Cisco Systems Inc. (CSCO) Sees Unusually-High Trading Volume
Shares of Cisco Systems Inc. (NASDAQ:CSCO) saw strong trading volume on Wednesday . 31,937,253 shares changed hands during mid-day trading, an increase of 32% from the previous session’s volume of 24,286,884 shares.The stock last traded at $30.57 and had previously closed at $29.92.
Several analysts recently weighed in on the stock. Morgan Stanley reissued a “hold” rating and issued a $28.00 price objective on shares of Cisco Systems in a research note on Monday. Zacks Investment Research cut shares of Cisco Systems from a “buy” rating to a “hold” rating in a research note on Tuesday. Vetr cut shares of Cisco Systems from a “strong-buy” rating to a “buy” rating and set a $32.61 price objective on the stock. in a research note on Thursday, July 14th. Drexel Hamilton reissued a “buy” rating and issued a $36.00 price objective on shares of Cisco Systems in a research note on Tuesday, July 12th. Finally, Cowen and Company reissued a “buy” rating on shares of Cisco Systems in a research note on Tuesday, July 12th. One analyst has rated the stock with a sell rating, twelve have issued a hold rating and twenty-five have assigned a buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $30.86.
The firm has a market cap of $154.06 billion and a P/E ratio of 15.16. The company’s 50-day moving average is $29.00 and its 200-day moving average is $27.16.
Cisco Systems (NASDAQ:CSCO) last posted its quarterly earnings results on Wednesday, May 18th. The network equipment provider reported $0.57 EPS for the quarter, topping the Zacks’ consensus estimate of $0.55 by $0.02. The company earned $12 billion during the quarter, compared to the consensus estimate of $11.97 billion. During the same quarter in the previous year, the company posted $0.54 earnings per share. The company’s revenue for the quarter was down 1.1% on a year-over-year basis. On average, equities research analysts forecast that Cisco Systems Inc. will post $2.33 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 27th. Stockholders of record on Thursday, July 7th will be issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 3.40%. The ex-dividend date is Tuesday, July 5th.
In other Cisco Systems news, CMO Karen Walker sold 7,802 shares of the stock in a transaction dated Wednesday, June 15th. The shares were sold at an average price of $28.50, for a total transaction of $222,357.00. Following the transaction, the chief marketing officer now directly owns 175,250 shares in the company, valued at approximately $4,994,625. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Pankaj Patel sold 9,891 shares of the stock in a transaction dated Thursday, June 23rd. The stock was sold at an average price of $29.03, for a total transaction of $287,135.73. Following the transaction, the executive vice president now owns 356,307 shares in the company, valued at $10,343,592.21. The disclosure for this sale can be found here.
A number of hedge funds and institutional investors have modified their holdings of the company. KBC Group NV boosted its position in shares of Cisco Systems by 9.8% in the fourth quarter. KBC Group NV now owns 1,268,499 shares of the network equipment provider’s stock valued at $34,446,000 after buying an additional 113,393 shares during the last quarter. Stack Financial Management Inc acquired a new position in shares of Cisco Systems during the fourth quarter valued at about $32,281,000. Buckingham Capital Management Inc. boosted its position in shares of Cisco Systems by 3.8% in the third quarter. Buckingham Capital Management Inc. now owns 168,138 shares of the network equipment provider’s stock valued at $4,414,000 after buying an additional 6,211 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Cisco Systems by 3.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 32,258,594 shares of the network equipment provider’s stock valued at $876,088,000 after buying an additional 1,121,239 shares during the last quarter. Finally, Opus Investment Management Inc. boosted its position in shares of Cisco Systems by 81.9% in the fourth quarter. Opus Investment Management Inc. now owns 151,000 shares of the network equipment provider’s stock valued at $4,100,000 after buying an additional 68,000 shares during the last quarter.
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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