Cisco Systems (NASDAQ:CSCO)‘s stock had its “overweight” rating reissued by stock analysts at Piper Jaffray in a note issued to investors on Wednesday, The Fly reports. They presently have a $49.00 price target on the network equipment provider’s stock, up from their previous price target of $48.00. Piper Jaffray’s price objective would suggest a potential upside of 9.96% from the stock’s current price.
Other equities research analysts have also recently issued research reports about the company. ValuEngine upgraded Cisco Systems from a “hold” rating to a “buy” rating in a research note on Friday, February 2nd. Zacks Investment Research upgraded Cisco Systems from a “hold” rating to a “buy” rating and set a $48.00 price objective on the stock in a research note on Wednesday, January 31st. Vetr upgraded Cisco Systems from a “hold” rating to a “buy” rating and set a $44.13 price target on the stock in a research note on Tuesday, January 30th. Bank of America upgraded Cisco Systems from a “neutral” rating to a “buy” rating and increased their price target for the company from $38.99 to $46.00 in a research note on Friday, January 5th. They noted that the move was a valuation call. Finally, Goldman Sachs initiated coverage on Cisco Systems in a research note on Wednesday, February 7th. They issued a “buy” rating and a $48.00 price target on the stock. Eleven analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and two have issued a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $44.26.
Shares of Cisco Systems stock opened at $44.56 on Wednesday. Cisco Systems has a 12-month low of $30.36 and a 12-month high of $46.16. The company has a market cap of $215,005.84, a PE ratio of 20.73, a P/E/G ratio of 2.99 and a beta of 1.14. The company has a current ratio of 2.43, a quick ratio of 2.38 and a debt-to-equity ratio of 0.49.
Cisco Systems (NASDAQ:CSCO) last announced its quarterly earnings data on Wednesday, February 14th. The network equipment provider reported $0.63 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.59 by $0.04. Cisco Systems had a positive return on equity of 17.77% and a negative net margin of 3.00%. The company had revenue of $11.89 billion for the quarter, compared to analysts’ expectations of $11.82 billion. During the same quarter in the prior year, the business posted $0.57 EPS. equities analysts expect that Cisco Systems will post 2.33 earnings per share for the current fiscal year.
Cisco Systems announced that its board has initiated a stock repurchase program on Wednesday, February 14th that authorizes the company to buyback $25.00 billion in outstanding shares. This buyback authorization authorizes the network equipment provider to repurchase shares of its stock through open market purchases. Shares buyback programs are generally an indication that the company’s board believes its stock is undervalued.
In other news, Director Arun Sarin sold 14,189 shares of the stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $44.10, for a total transaction of $625,734.90. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP David Goeckeler sold 20,671 shares of the stock in a transaction on Thursday, March 15th. The stock was sold at an average price of $45.50, for a total value of $940,530.50. The disclosure for this sale can be found here. Over the last three months, insiders have sold 46,986 shares of company stock worth $2,116,422. 0.05% of the stock is currently owned by insiders.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Stonehearth Capital Management LLC bought a new stake in shares of Cisco Systems during the 4th quarter worth $102,000. Mountain Capital Investment Advisors Inc bought a new stake in shares of Cisco Systems during the 2nd quarter worth $104,000. Keeler Thomas Management LLC bought a new stake in shares of Cisco Systems during the 4th quarter worth $108,000. Manchester Capital Management LLC lifted its position in shares of Cisco Systems by 10.7% during the 2nd quarter. Manchester Capital Management LLC now owns 3,606 shares of the network equipment provider’s stock worth $113,000 after buying an additional 350 shares during the last quarter. Finally, Goodman Financial Corp bought a new stake in shares of Cisco Systems during the 4th quarter worth $115,000. 77.55% of the stock is currently owned by institutional investors.
Cisco Systems Company Profile
Cisco Systems, Inc designs, manufactures, and sells Internet Protocol (IP) based networking and other products related to the communications and information technology industry worldwide. The company offers switching products, including fixed-configuration and modular switches, and storage products that provide connectivity to end users, workstations, IP phones, wireless access points, and servers; and next-generation network routing products that interconnect public and private wireline and mobile networks for mobile, data, voice, and video applications.
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