Investors Buy Cisco Systems Inc. (CSCO) on Weakness
Investors purchased shares of Cisco Systems Inc. (NASDAQ:CSCO) on weakness during trading on Friday. $102.63 million flowed into the stock on the tick-up and $56.08 million flowed out of the stock on the tick-down, for a money net flow of $46.55 million into the stock. Of all companies tracked, Cisco Systems had the 9th highest net in-flow for the day. Cisco Systems traded down ($0.08) for the day and closed at $30.87
Several equities analysts have recently issued reports on CSCO shares. Oppenheimer Holdings Inc. reaffirmed an “outperform” rating and issued a $34.00 price objective (up previously from $30.00) on shares of Cisco Systems in a research note on Friday, August 5th. Vetr cut shares of Cisco Systems from a “strong-buy” rating to a “buy” rating and set a $29.92 target price for the company. in a report on Tuesday, May 10th. Deutsche Bank AG reiterated a “buy” rating on shares of Cisco Systems in a report on Monday, April 18th. Drexel Hamilton reiterated a “buy” rating and issued a $36.00 target price on shares of Cisco Systems in a report on Saturday, June 25th. Finally, Credit Suisse Group AG reiterated an “underperform” rating on shares of Cisco Systems in a report on Wednesday, July 6th. One equities research 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’s stock. The company currently has a consensus rating of “Buy” and an average price target of $31.11.
The company’s 50 day moving average is $29.88 and its 200 day moving average is $27.88. The stock has a market cap of $155.27 billion and a P/E ratio of 15.28.
Cisco Systems (NASDAQ:CSCO) last released its quarterly earnings data on Wednesday, May 18th. The network equipment provider reported $0.57 EPS for the quarter, beating the consensus estimate of $0.55 by $0.02. The company earned $12 billion during the quarter, compared to analyst estimates of $11.97 billion. During the same period in the previous year, the company posted $0.54 EPS. The company’s quarterly revenue was down 1.1% compared to the same quarter last year. Analysts expect that Cisco Systems Inc. will post $2.33 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 27th. Investors of record on Thursday, July 7th were paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 3.37%. The ex-dividend date was Tuesday, July 5th.
In related news, Director Steven M. West sold 15,000 shares of the stock in a transaction on Wednesday, July 20th. The stock was sold at an average price of $30.20, for a total value of $453,000.00. Following the sale, the director now owns 26,804 shares in the company, valued at approximately $809,480.80. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Rebecca Jacoby sold 90,000 shares of the stock in a transaction on Wednesday, June 1st. The shares were sold at an average price of $28.97, for a total value of $2,607,300.00. Following the completion of the sale, the senior vice president now owns 318,730 shares in the company, valued at approximately $9,233,608.10. The disclosure for this sale can be found here.
Other large investors have bought and sold shares of the company. Patriot Wealth Management Inc. boosted its stake in Cisco Systems by 0.4% in the fourth quarter. Patriot Wealth Management Inc. now owns 176,235 shares of the network equipment provider’s stock worth $4,786,000 after buying an additional 666 shares during the period. Smith Asset Management Group LP boosted its position in Cisco Systems by 7.7% in the fourth quarter. Smith Asset Management Group LP now owns 937,627 shares of the network equipment provider’s stock valued at $25,347,000 after buying an additional 67,395 shares during the last quarter. Sei Investments Co. boosted its position in Cisco Systems by 132.8% in the fourth quarter. Sei Investments Co. now owns 1,776,730 shares of the network equipment provider’s stock valued at $48,247,000 after buying an additional 1,013,433 shares during the last quarter. Penobscot Investment Management Company Inc. boosted its position in Cisco Systems by 26.4% in the fourth quarter. Penobscot Investment Management Company Inc. now owns 82,888 shares of the network equipment provider’s stock valued at $2,251,000 after buying an additional 17,290 shares during the last quarter. Finally, Sandy Spring Bank boosted its position in Cisco Systems by 3.3% in the fourth quarter. Sandy Spring Bank now owns 192,302 shares of the network equipment provider’s stock valued at $5,222,000 after buying an additional 6,215 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.
Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.