company stock worth $5,926,000. Insiders own 0.03% of the company’s stock.
Hedge funds have recently made changes to their positions in the company. Oregon Public Employees Retirement Fund lifted its position in Cisco Systems by 3,130.4% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 68,193,317 shares of the network equipment provider’s stock worth $1,574,000 after buying an additional 66,082,350 shares during the last quarter. Geode Capital Management LLC grew its stake in Cisco Systems by 11.2% during the 4th quarter. Geode Capital Management LLC now owns 64,506,078 shares of the network equipment provider’s stock valued at $2,790,865,000 after purchasing an additional 6,516,314 shares during the last quarter. Northern Trust Corp grew its stake in Cisco Systems by 1.3% during the 4th quarter. Northern Trust Corp now owns 63,754,084 shares of the network equipment provider’s stock valued at $2,762,464,000 after purchasing an additional 813,544 shares during the last quarter. Boston Partners grew its stake in Cisco Systems by 4.8% during the 1st quarter. Boston Partners now owns 35,065,625 shares of the network equipment provider’s stock valued at $1,893,193,000 after purchasing an additional 1,608,123 shares during the last quarter. Finally, Lazard Asset Management LLC grew its stake in Cisco Systems by 9.0% during the 1st quarter. Lazard Asset Management LLC now owns 28,028,110 shares of the network equipment provider’s stock valued at $1,513,236,000 after purchasing an additional 2,314,716 shares during the last quarter. 69.04% of the stock is currently owned by institutional investors and hedge funds.
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Cisco Systems Company Profile
Cisco Systems, Inc designs, manufactures, and sells Internet Protocol based networking and other products related to the communications and information technology industry worldwide. The company offers switching products; routing products that interconnect public and private wireline and mobile networks; data center products; and wireless access points for use in voice, video, and data applications.
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