Cisco Systems (NASDAQ:CSCO) has been given a $62.00 target price by Bank of America in a note issued to investors on Thursday, TipRanks reports. The firm presently has a “buy” rating on the network equipment provider’s stock. Bank of America‘s target price points to a potential upside of 10.03% from the company’s current price.
A number of other brokerages have also weighed in on CSCO. Citigroup increased their price objective on Cisco Systems from $52.00 to $56.00 and gave the company a “buy” rating in a report on Thursday, February 14th. Credit Suisse Group increased their price objective on Cisco Systems from $44.00 to $47.00 and gave the company a “neutral” rating in a report on Thursday, February 14th. William Blair reissued an “outperform” rating on shares of Cisco Systems in a report on Thursday. Goldman Sachs Group lowered Cisco Systems from a “conviction-buy” rating to a “buy” rating and raised their target price for the stock from $58.00 to $62.00 in a report on Tuesday, April 16th. Finally, Morgan Stanley raised their target price on Cisco Systems from $49.00 to $51.00 and gave the stock an “equal weight” rating in a report on Thursday. Six investment analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company’s stock. Cisco Systems currently has a consensus rating of “Buy” and a consensus target price of $55.52.
Cisco Systems stock traded up $0.42 during midday trading on Thursday, reaching $56.35. The company’s stock had a trading volume of 24,898,722 shares, compared to its average volume of 20,932,006. 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 has a 52-week low of $40.25 and a 52-week high of $57.53. The stock has a market cap of $271.47 billion, a PE ratio of 24.08, a price-to-earnings-growth ratio of 2.73 and a beta of 1.21.
Cisco Systems (NASDAQ:CSCO) last released its quarterly earnings results on Wednesday, May 15th. The network equipment provider reported $0.78 EPS for the quarter, beating analysts’ consensus estimates of $0.77 by $0.01. Cisco Systems had a return on equity of 28.86% and a net margin of 25.76%. The company had revenue of $12.96 billion during the quarter, compared to analysts’ expectations of $12.89 billion. During the same period last year, the business posted $0.66 earnings per share. The firm’s revenue was up 4.0% compared to the same quarter last year. As a group, sell-side analysts predict that Cisco Systems will post 2.75 EPS for the current fiscal year.
Cisco Systems announced that its Board of Directors has approved a stock repurchase plan on Wednesday, February 13th that allows the company to repurchase $15.00 billion in outstanding shares. This repurchase authorization allows the network equipment provider to repurchase up to 6.5% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s management believes its shares are undervalued.
In other news, Director Roderick C. Mcgeary sold 15,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 19th. The stock was sold at an average price of $49.66, for a total value of $744,900.00. Following the transaction, the director now owns 102,898 shares in the company, valued at $5,109,914.68. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP David Goeckeler sold 30,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $52.07, for a total value of $1,562,100.00. Following the completion of the transaction, the executive vice president now 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 90 days, insiders sold 115,000 shares of company stock worth $5,926,000. Company insiders own 0.03% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. M Holdings Securities Inc. lifted its position in Cisco Systems by 9.1% during the first quarter. M Holdings Securities Inc. now owns 67,044 shares of the network equipment provider’s stock worth $3,620,000 after buying an additional 5,595 shares in the last quarter. Weiss Asset Management LP purchased a new position in Cisco Systems during the first quarter worth approximately $213,000. Dixon Hubard Feinour & Brown Inc. VA lifted its position in Cisco Systems by 3.6% during the first quarter. Dixon Hubard Feinour & Brown Inc. VA now owns 84,758 shares of the network equipment provider’s stock worth $4,576,000 after buying an additional 2,907 shares in the last quarter. Horizon Investments LLC lifted its position in Cisco Systems by 34.4% during the first quarter. Horizon Investments LLC now owns 36,702 shares of the network equipment provider’s stock worth $1,969,000 after buying an additional 9,389 shares in the last quarter. Finally, Laurel Wealth Advisors Inc. lifted its position in Cisco Systems by 3.0% during the first quarter. Laurel Wealth Advisors Inc. now owns 96,739 shares of the network equipment provider’s stock worth $5,223,000 after buying an additional 2,781 shares in the last quarter. Institutional investors and hedge funds own 69.04% of the company’s stock.
About Cisco Systems
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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