Cisco Systems (NASDAQ:CSCO) Price Target Raised to $64.00 at Raymond James

Cisco Systems (NASDAQ:CSCO) had its target price raised by Raymond James from $57.00 to $64.00 in a research note released on Thursday, The Fly reports. The brokerage currently has an outperform rating on the network equipment provider’s stock.

A number of other equities research analysts have also recently weighed in on the company. Citigroup boosted their price objective on Cisco Systems from $50.00 to $55.00 and gave the company a neutral rating in a research note on Thursday, August 19th. Morgan Stanley cut Cisco Systems from an overweight rating to an equal weight rating and boosted their price objective for the company from $57.00 to $59.00 in a research note on Thursday, September 9th. Piper Sandler boosted their price objective on Cisco Systems from $53.00 to $57.00 and gave the company a neutral rating in a research note on Thursday. Credit Suisse Group upgraded Cisco Systems from a neutral rating to an outperform rating and boosted their price objective for the company from $56.00 to $74.00 in a research note on Thursday. Finally, Barclays boosted their price objective on Cisco Systems from $55.00 to $62.00 and gave the company an overweight rating in a research note on Thursday, August 19th. They noted that the move was a valuation call. Twelve research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of Hold and an average price target of $58.52.

Shares of CSCO opened at $57.33 on Thursday. The stock has a 50 day moving average price of $56.51 and a 200 day moving average price of $53.39. The company has a quick ratio of 1.43, a current ratio of 1.49 and a debt-to-equity ratio of 0.22. The company has a market capitalization of $241.80 billion, a price-to-earnings ratio of 22.93, a price-to-earnings-growth ratio of 3.01 and a beta of 0.91. Cisco Systems has a 52-week low of $35.28 and a 52-week high of $60.27.

Cisco Systems (NASDAQ:CSCO) last announced its quarterly earnings results on Tuesday, August 17th. The network equipment provider reported $0.84 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.83 by $0.01. Cisco Systems had a return on equity of 30.82% and a net margin of 21.26%. The firm had revenue of $13.13 billion during the quarter, compared to the consensus estimate of $13.04 billion. During the same period in the prior year, the company posted $0.80 earnings per share. The firm’s quarterly revenue was up 8.0% compared to the same quarter last year. On average, equities analysts anticipate that Cisco Systems will post 3.08 EPS for the current fiscal year.

In other Cisco Systems news, SVP Prat Bhatt sold 3,518 shares of the company’s stock in a transaction on Monday, August 23rd. The stock was sold at an average price of $58.40, for a total value of $205,451.20. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Charles Robbins sold 6,543 shares of the company’s stock in a transaction on Wednesday, August 25th. The shares were sold at an average price of $59.69, for a total value of $390,551.67. The disclosure for this sale can be found here. Insiders have sold 64,529 shares of company stock worth $3,827,391 in the last ninety days. 0.02% of the stock is currently owned by corporate insiders.

Institutional investors and hedge funds have recently bought and sold shares of the stock. McCarthy Asset Management Inc. boosted its stake in shares of Cisco Systems by 87.8% during the second quarter. McCarthy Asset Management Inc. now owns 494 shares of the network equipment provider’s stock valued at $26,000 after acquiring an additional 231 shares during the last quarter. Lion Street Advisors LLC acquired a new stake in shares of Cisco Systems during the second quarter valued at $32,000. Lake Point Wealth Management acquired a new stake in shares of Cisco Systems during the second quarter valued at $36,000. Stuart Chaussee & Associates Inc. boosted its stake in shares of Cisco Systems by 43.2% during the first quarter. Stuart Chaussee & Associates Inc. now owns 716 shares of the network equipment provider’s stock valued at $37,000 after acquiring an additional 216 shares during the last quarter. Finally, Arcadia Investment Management Corp MI boosted its stake in shares of Cisco Systems by 48.4% during the second quarter. Arcadia Investment Management Corp MI now owns 705 shares of the network equipment provider’s stock valued at $37,000 after acquiring an additional 230 shares during the last quarter. 71.92% of the stock is currently owned by institutional investors and hedge funds.

About Cisco Systems

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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