Wells Fargo & Company Issues Positive Forecast for Cisco Systems (NASDAQ:CSCO) Stock Price

Cisco Systems (NASDAQ:CSCO) had its price target hoisted by research analysts at Wells Fargo & Company from $57.00 to $60.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has an “equal weight” rating on the network equipment provider’s stock. Wells Fargo & Company‘s price objective indicates a potential upside of 2.53% from the company’s previous close.

Several other equities analysts have also weighed in on the stock. UBS Group increased their price target on shares of Cisco Systems from $55.00 to $62.00 and gave the company a “neutral” rating in a research report on Thursday. Citigroup raised shares of Cisco Systems from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $52.00 to $62.00 in a report on Wednesday, October 16th. Evercore ISI increased their price objective on Cisco Systems from $55.00 to $60.00 and gave the company an “outperform” rating in a report on Friday, September 20th. Barclays boosted their target price on Cisco Systems from $49.00 to $56.00 and gave the company an “equal weight” rating in a research note on Thursday. Finally, Rosenblatt Securities increased their price target on Cisco Systems from $56.00 to $58.00 and gave the stock a “neutral” rating in a research note on Thursday, August 15th. Twelve analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $58.68.

Cisco Systems Stock Down 1.1 %

Shares of CSCO traded down $0.66 during trading hours on Thursday, reaching $58.52. 6,182,276 shares of the stock traded hands, compared to its average volume of 18,979,389. Cisco Systems has a 52 week low of $44.50 and a 52 week high of $59.38. The company has a market cap of $233.54 billion, a price-to-earnings ratio of 23.04, a PEG ratio of 4.86 and a beta of 0.83. The stock has a fifty day simple moving average of $53.82 and a 200 day simple moving average of $49.64. The company has a current ratio of 0.91, a quick ratio of 0.83 and a debt-to-equity ratio of 0.43.

Cisco Systems (NASDAQ:CSCO) last announced its earnings results on Wednesday, August 14th. The network equipment provider reported $0.87 earnings per share 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 27.83% and a net margin of 19.18%. The company’s revenue was down 10.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.01 EPS. On average, equities analysts forecast that Cisco Systems will post 2.89 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Charles Robbins sold 27,143 shares of Cisco Systems stock in a transaction on Friday, August 16th. The shares were sold at an average price of $49.45, for a total value of $1,342,221.35. Following the transaction, the chief executive officer now owns 683,403 shares in the company, valued at $33,794,278.35. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, EVP Deborah L. Stahlkopf sold 7,462 shares of the firm’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $49.41, for a total value of $368,697.42. Following the transaction, the executive vice president now owns 165,580 shares in the company, valued at approximately $8,181,307.80. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Charles Robbins sold 27,143 shares of the stock in a transaction on Friday, August 16th. The shares were sold at an average price of $49.45, for a total transaction of $1,342,221.35. Following the sale, the chief executive officer now directly owns 683,403 shares of the company’s stock, valued at $33,794,278.35. The trade was 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 valued at $3,509,049 over the last 90 days. Insiders own 0.01% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Summit Securities Group LLC bought a new position in shares of Cisco Systems in the 2nd quarter worth approximately $25,000. West Financial Advisors LLC grew its stake in Cisco Systems by 116.6% in 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 during the period. Quarry LP raised 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 worth $31,000 after purchasing an additional 456 shares in the last quarter. RPg Family Wealth Advisory LLC bought a new stake in shares of Cisco Systems during the 3rd quarter valued at $40,000. Finally, Hobbs Group Advisors LLC purchased a new stake in shares of Cisco Systems in the 2nd quarter worth about $36,000. 73.33% of the stock is owned by hedge funds and other institutional investors.

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.