Cisco Systems’ (CSCO) “Outperform” Rating Reiterated at RBC Capital Markets
Cisco Systems Inc. (NASDAQ:CSCO)‘s stock had its “outperform” rating reissued by research analysts at RBC Capital Markets in a report released on Wednesday. They currently have a $35.00 price target on the network equipment provider’s stock. RBC Capital Markets’ target price points to a potential upside of 17.33% from the company’s previous close.
A number of other equities analysts have also recently commented on the company. FBN Securities set a $35.00 target price on Cisco Systems and gave the stock a “buy” rating in a report on Saturday, November 19th. Deutsche Bank AG reaffirmed a “buy” rating and issued a $37.00 target price on shares of Cisco Systems in a report on Monday, October 17th. JMP Securities reaffirmed a “hold” rating on shares of Cisco Systems in a report on Thursday, November 17th. Vetr cut Cisco Systems from a “buy” rating to a “hold” rating and set a $32.05 target price on the stock. in a report on Tuesday, September 13th. Finally, Jefferies Group reaffirmed a “buy” rating and issued a $35.00 target price on shares of Cisco Systems in a report on Monday, August 29th. Two equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, twenty-one have assigned a buy rating and one has given a strong buy rating to the stock. Cisco Systems presently has a consensus rating of “Buy” and a consensus price target of $32.73.
Cisco Systems (NASDAQ:CSCO) opened at 29.83 on Wednesday. Cisco Systems has a 52-week low of $22.46 and a 52-week high of $31.95. The stock has a market capitalization of $149.74 billion, a PE ratio of 14.27 and a beta of 1.42. The company’s 50-day moving average price is $30.55 and its 200 day moving average price is $30.16.
Cisco Systems (NASDAQ:CSCO) last released its quarterly earnings results on Wednesday, November 16th. The network equipment provider reported $0.61 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.59 by $0.02. The firm had revenue of $12.35 billion for the quarter, compared to the consensus estimate of $12.34 billion. Cisco Systems had a return on equity of 17.50% and a net margin of 21.73%. The company’s revenue for the quarter was down 2.6% on a year-over-year basis. During the same period last year, the business posted $0.59 EPS. Equities analysts forecast that Cisco Systems will post $2.37 EPS for the current fiscal year.
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In other Cisco Systems news, SVP Mark D. Chandler sold 62,910 shares of the stock in a transaction dated Friday, September 23rd. The shares were sold at an average price of $31.40, for a total value of $1,975,374.00. Following the completion of the sale, the senior vice president now owns 286,628 shares in the company, valued at approximately $9,000,119.20. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, SVP Karen Walker sold 10,244 shares of the stock in a transaction dated Tuesday, September 20th. The shares were sold at an average price of $31.17, for a total transaction of $319,305.48. Following the completion of the sale, the senior vice president now owns 138,625 shares of the company’s stock, valued at approximately $4,320,941.25. The disclosure for this sale can be found here. Corporate insiders own 0.11% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the stock. The Manufacturers Life Insurance Company acquired a new stake in Cisco Systems during the third quarter worth approximately $401,743,000. Bank of New York Mellon Corp increased its stake in Cisco Systems by 9.2% in the third quarter. Bank of New York Mellon Corp now owns 123,367,471 shares of the network equipment provider’s stock worth $3,913,216,000 after buying an additional 10,435,264 shares during the last quarter. Emerald Acquisition Ltd. acquired a new stake in Cisco Systems during the second quarter worth approximately $247,452,000. Vanguard Group Inc. increased its stake in Cisco Systems by 2.1% in the second quarter. Vanguard Group Inc. now owns 317,302,573 shares of the network equipment provider’s stock worth $9,103,410,000 after buying an additional 6,634,140 shares during the last quarter. Finally, FMR LLC increased its stake in Cisco Systems by 6.8% in the second quarter. FMR LLC now owns 99,188,718 shares of the network equipment provider’s stock worth $2,845,725,000 after buying an additional 6,312,071 shares during the last quarter. Institutional investors own 74.29% of the company’s stock.
About Cisco Systems
Cisco System, Inc (Cisco) designs and sells lines of products, provides services and delivers integrated solutions to develop and connect networks around the world, building the Internet. The Company is engaged in designing, manufacturing and selling Internet Protocol (IP)-based networking and other products related to the communications and information technology (IT) industry, and provides services associated with these products and their use.
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