Cisco Systems Inc. (CSCO) Reaches New 1-Year High at $31.39
Shares of Cisco Systems Inc. (NASDAQ:CSCO) reached a new 52-week high on Thursday . The stock traded as high as $31.39 and last traded at $31.36, with a volume of 12,508,064 shares changing hands. The stock had previously closed at $31.06.
Several research firms recently weighed in on CSCO. Cowen and Company increased their price target on Cisco Systems from $39.00 to $40.00 and gave the company an “outperform” rating in a report on Monday, August 15th. Drexel Hamilton reiterated a “buy” rating and issued a $36.00 target price on shares of Cisco Systems in a research note on Tuesday, August 16th. JPMorgan Chase & Co. reiterated a “hold” rating on shares of Cisco Systems in a research note on Wednesday, August 17th. Jefferies Group increased their target price on Cisco Systems from $30.75 to $35.00 and gave the stock a “buy” rating in a research note on Wednesday, August 17th. Finally, RBC Capital Markets reiterated an “outperform” rating and issued a $35.00 target price on shares of Cisco Systems in a research note on Wednesday, August 17th. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating and twenty-four have assigned a buy rating to the stock. Cisco Systems has an average rating of “Buy” and an average target price of $31.84.
The firm has a 50 day moving average of $30.43 and a 200 day moving average of $28.35. The company has a market cap of $157.22 billion and a P/E ratio of 14.81.
Cisco Systems (NASDAQ:CSCO) last issued its earnings results on Wednesday, August 17th. The network equipment provider reported $0.63 EPS for the quarter, beating the Zacks’ consensus estimate of $0.60 by $0.03. The company earned $12.60 billion during the quarter, compared to analyst estimates of $12.57 billion. The business’s revenue was down 1.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.59 earnings per share. Analysts expect that Cisco Systems Inc. will post $2.43 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 27th. Stockholders of record on Thursday, July 7th were given a dividend of $0.26 per share. The ex-dividend date was Tuesday, July 5th. This represents a $1.04 annualized dividend and a dividend yield of 3.35%.
In other news, CMO Karen Walker sold 7,802 shares of the business’s stock in a transaction that occurred on Wednesday, June 15th. The stock was sold at an average price of $28.50, for a total transaction of $222,357.00. Following the completion of the transaction, the chief marketing officer now directly owns 175,250 shares in the company, valued at $4,994,625. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Mark D. Chandler sold 25,024 shares of the business’s stock in a transaction that occurred on Monday, August 22nd. The stock was sold at an average price of $30.44, for a total value of $761,730.56. Following the transaction, the senior vice president now owns 229,905 shares of the company’s stock, valued at $6,998,308.20. The disclosure for this sale can be found here.
Several institutional investors have modified their holdings of the company. Vanguard Group Inc. increased its position in shares of Cisco Systems by 2.2% in the fourth quarter. Vanguard Group Inc. now owns 301,463,407 shares of the network equipment provider’s stock valued at $8,186,239,000 after buying an additional 6,597,497 shares in the last quarter. I.G. Investment Management LTD. increased its position in shares of Cisco Systems by 70.8% in the fourth quarter. I.G. Investment Management LTD. now owns 4,323,766 shares of the network equipment provider’s stock valued at $117,433,000 after buying an additional 1,792,667 shares in the last quarter. Penserra Capital Management LLC acquired a new position in shares of Cisco Systems during the fourth quarter valued at about $39,188,000. Dimensional Fund Advisors LP increased 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 in the last quarter. Finally, OppenheimerFunds Inc. increased its position in shares of Cisco Systems by 12.5% in the fourth quarter. OppenheimerFunds Inc. now owns 3,949,414 shares of the network equipment provider’s stock valued at $107,284,000 after buying an additional 437,273 shares in 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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