Cisco Systems (NASDAQ:CSCO) Downgraded by William Blair to “Market Perform”

Cisco Systems (NASDAQ:CSCO) was downgraded by William Blair from an “outperform” rating to a “market perform” rating in a report issued on Wednesday, The Fly reports.

Other equities analysts also recently issued reports about the stock. Goldman Sachs Group downgraded shares of Cisco Systems from a “conviction-buy” rating to a “buy” rating and lifted their target price for the stock from $58.00 to $62.00 in a research note on Tuesday, April 16th. Jefferies Financial Group lifted their target price on shares of Cisco Systems from $55.00 to $62.00 and gave the stock a “buy” rating in a research note on Thursday, May 16th. They noted that the move was a valuation call. Bank of America set a $62.00 target price on shares of Cisco Systems and gave the stock a “buy” rating in a research note on Thursday, May 16th. Morgan Stanley lifted their target price on shares of Cisco Systems from $49.00 to $51.00 and gave the stock an “equal weight” rating in a research note on Thursday, May 16th. Finally, BidaskClub downgraded shares of Cisco Systems from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, May 7th. Seven research analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $55.87.

Shares of CSCO stock opened at $57.11 on Wednesday. The company has a current ratio of 1.69, a quick ratio of 1.64 and a debt-to-equity ratio of 0.43. Cisco Systems has a 12 month low of $40.25 and a 12 month high of $57.56. The stock has a market cap of $244.47 billion, a price-to-earnings ratio of 24.41, a PEG ratio of 2.86 and a beta of 1.20.

Cisco Systems (NASDAQ:CSCO) last issued its earnings results on Wednesday, May 15th. The network equipment provider reported $0.78 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $0.01. Cisco Systems had a net margin of 25.76% and a return on equity of 29.88%. The company had revenue of $12.96 billion for the quarter, compared to the consensus estimate of $12.89 billion. During the same period in the previous year, the firm earned $0.66 earnings per share. Cisco Systems’s quarterly revenue was up 4.0% compared to the same quarter last year. On average, research analysts anticipate that Cisco Systems will post 2.8 EPS for the current fiscal year.

Cisco Systems announced that its board has initiated a share repurchase 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 repurchase up to 6.5% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

In other Cisco Systems news, Director Wesley G. Bush acquired 10,000 shares of the company’s stock in a transaction that occurred on Friday, June 7th. The stock was purchased at an average price of $55.74 per share, for a total transaction of $557,400.00. Following the completion of the acquisition, the director now owns 3,017 shares of the company’s stock, valued at approximately $168,167.58. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Mark D. Chandler sold 3,750 shares of Cisco Systems stock in a transaction that occurred on Monday, May 20th. The shares were sold at an average price of $55.79, for a total transaction of $209,212.50. The disclosure for this sale can be found here. 0.03% of the stock is currently owned by insiders.

Several hedge funds have recently made changes to their positions in CSCO. Bank of New York Mellon Corp grew its holdings in shares of Cisco Systems by 193,168.7% in the third quarter. Bank of New York Mellon Corp now owns 104,741,949 shares of the network equipment provider’s stock valued at $5,095,693,000 after purchasing an additional 104,687,754 shares in the last quarter. Oregon Public Employees Retirement Fund grew its holdings in shares of Cisco Systems by 3,130.4% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 68,193,317 shares of the network equipment provider’s stock valued at $1,574,000 after purchasing an additional 66,082,350 shares in the last quarter. Norges Bank acquired a new position in shares of Cisco Systems in the fourth quarter valued at approximately $2,164,695,000. Fisher Asset Management LLC grew its holdings in shares of Cisco Systems by 36.0% in the fourth quarter. Fisher Asset Management LLC now owns 27,338,574 shares of the network equipment provider’s stock valued at $1,184,580,000 after purchasing an additional 7,238,755 shares in the last quarter. Finally, Geode Capital Management LLC grew its holdings in shares of Cisco Systems by 11.2% in the fourth 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 in the last quarter. Hedge funds and other institutional investors own 74.60% 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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