Cisco Systems (NASDAQ:CSCO) Price Target Raised to $72.00

Cisco Systems (NASDAQ:CSCO) had its target price increased by equities research analysts at Bank of America from $60.00 to $72.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has a “buy” rating on the network equipment provider’s stock. Bank of America‘s target price indicates a potential upside of 23.88% from the stock’s current price.

A number of other equities analysts have also recently commented on the company. Piper Sandler lifted their price target on Cisco Systems from $52.00 to $57.00 and gave the stock a “neutral” rating in a research note on Thursday. Citigroup raised shares of Cisco Systems from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $52.00 to $62.00 in a research note on Wednesday, October 16th. Wells Fargo & Company raised their price target on shares of Cisco Systems from $57.00 to $60.00 and gave the stock an “equal weight” rating in a report on Thursday. Evercore ISI upped their price objective on shares of Cisco Systems from $55.00 to $60.00 and gave the company an “outperform” rating in a research note on Friday, September 20th. Finally, HSBC upgraded shares of Cisco Systems from a “hold” rating to a “buy” rating and increased their target price for the stock from $46.00 to $58.00 in a report on Friday, August 16th. Twelve investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Cisco Systems presently has a consensus rating of “Moderate Buy” and a consensus price target of $59.32.

Cisco Systems Trading Down 1.8 %

Shares of CSCO stock traded down $1.06 on Thursday, hitting $58.12. 11,931,188 shares of the company’s stock traded hands, compared to its average volume of 19,005,400. The stock has a market capitalization of $231.94 billion, a price-to-earnings ratio of 22.88, a P/E/G ratio of 4.86 and a beta of 0.83. The company’s fifty day simple moving average is $53.82 and its 200 day simple moving average is $49.64. Cisco Systems has a one year low of $44.50 and a one year high of $59.38. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.83 and a current ratio of 0.91.

Cisco Systems (NASDAQ:CSCO) last announced its quarterly earnings data on Wednesday, August 14th. The network equipment provider reported $0.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.85 by $0.02. Cisco Systems had a return on equity of 27.83% and a net margin of 19.18%. The firm had revenue of $13.64 billion for the quarter, compared to analysts’ expectations of $13.53 billion. During the same period last year, the firm earned $1.01 earnings per share. The company’s revenue for the quarter was down 10.3% compared to the same quarter last year. Equities analysts forecast that Cisco Systems will post 2.89 EPS for the current year.

Insiders Place Their Bets

In other news, EVP Thimaya K. Subaiya sold 1,328 shares of the stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $48.92, for a total transaction of $64,965.76. Following the sale, the executive vice president now owns 132,910 shares in the company, valued at $6,501,957.20. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other Cisco Systems news, EVP Thimaya K. Subaiya sold 1,328 shares of Cisco Systems stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $48.92, for a total value of $64,965.76. Following the completion of the sale, the executive vice president now owns 132,910 shares of the company’s stock, valued at approximately $6,501,957.20. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Charles Robbins sold 27,143 shares of the company’s stock in a transaction on Friday, August 16th. The shares were sold at an average price of $49.45, for a total value of $1,342,221.35. Following the transaction, the chief executive officer now directly owns 683,403 shares in the company, valued at approximately $33,794,278.35. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 70,529 shares of company stock valued at $3,509,049. Insiders own 0.01% of the company’s stock.

Institutional Trading of Cisco Systems

A number of large investors have recently made changes to their positions in the stock. China Universal Asset Management Co. Ltd. increased its position in Cisco Systems by 226.9% during the first quarter. China Universal Asset Management Co. Ltd. now owns 26,423 shares of the network equipment provider’s stock valued at $1,319,000 after acquiring an additional 18,339 shares during the last quarter. M&G Plc purchased a new stake in shares of Cisco Systems during the 1st quarter valued at about $46,071,000. Mizuho Markets Americas LLC lifted its stake in shares of Cisco Systems by 90.0% in the 1st quarter. Mizuho Markets Americas LLC now owns 650,818 shares of the network equipment provider’s stock worth $32,482,000 after purchasing an additional 308,300 shares during the period. Councilmark Asset Management LLC purchased a new position in shares of Cisco Systems in the first quarter worth approximately $2,200,000. Finally, Te Ahumairangi Investment Management Ltd grew its position in Cisco Systems by 4.8% during the first quarter. Te Ahumairangi Investment Management Ltd now owns 178,218 shares of the network equipment provider’s stock valued at $8,895,000 after buying an additional 8,210 shares during the period. 73.33% of the stock is currently owned by institutional investors.

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 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.