Cisco Systems (NASDAQ:CSCO) Shares Gap Up to $46.96

Shares of Cisco Systems, Inc. (NASDAQ:CSCO) gapped up prior to trading on Monday . The stock had previously closed at $46.02, but opened at $46.96. Cisco Systems shares last traded at $48.50, with a volume of 26,374,533 shares changing hands.

A number of research firms have recently weighed in on CSCO. Jefferies Financial Group raised their target price on Cisco Systems from $55.00 to $62.00 and gave the company a “buy” rating in a report on Thursday, May 16th. They noted that the move was a valuation call. UBS Group set a $58.00 target price on Cisco Systems and gave the company a “buy” rating in a report on Thursday. Cowen decreased their price target on Cisco Systems from $65.00 to $61.00 and set an “outperform” rating for the company in a research report on Thursday. JPMorgan Chase & Co. set a $62.00 price target on Cisco Systems and gave the company a “buy” rating in a research report on Monday, August 12th. Finally, Tigress Financial reaffirmed a “buy” rating on shares of Cisco Systems in a research report on Thursday, June 27th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and twenty have given a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $56.59.

The company has a quick ratio of 1.64, a current ratio of 1.51 and a debt-to-equity ratio of 0.43. The stock has a 50-day simple moving average of $54.77 and a 200-day simple moving average of $53.75. The firm has a market capitalization of $197.98 billion, a PE ratio of 17.02, a P/E/G ratio of 2.12 and a beta of 1.18.

Cisco Systems (NASDAQ:CSCO) last released its earnings results on Wednesday, August 14th. The network equipment provider reported $0.83 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.82 by $0.01. Cisco Systems had a return on equity of 32.43% and a net margin of 22.39%. The business had revenue of $13.43 billion during the quarter, compared to the consensus estimate of $13.39 billion. During the same period last year, the business posted $0.70 earnings per share. The business’s revenue for the quarter was up 4.5% on a year-over-year basis. Equities analysts forecast that Cisco Systems, Inc. will post 3.11 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 24th. Shareholders of record on Friday, July 5th were given a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 2.89%. The ex-dividend date was Wednesday, July 3rd. Cisco Systems’s dividend payout ratio is currently 49.12%.

In other news, Director Steven M. West sold 20,000 shares of the firm’s stock in a transaction on Wednesday, June 12th. The stock was sold at an average price of $56.21, for a total value of $1,124,200.00. Following the completion of the transaction, the director now directly owns 5,263 shares of the company’s stock, valued at $295,833.23. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Mark D. Chandler sold 1,379 shares of the firm’s stock in a transaction on Wednesday, June 12th. The stock was sold at an average price of $55.94, for a total value of $77,141.26. The disclosure for this sale can be found here. Insiders sold 91,379 shares of company stock valued at $4,950,541 over the last three months. Company insiders own 0.03% of the company’s stock.

Several institutional investors have recently bought and sold shares of the company. Nuveen Asset Management LLC boosted its holdings in shares of Cisco Systems by 1,546.1% in the second quarter. Nuveen Asset Management LLC now owns 48,285,218 shares of the network equipment provider’s stock worth $2,642,650,000 after acquiring an additional 45,351,980 shares during the period. Fisher Asset Management LLC boosted its stake in Cisco Systems by 4.4% during the second quarter. Fisher Asset Management LLC now owns 29,677,761 shares of the network equipment provider’s stock valued at $1,624,264,000 after buying an additional 1,253,256 shares during the period. UBS Asset Management Americas Inc. boosted its stake in Cisco Systems by 2.6% during the second quarter. UBS Asset Management Americas Inc. now owns 18,929,924 shares of the network equipment provider’s stock valued at $1,036,035,000 after buying an additional 478,368 shares during the period. AQR Capital Management LLC boosted its stake in Cisco Systems by 10.5% during the second quarter. AQR Capital Management LLC now owns 16,527,442 shares of the network equipment provider’s stock valued at $904,547,000 after buying an additional 1,573,540 shares during the period. Finally, PNC Financial Services Group Inc. boosted its stake in Cisco Systems by 4.5% during the fourth quarter. PNC Financial Services Group Inc. now owns 14,269,461 shares of the network equipment provider’s stock valued at $618,297,000 after buying an additional 616,591 shares during the period. 73.73% of the stock is owned by hedge funds and other institutional investors.

About Cisco Systems (NASDAQ:CSCO)

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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