Cisco Systems (NASDAQ:CSCO) Price Target Raised to $58.00

Cisco Systems (NASDAQ:CSCO) had its price objective raised by Rosenblatt Securities from $56.00 to $58.00 in a research report released on Thursday morning, Benzinga reports. The brokerage currently has a neutral rating on the network equipment provider’s stock.

A number of other brokerages also recently weighed in on CSCO. Oppenheimer raised their price objective on Cisco Systems from $54.00 to $58.00 and gave the company an outperform rating in a research report on Thursday, May 16th. Needham & Company LLC restated a hold rating on shares of Cisco Systems in a research note on Monday, June 10th. StockNews.com cut Cisco Systems from a buy rating to a hold rating in a research note on Thursday, May 23rd. Wells Fargo & Company raised their target price on Cisco Systems from $52.00 to $57.00 and gave the stock an equal weight rating in a report on Thursday, May 16th. Finally, BNP Paribas raised Cisco Systems from an underperform rating to a neutral rating and set a $50.00 target price on the stock in a report on Monday, May 13th. One research analyst has rated the stock with a sell rating, fourteen have given a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of Hold and a consensus price target of $55.89.

Cisco Systems Stock Up 1.9 %

Shares of CSCO opened at $49.46 on Thursday. The stock has a market capitalization of $199.27 billion, a price-to-earnings ratio of 16.65, a price-to-earnings-growth ratio of 2.97 and a beta of 0.85. Cisco Systems has a 1 year low of $44.50 and a 1 year high of $58.19. The business’s 50 day simple moving average is $46.74 and its 200-day simple moving average is $47.86. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.89 and a quick ratio of 0.82.

Cisco Systems (NASDAQ:CSCO) last released its quarterly earnings results on Wednesday, August 14th. The network equipment provider reported $0.87 earnings per share for the quarter, beating the consensus estimate of $0.85 by $0.02. The company had revenue of $13.64 billion for the quarter, compared to analyst estimates of $13.53 billion. Cisco Systems had a return on equity of 30.82% and a net margin of 21.88%. Cisco Systems’s quarterly revenue was down 10.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.01 EPS. As a group, equities analysts expect that Cisco Systems will post 3.14 earnings per share for the current fiscal year.

Cisco Systems Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 23rd. Investors of record on Wednesday, October 2nd will be given a dividend of $0.40 per share. The ex-dividend date of this dividend is Wednesday, October 2nd. This represents a $1.60 dividend on an annualized basis and a yield of 3.23%. Cisco Systems’s payout ratio is 53.87%.

Insider Buying and Selling at Cisco Systems

In other Cisco Systems news, SVP Maria Victoria Wong sold 762 shares of Cisco Systems stock in a transaction on Thursday, June 13th. The stock was sold at an average price of $45.42, for a total value of $34,610.04. Following the sale, the senior vice president now owns 51,788 shares in the company, valued at $2,352,210.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, SVP Maria Victoria Wong sold 762 shares of the business’s stock in a transaction on Thursday, June 13th. The stock was sold at an average price of $45.42, for a total value of $34,610.04. Following the sale, the senior vice president now owns 51,788 shares in the company, valued at approximately $2,352,210.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Charles Robbins sold 26,331 shares of the business’s stock in a transaction on Wednesday, May 29th. The stock was sold at an average price of $46.10, for a total value of $1,213,859.10. Following the transaction, the chief executive officer now directly owns 725,363 shares of the company’s stock, valued at $33,439,234.30. The disclosure for this sale can be found here. Insiders have sold 33,090 shares of company stock worth $1,522,231 over the last quarter. 0.02% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the business. Summit Securities Group LLC purchased a new stake in shares of Cisco Systems in the 2nd quarter valued at about $25,000. Delos Wealth Advisors LLC raised its stake in shares of Cisco Systems by 1,666.7% during the 4th quarter. Delos Wealth Advisors LLC now owns 636 shares of the network equipment provider’s stock worth $32,000 after buying an additional 600 shares in the last quarter. DiNuzzo Private Wealth Inc. purchased a new position in shares of Cisco Systems during the 4th quarter worth approximately $33,000. Quarry LP raised its stake in shares of Cisco Systems by 222.4% during the 2nd quarter. Quarry LP now owns 661 shares of the network equipment provider’s stock worth $31,000 after buying an additional 456 shares in the last quarter. Finally, Retirement Group LLC raised its stake in shares of Cisco Systems by 56.8% during the 1st quarter. Retirement Group LLC now owns 726 shares of the network equipment provider’s stock worth $36,000 after buying an additional 263 shares in the last quarter. 73.33% of the stock is owned by institutional investors and hedge funds.

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 in the Americas, Europe, the Middle East, Africa, the Asia Pacific, Japan, and China. The company also offers switching portfolio encompasses campus switching as well as data center switching; enterprise routing portfolio interconnects public and private wireline and mobile networks, delivering highly secure, and reliable connectivity to campus, data center and branch networks; wireless products include wireless access points and controllers; and compute portfolio including the cisco unified computing system, hyperflex, and software management capabilities, which combine computing, networking, and storage infrastructure management and virtualization.