Piper Sandler Boosts Cisco Systems (NASDAQ:CSCO) Price Target to $57.00

Cisco Systems (NASDAQ:CSCO) had its target price lifted by Piper Sandler from $53.00 to $57.00 in a research note issued on Thursday, The Fly reports. The brokerage currently has a “neutral” rating on the network equipment provider’s stock. Piper Sandler’s price target points to a potential upside of 0.26% from the stock’s previous close. Piper Sandler also issued estimates for Cisco Systems’ Q1 2023 earnings at $0.78 EPS, Q2 2023 earnings at $0.77 EPS, Q3 2023 earnings at $0.84 EPS and FY2025 earnings at $3.76 EPS.

Other equities analysts have also issued reports about the company. William Blair restated a “market perform” rating on shares of Cisco Systems in a research note on Thursday, May 20th. Barclays boosted their price target on shares of Cisco Systems from $55.00 to $62.00 and gave the stock an “overweight” rating in a research note on Thursday, August 19th. They noted that the move was a valuation call. Citigroup raised their price objective on shares of Cisco Systems from $50.00 to $55.00 and gave the company a “neutral” rating in a research report on Thursday, August 19th. Raymond James increased their target price on Cisco Systems from $55.00 to $57.00 and gave the company an “outperform” rating in a research note on Thursday, August 19th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Cisco Systems in a research note on Thursday. Twelve investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, Cisco Systems has an average rating of “Hold” and a consensus price target of $58.52.

Shares of NASDAQ CSCO opened at $56.85 on Thursday. The firm has a market cap of $239.78 billion, a price-to-earnings ratio of 22.74, a price-to-earnings-growth ratio of 3.01 and a beta of 0.91. The company has a current ratio of 1.49, a quick ratio of 1.43 and a debt-to-equity ratio of 0.22. The stock has a fifty day simple moving average of $56.57 and a two-hundred day simple moving average of $53.47. Cisco Systems has a 1-year low of $35.28 and a 1-year high of $60.27.

Cisco Systems (NASDAQ:CSCO) last released its quarterly earnings data on Tuesday, August 17th. The network equipment provider reported $0.84 earnings per share for the quarter, beating analysts’ consensus estimates of $0.83 by $0.01. Cisco Systems had a net margin of 21.26% and a return on equity of 30.82%. The business had revenue of $13.13 billion during the quarter, compared to analyst estimates of $13.04 billion. During the same period in the previous year, the business earned $0.80 EPS. Cisco Systems’s revenue was up 8.0% compared to the same quarter last year. Analysts forecast that Cisco Systems will post 3.08 EPS for the current year.

In other news, CEO Charles Robbins sold 6,543 shares of Cisco Systems stock in a transaction on Wednesday, August 25th. The shares were sold at an average price of $59.69, for a total transaction of $390,551.67. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Prat Bhatt sold 468 shares of Cisco Systems stock in a transaction on Monday, September 13th. The shares were sold at an average price of $58.35, for a total value of $27,307.80. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 64,529 shares of company stock worth $3,827,391. Company insiders own 0.02% of the company’s stock.

Hedge funds have recently made changes to their positions in the company. Lokken Investment Group LLC increased its stake in Cisco Systems by 7.4% in the 2nd quarter. Lokken Investment Group LLC now owns 14,500 shares of the network equipment provider’s stock worth $768,000 after buying an additional 999 shares in the last quarter. Princeton Portfolio Strategies Group LLC boosted its stake in shares of Cisco Systems by 13.7% in the first quarter. Princeton Portfolio Strategies Group LLC now owns 41,483 shares of the network equipment provider’s stock worth $2,145,000 after acquiring an additional 4,992 shares during the period. FDx Advisors Inc. grew its position in shares of Cisco Systems by 6.6% during the second quarter. FDx Advisors Inc. now owns 298,191 shares of the network equipment provider’s stock worth $15,804,000 after purchasing an additional 18,502 shares in the last quarter. Procyon Private Wealth Partners LLC raised its stake in Cisco Systems by 26.5% during the 2nd quarter. Procyon Private Wealth Partners LLC now owns 53,084 shares of the network equipment provider’s stock valued at $2,813,000 after purchasing an additional 11,109 shares during the period. Finally, Employees Retirement System of Texas purchased a new position in Cisco Systems in the 1st quarter worth approximately $18,921,000. Hedge funds and other institutional investors own 71.92% of the company’s stock.

Cisco Systems Company Profile

Cisco Systems, Inc engages in the design, manufacture, and sale of Internet Protocol based networking products and services related to the communications and information technology industry. The firm operates through the following geographical segments: the Americas, EMEA, and APJC. Its product comprises of the following categories: Switches, Routers, Wireless, Network Management Interfaces and Modules, Optical Networking, Access Points, Outdoor and Industrial Access Points, Next-Generation Firewalls, Advanced Malware Protection, VPN Security Clients, Email, and Web Security.

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