Cisco Systems (NASDAQ:CSCO) Raised to “Buy” at Citigroup

Cisco Systems (NASDAQ:CSCO) was upgraded by equities researchers at Citigroup from a “neutral” rating to a “buy” rating in a research report issued to clients and investors on Wednesday, Briefing.com reports. The brokerage currently has a $62.00 price objective on the network equipment provider’s stock, up from their prior price objective of $52.00. Citigroup’s price objective would suggest a potential upside of 14.64% from the company’s current price.

Several other research firms have also recently issued reports on CSCO. 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 research note on Thursday, August 15th. Piper Sandler reaffirmed a “neutral” rating and set a $52.00 price objective on shares of Cisco Systems in a research report on Thursday, August 15th. Evercore ISI raised their target price on Cisco Systems from $55.00 to $60.00 and gave the company an “outperform” rating in a research note on Friday, September 20th. Hsbc Global Res raised Cisco Systems to a “strong-buy” rating in a research note on Friday, August 16th. Finally, Jefferies Financial Group lowered their price objective on Cisco Systems from $56.00 to $53.00 and set a “buy” rating for the company in a research report on Thursday, August 15th. One research analyst has rated the stock with a sell rating, thirteen have given a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Cisco Systems presently has a consensus rating of “Hold” and a consensus price target of $56.74.

Cisco Systems Stock Down 0.4 %

Shares of NASDAQ:CSCO opened at $54.08 on Wednesday. Cisco Systems has a 12-month low of $44.50 and a 12-month high of $54.61. The company has a current ratio of 0.91, a quick ratio of 0.83 and a debt-to-equity ratio of 0.43. The stock’s 50-day moving average price is $50.51 and its 200-day moving average price is $48.45. The stock has a market capitalization of $217.88 billion, a P/E ratio of 18.21, a price-to-earnings-growth ratio of 4.22 and a beta of 0.83.

Cisco Systems (NASDAQ:CSCO) last announced its quarterly earnings data on Wednesday, August 14th. The network equipment provider reported $0.87 earnings per share for the quarter, beating the consensus estimate of $0.85 by $0.02. Cisco Systems had a return on equity of 27.83% and a net margin of 19.18%. The firm had revenue of $13.64 billion during the quarter, compared to the consensus estimate of $13.53 billion. During the same quarter in the previous year, the company posted $1.01 earnings per share. The business’s revenue was down 10.3% on a year-over-year basis. On average, equities analysts anticipate that Cisco Systems will post 2.9 earnings per share for the current year.

Insider Buying and Selling at Cisco Systems

In related news, EVP Thimaya K. Subaiya sold 8,270 shares of the business’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $50.33, for a total transaction of $416,229.10. Following the completion of the sale, the executive vice president now directly owns 135,544 shares in the company, valued at approximately $6,821,929.52. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Cisco Systems news, EVP Thimaya K. Subaiya sold 8,270 shares of the business’s stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $50.33, for a total transaction of $416,229.10. Following the completion of the sale, the executive vice president now owns 135,544 shares of the company’s stock, valued at approximately $6,821,929.52. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Thimaya K. Subaiya sold 1,328 shares of the firm’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $48.92, for a total value of $64,965.76. Following the completion of the transaction, the executive vice president now directly owns 132,910 shares in the company, valued at $6,501,957.20. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 70,529 shares of company stock worth $3,509,049 in the last three months. 0.02% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Cisco Systems

Hedge funds have recently modified their holdings of the company. Gleason Group Inc. boosted its holdings in Cisco Systems by 0.9% in the 3rd quarter. Gleason Group Inc. now owns 22,683 shares of the network equipment provider’s stock worth $1,207,000 after buying an additional 193 shares during the period. Braun Bostich & Associates Inc. grew its position in shares of Cisco Systems by 4.6% during the third quarter. Braun Bostich & Associates Inc. now owns 6,325 shares of the network equipment provider’s stock worth $337,000 after purchasing an additional 276 shares in the last quarter. 626 Financial LLC bought a new position in Cisco Systems in the 3rd quarter worth approximately $217,000. EdgeRock Capital LLC boosted its position in shares of Cisco Systems by 5.3% during the third quarter. EdgeRock Capital LLC now owns 4,529 shares of the network equipment provider’s stock worth $241,000 after acquiring an additional 226 shares during the last quarter. Finally, Lynch & Associates IN raised its holdings in shares of Cisco Systems by 0.9% during the 3rd quarter. Lynch & Associates IN now owns 148,990 shares of the network equipment provider’s stock worth $7,929,000 after acquiring an additional 1,343 shares in the last quarter. 73.33% of the stock is currently owned by institutional investors.

Cisco Systems Company Profile

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.