Wells Fargo & Company Forecasts Strong Price Appreciation for Cisco Systems (NASDAQ:CSCO) Stock

by · The Markets Daily

Cisco Systems (NASDAQ:CSCO – Get Free Report) had its price target increased by analysts at Wells Fargo & Company from $57.00 to $60.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm currently has an “equal weight” rating on the network equipment provider’s stock. Wells Fargo & Company‘s target price suggests a potential upside of 2.53% from the company’s previous close.

Several other analysts have also issued reports on the company. Tigress Financial boosted their price target on Cisco Systems from $76.00 to $78.00 and gave the company a “buy” rating in a report on Monday, October 14th. HSBC upgraded shares of Cisco Systems from a “hold” rating to a “buy” rating and boosted their target price for the stock from $46.00 to $58.00 in a report on Friday, August 16th. Citigroup upgraded Cisco Systems from a “neutral” rating to a “buy” rating and boosted their target price for the company from $52.00 to $62.00 in a research report on Wednesday, October 16th. StockNews.com lowered Cisco Systems from a “buy” rating to a “hold” rating in a report on Tuesday, November 5th. Finally, Barclays upped their price target on shares of Cisco Systems from $49.00 to $56.00 and gave the stock an “equal weight” rating in a research report on Thursday. Twelve investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $58.68.

Get Our Latest Stock Report on CSCO

Cisco Systems Stock Down 1.1 %

Shares of CSCO stock traded down $0.66 during mid-day trading on Thursday, hitting $58.52. The company’s stock had a trading volume of 6,182,276 shares, compared to its average volume of 18,979,389. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.83 and a current ratio of 0.91. Cisco Systems has a 52-week low of $44.50 and a 52-week high of $59.38. The stock 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 business has a 50-day moving average price of $53.82 and a 200 day moving average price of $49.64.

Cisco Systems (NASDAQ:CSCO – Get Free Report) last announced its quarterly earnings results on Wednesday, August 14th. The network equipment provider reported $0.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.85 by $0.02. Cisco Systems had a net margin of 19.18% and a return on equity of 27.83%. The firm had revenue of $13.64 billion for the quarter, compared to the consensus estimate of $13.53 billion. During the same quarter last year, the firm posted $1.01 EPS. The business’s quarterly revenue was down 10.3% compared to the same quarter last year. Research analysts predict that Cisco Systems will post 2.89 EPS for the current fiscal year.

Insider Transactions at Cisco Systems

In other news, CEO Charles Robbins sold 27,143 shares of the business’s stock in a transaction that occurred on Friday, August 16th. The stock was 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 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO Charles Robbins sold 27,143 shares of the business’s stock in a transaction on Friday, August 16th. The stock was sold at an average price of $49.45, for a total value of $1,342,221.35. Following the completion of the transaction, 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Thimaya K. Subaiya sold 8,270 shares of Cisco Systems 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 sale, the executive vice president now owns 135,544 shares of the company’s stock, valued at approximately $6,821,929.52. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 70,529 shares of company stock worth $3,509,049 over the last ninety days. 0.01% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Cisco Systems

Several hedge funds have recently modified their holdings of the stock. Summit Securities Group LLC acquired a new position in shares of Cisco Systems during the second quarter worth about $25,000. Quarry LP raised its stake in shares of Cisco Systems by 222.4% during the second quarter. Quarry LP now owns 661 shares of the network equipment provider’s stock valued at $31,000 after purchasing an additional 456 shares during the period. West Financial Advisors LLC boosted its stake in shares of Cisco Systems by 116.6% in the third quarter. West Financial Advisors LLC now owns 574 shares of the network equipment provider’s stock valued at $31,000 after purchasing an additional 309 shares during the period. Hobbs Group Advisors LLC purchased a new stake in Cisco Systems during the 2nd quarter worth $36,000. Finally, RPg Family Wealth Advisory LLC acquired a new stake in shares of Cisco Systems during the third quarter valued at about $40,000. 73.33% of the stock is owned by institutional investors and hedge funds.

Cisco Systems Company Profile

(Get Free Report)

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.

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