Cisco Systems (NASDAQ:CSCO) Posts Earnings Results

Cisco Systems (NASDAQ:CSCOGet Rating) announced its earnings results on Wednesday. The network equipment provider reported $0.86 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.84 by $0.02, RTT News reports. Cisco Systems had a net margin of 22.91% and a return on equity of 31.12%. The firm had revenue of $13.63 billion for the quarter, compared to analyst estimates of $13.29 billion. During the same quarter in the prior year, the business posted $0.73 EPS. The business’s revenue was up 5.7% compared to the same quarter last year. Cisco Systems updated its Q2 guidance to $0.84-0.86 EPS and its FY23 guidance to $3.51-3.58 EPS.

Cisco Systems Trading Down 1.1 %

Shares of CSCO traded down $0.51 during trading hours on Wednesday, hitting $44.39. 24,177,906 shares of the stock were exchanged, compared to its average volume of 21,646,607. Cisco Systems has a fifty-two week low of $38.60 and a fifty-two week high of $64.29. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.43 and a quick ratio of 1.33. The business has a 50-day moving average of $42.88 and a 200-day moving average of $44.43. The firm has a market capitalization of $182.39 billion, a P/E ratio of 15.74, a price-to-earnings-growth ratio of 2.22 and a beta of 1.00.

Cisco Systems Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, October 26th. Stockholders of record on Wednesday, October 5th were given a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 3.42%. The ex-dividend date was Tuesday, October 4th. Cisco Systems’s dividend payout ratio (DPR) is presently 53.90%.

Insider Transactions at Cisco Systems

In other news, SVP Prat Bhatt sold 19,168 shares of the stock in a transaction on Tuesday, September 13th. The shares were sold at an average price of $44.28, for a total transaction of $848,759.04. Following the completion of the sale, the senior vice president now directly owns 38,158 shares in the company, valued at $1,689,636.24. The transaction was disclosed in a filing with the SEC, which is available at this link. In other news, SVP Prat Bhatt sold 19,168 shares of the stock in a transaction on Tuesday, September 13th. The shares were sold at an average price of $44.28, for a total transaction of $848,759.04. Following the completion of the sale, the senior vice president now directly owns 38,158 shares in the company, valued at $1,689,636.24. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP Jeffery S. Sharritts sold 637 shares of the stock in a transaction on Tuesday, September 13th. The stock was sold at an average price of $44.69, for a total transaction of $28,467.53. Following the sale, the executive vice president now owns 166,370 shares of the company’s stock, valued at $7,435,075.30. The disclosure for this sale can be found here. Insiders sold a total of 56,317 shares of company stock worth $2,612,042 over the last three months. 0.02% of the stock is owned by company insiders.

Institutional Investors Weigh In On Cisco Systems

A number of large investors have recently bought and sold shares of the stock. Plancorp LLC grew its holdings in Cisco Systems by 1.8% in the first quarter. Plancorp LLC now owns 14,526 shares of the network equipment provider’s stock worth $810,000 after purchasing an additional 256 shares during the period. Laraway Financial Advisors Inc grew its holdings in Cisco Systems by 3.7% in the first quarter. Laraway Financial Advisors Inc now owns 8,450 shares of the network equipment provider’s stock worth $471,000 after purchasing an additional 300 shares during the period. Wsfs Capital Management LLC grew its holdings in Cisco Systems by 4.3% in the first quarter. Wsfs Capital Management LLC now owns 7,447 shares of the network equipment provider’s stock worth $415,000 after purchasing an additional 307 shares during the period. Rodgers Brothers Inc. grew its holdings in Cisco Systems by 2.3% in the first quarter. Rodgers Brothers Inc. now owns 15,902 shares of the network equipment provider’s stock worth $887,000 after purchasing an additional 350 shares during the period. Finally, Renaissance Group LLC grew its holdings in Cisco Systems by 1.8% in the first quarter. Renaissance Group LLC now owns 21,225 shares of the network equipment provider’s stock worth $1,184,000 after purchasing an additional 370 shares during the period. 71.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

CSCO has been the subject of a number of recent analyst reports. Rosenblatt Securities upped their price target on shares of Cisco Systems from $48.00 to $53.00 and gave the stock a “neutral” rating in a report on Thursday, August 18th. Cowen upped their price target on shares of Cisco Systems from $58.00 to $60.00 and gave the stock an “outperform” rating in a report on Thursday, August 18th. KGI Securities raised shares of Cisco Systems from a “neutral” rating to an “outperform” rating in a report on Wednesday, August 31st. Jefferies Financial Group upped their price target on shares of Cisco Systems from $52.00 to $54.00 and gave the stock a “buy” rating in a report on Thursday, August 18th. Finally, Bank of America reaffirmed a “buy” rating and set a $52.00 price target on shares of Cisco Systems in a report on Wednesday. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $53.68.

About Cisco Systems

(Get Rating)

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 that are standalone, controller appliance-based, switch-converged, and Meraki cloud-managed offerings; and compute portfolio including the cisco unified computing system, hyperflex, and software management capabilities, which combine computing, networking, and storage infrastructure management and virtualization.

Read More

Earnings History for Cisco Systems (NASDAQ:CSCO)

Receive News & Ratings for Cisco Systems Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cisco Systems and related companies with MarketBeat.com's FREE daily email newsletter.