Cisco Systems (NASDAQ:CSCO) Price Target Raised to $62.00

Cisco Systems (NASDAQ:CSCO) had its price objective upped by Morgan Stanley from $58.00 to $62.00 in a research note released on Thursday,Benzinga reports. The brokerage currently has an overweight rating on the network equipment provider’s stock.

CSCO has been the subject of several other research reports. Evercore ISI lifted their price target on shares of Cisco Systems from $55.00 to $60.00 and gave the stock an “outperform” rating in a research report on Friday, September 20th. Deutsche Bank Aktiengesellschaft upped their target price on shares of Cisco Systems from $52.00 to $53.00 and gave the company a “hold” rating in a research report on Thursday, August 15th. Jefferies Financial Group reduced their price target on Cisco Systems from $56.00 to $53.00 and set a “buy” rating on the stock in a research report on Thursday, August 15th. Piper Sandler reiterated a “neutral” rating and issued a $52.00 price objective on shares of Cisco Systems in a report on Thursday, August 15th. Finally, Barclays reduced their target price on Cisco Systems from $50.00 to $49.00 and set an “equal weight” rating on the stock in a report on Thursday, August 15th. Eleven analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $59.42.

Cisco Systems Stock Down 0.8 %

NASDAQ:CSCO opened at $57.46 on Thursday. The company has a market cap of $229.31 billion, a price-to-earnings ratio of 24.66, a P/E/G ratio of 4.90 and a beta of 0.83. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.83 and a current ratio of 0.91. The stock’s fifty day moving average price is $54.18 and its two-hundred day moving average price is $49.76. Cisco Systems has a 52-week low of $44.50 and a 52-week high of $59.38.

Cisco Systems (NASDAQ:CSCO) last posted its quarterly earnings results on Wednesday, August 14th. The network equipment provider reported $0.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.85 by $0.02. The business had revenue of $13.64 billion for the quarter, compared to analysts’ expectations of $13.53 billion. Cisco Systems had a return on equity of 25.62% and a net margin of 17.73%. The firm’s quarterly revenue was down 10.3% compared to the same quarter last year. During the same quarter last year, the business earned $1.01 earnings per share. On average, analysts anticipate that Cisco Systems will post 2.89 EPS for the current year.

Cisco Systems Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 22nd. Shareholders of record on Friday, January 3rd will be paid a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 2.78%. The ex-dividend date is Friday, January 3rd. Cisco Systems’s dividend payout ratio is 68.67%.

Insider Transactions at Cisco Systems

In other news, SVP Maria Victoria Wong sold 3,379 shares of the business’s stock in a transaction on Wednesday, August 28th. The shares were sold at an average price of $50.36, for a total value of $170,166.44. Following the sale, the senior vice president now owns 47,182 shares of the company’s stock, valued at $2,376,085.52. The trade was a 6.68 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Thimaya K. Subaiya sold 1,328 shares of the firm’s stock in a transaction 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 completion of the transaction, the executive vice president now directly owns 132,910 shares of the company’s stock, valued at approximately $6,501,957.20. This trade represents a 0.99 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 35,924 shares of company stock valued at $1,798,131 over the last three months. Company insiders own 0.01% of the company’s stock.

Institutional Trading of Cisco Systems

Institutional investors and hedge funds have recently bought and sold shares of the stock. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its position in shares of Cisco Systems by 59.3% during the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 775,559 shares of the network equipment provider’s stock worth $36,847,000 after purchasing an additional 288,775 shares during the last quarter. Citizens Financial Group Inc. RI increased its holdings in Cisco Systems by 24.4% during the second quarter. Citizens Financial Group Inc. RI now owns 264,647 shares of the network equipment provider’s stock worth $12,573,000 after buying an additional 51,924 shares during the last quarter. Commerzbank Aktiengesellschaft FI raised its position in Cisco Systems by 10.9% during the third quarter. Commerzbank Aktiengesellschaft FI now owns 1,658,417 shares of the network equipment provider’s stock worth $88,261,000 after acquiring an additional 162,544 shares in the last quarter. Quintet Private Bank Europe S.A. grew its position in shares of Cisco Systems by 17.0% in the 3rd quarter. Quintet Private Bank Europe S.A. now owns 635,667 shares of the network equipment provider’s stock valued at $33,830,000 after acquiring an additional 92,179 shares during the period. Finally, IRON Financial LLC acquired a new position in shares of Cisco Systems during the 3rd quarter worth about $856,000. Institutional investors own 73.33% of the company’s stock.

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.