Wells Fargo & Company Increases Cisco Systems (NASDAQ:CSCO) Price Target to $60.00

Cisco Systems (NASDAQ:CSCO) had its price target raised by equities researchers at Wells Fargo & Company from $57.00 to $60.00 in a research note issued on Thursday,Benzinga reports. The firm currently has an “equal weight” rating on the network equipment provider’s stock. Wells Fargo & Company‘s price target indicates a potential upside of 4.42% from the company’s current price.

Other research analysts have also recently issued research reports about the stock. HSBC raised shares of Cisco Systems from a “hold” rating to a “buy” rating and boosted their price target for the company from $46.00 to $58.00 in a research report on Friday, August 16th. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Cisco Systems from $52.00 to $53.00 and gave the company a “hold” rating in a report on Thursday, August 15th. Evercore ISI raised their price target on shares of Cisco Systems from $55.00 to $60.00 and gave the stock an “outperform” rating in a report on Friday, September 20th. Rosenblatt Securities upped their price objective on Cisco Systems from $56.00 to $58.00 and gave the company a “neutral” rating in a report on Thursday, August 15th. Finally, Piper Sandler raised their target price on Cisco Systems from $52.00 to $57.00 and gave the stock a “neutral” rating in a research note on Thursday. Eleven research 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. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $59.42.

Cisco Systems Trading Down 0.8 %

CSCO opened at $57.46 on Thursday. The firm has a market capitalization of $229.31 billion, a price-to-earnings ratio of 24.66, a price-to-earnings-growth ratio of 4.90 and a beta of 0.83. The company’s 50 day simple moving average is $54.18 and its two-hundred day simple moving average is $49.76. Cisco Systems has a 1-year low of $44.50 and a 1-year high of $59.38. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.91 and a quick ratio of 0.83.

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

Insiders Place Their Bets

In other Cisco Systems news, SVP Maria Victoria Wong sold 638 shares of the stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $49.09, for a total value of $31,319.42. Following the sale, the senior vice president now owns 46,017 shares of the company’s stock, valued at $2,258,974.53. This trade represents a 1.37 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Thimaya K. Subaiya sold 1,328 shares of Cisco Systems stock in a transaction dated Thursday, September 12th. The shares were 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 owns 132,910 shares of the company’s stock, valued at $6,501,957.20. The trade was a 0.99 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 35,924 shares of company stock worth $1,798,131 in the last ninety days. 0.01% of the stock is owned by corporate insiders.

Institutional Trading of Cisco Systems

Several hedge funds have recently added to or reduced their stakes in CSCO. Summit Securities Group LLC purchased a new stake in shares of Cisco Systems in the 2nd quarter valued at approximately $25,000. West Financial Advisors LLC grew its stake in shares of Cisco Systems by 116.6% during the third quarter. West Financial Advisors LLC now owns 574 shares of the network equipment provider’s stock worth $31,000 after purchasing an additional 309 shares in the last quarter. Quarry LP increased its holdings in Cisco Systems by 222.4% in the second quarter. Quarry LP now owns 661 shares of the network equipment provider’s stock valued at $31,000 after buying an additional 456 shares during the last quarter. RPg Family Wealth Advisory LLC acquired a new stake in Cisco Systems in the third quarter valued at $40,000. Finally, Hobbs Group Advisors LLC purchased a new stake in Cisco Systems during the 2nd quarter worth about $36,000. Institutional investors and hedge funds own 73.33% of the company’s stock.

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.