Cisco Systems (NASDAQ:CSCO) PT Set at $62.00 by JPMorgan Chase & Co.

Cisco Systems (NASDAQ:CSCO) received a $62.00 target price from equities research analysts at JPMorgan Chase & Co. in a research report issued to clients and investors on Monday, TipRanks reports. The brokerage currently has a “buy” rating on the network equipment provider’s stock. JPMorgan Chase & Co.‘s price target points to a potential upside of 22.18% from the company’s previous close.

Other equities analysts have also recently issued research reports about the company. Bank of America reiterated a “buy” rating and set a $62.00 price target on shares of Cisco Systems in a report on Wednesday, July 10th. UBS Group set a $61.00 price target on Cisco Systems and gave the stock a “buy” rating in a report on Wednesday, June 26th. Jefferies Financial Group lifted their price target on Cisco Systems from $55.00 to $62.00 and gave the stock a “buy” rating in a report on Thursday, May 16th. They noted that the move was a valuation call. Barclays began coverage on Cisco Systems in a report on Wednesday, August 7th. They set an “equal weight” rating and a $52.00 price target for the company. Finally, BidaskClub cut Cisco Systems from a “hold” rating to a “sell” rating in a report on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and twenty have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $56.32.

Shares of NASDAQ CSCO traded down $1.98 during mid-day trading on Monday, hitting $50.75. The company had a trading volume of 15,871,574 shares, compared to its average volume of 20,855,217. The company has a market cap of $224.44 billion, a P/E ratio of 21.69, a PEG ratio of 2.41 and a beta of 1.18. The company has a 50-day moving average price of $55.70. The company has a quick ratio of 1.64, a current ratio of 1.69 and a debt-to-equity ratio of 0.43. Cisco Systems has a one year low of $40.25 and a one year high of $58.26.

Cisco Systems (NASDAQ:CSCO) last announced its quarterly earnings data on Wednesday, May 15th. The network equipment provider reported $0.78 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.77 by $0.01. Cisco Systems had a return on equity of 29.88% and a net margin of 25.76%. The company had revenue of $12.96 billion during the quarter, compared to analysts’ expectations of $12.89 billion. During the same quarter last year, the company earned $0.66 EPS. Cisco Systems’s revenue for the quarter was up 4.0% compared to the same quarter last year. On average, sell-side analysts forecast that Cisco Systems will post 2.8 earnings per share for the current year.

In other Cisco Systems news, EVP Mark D. Chandler sold 1,379 shares of the firm’s stock in a transaction that occurred on Wednesday, June 12th. The shares were sold at an average price of $55.94, for a total transaction of $77,141.26. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Kelly A. Kramer sold 70,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 30th. The stock was sold at an average price of $53.56, for a total transaction of $3,749,200.00. Following the sale, the chief financial officer now owns 349,122 shares of the company’s stock, valued at $18,698,974.32. The disclosure for this sale can be found here. Insiders have sold 95,129 shares of company stock valued at $5,159,754 over the last 90 days. Company insiders own 0.03% of the company’s stock.

A number of hedge funds have recently modified their holdings of CSCO. Marshall Wace North America L.P. acquired a new stake in shares of Cisco Systems in the second quarter valued at approximately $52,368,000. Assetmark Inc. raised its position in shares of Cisco Systems by 6.5% in the second quarter. Assetmark Inc. now owns 42,100 shares of the network equipment provider’s stock valued at $2,304,000 after buying an additional 2,580 shares in the last quarter. Wafra Inc. acquired a new stake in shares of Cisco Systems in the second quarter valued at approximately $739,000. Gladstone Institutional Advisory LLC raised its position in shares of Cisco Systems by 18.4% in the second quarter. Gladstone Institutional Advisory LLC now owns 18,878 shares of the network equipment provider’s stock valued at $1,034,000 after buying an additional 2,929 shares in the last quarter. Finally, Private Portfolio Partners LLC raised its position in shares of Cisco Systems by 109.9% in the second quarter. Private Portfolio Partners LLC now owns 14,202 shares of the network equipment provider’s stock valued at $777,000 after buying an additional 7,436 shares in the last quarter. Hedge funds and other institutional investors own 74.28% 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 worldwide. The company offers switching products; routing products that interconnect public and private wireline and mobile networks; data center products; and wireless access points for use in voice, video, and data applications.

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