Piper Jaffray Companies downgraded shares of Cisco Systems (NASDAQ:CSCO) from an overweight rating to a neutral rating in a research report report published on Monday, 24/7 WallStreet reports. They currently have $51.00 target price on the network equipment provider’s stock, down from their prior target price of $55.00. Piper Jaffray Companies also issued estimates for Cisco Systems’ Q4 2020 earnings at $0.76 EPS, Q1 2021 earnings at $0.74 EPS, Q4 2021 earnings at $0.77 EPS, FY2021 earnings at $2.98 EPS, Q1 2022 earnings at $0.77 EPS and FY2022 earnings at $3.08 EPS.
A number of other equities analysts have also weighed in on the company. Credit Suisse Group reiterated a neutral rating and issued a $49.00 price target (down previously from $50.00) on shares of Cisco Systems in a research report on Tuesday, November 5th. KeyCorp decreased their price objective on Cisco Systems from $56.00 to $54.00 and set an overweight rating for the company in a research report on Thursday, October 17th. Goldman Sachs Group lowered Cisco Systems from a buy rating to a neutral rating and decreased their price objective for the stock from $56.00 to $48.00 in a research report on Thursday, October 10th. Citigroup decreased their price objective on Cisco Systems from $65.00 to $57.00 and set a buy rating for the company in a research report on Thursday, August 15th. Finally, Nomura raised their price objective on Cisco Systems from $50.00 to $53.00 and gave the stock a neutral rating in a research report on Tuesday, July 30th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and nineteen have issued a buy rating to the company’s stock. The company currently has a consensus rating of Buy and a consensus price target of $55.00.
Shares of NASDAQ:CSCO traded down $3.55 during midday trading on Monday, reaching $44.91. The company had a trading volume of 65,559,400 shares, compared to its average volume of 20,631,303. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.46 and a current ratio of 1.51. Cisco Systems has a 1-year low of $40.25 and a 1-year high of $58.26. The firm has a market cap of $204.13 billion, a price-to-earnings ratio of 15.76, a price-to-earnings-growth ratio of 2.34 and a beta of 1.28. The company has a fifty day simple moving average of $47.40 and a two-hundred day simple moving average of $51.86.
The company also recently declared a quarterly dividend, which was paid on Wednesday, October 23rd. Stockholders of record on Friday, October 4th were issued a dividend of $0.35 per share. The ex-dividend date of this dividend was Thursday, October 3rd. This represents a $1.40 annualized dividend and a dividend yield of 3.12%. Cisco Systems’s dividend payout ratio is 49.12%.
In other news, EVP David Goeckeler sold 70,000 shares of Cisco Systems stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $49.22, for a total transaction of $3,445,400.00. Following the completion of the sale, the executive vice president now directly owns 429,398 shares in the company, valued at approximately $21,134,969.56. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Charles Robbins sold 18,955 shares of Cisco Systems stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $50.04, for a total value of $948,508.20. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 193,130 shares of company stock valued at $9,359,179. 0.03% of the stock is owned by corporate insiders.
Several institutional investors have recently made changes to their positions in CSCO. Nuveen Asset Management LLC lifted its holdings in shares of Cisco Systems by 1,546.1% during the 2nd quarter. Nuveen Asset Management LLC now owns 48,285,218 shares of the network equipment provider’s stock valued at $2,642,650,000 after buying an additional 45,351,980 shares during the last quarter. First Trust Advisors LP lifted its holdings in shares of Cisco Systems by 155.6% during the 3rd quarter. First Trust Advisors LP now owns 17,446,107 shares of the network equipment provider’s stock valued at $862,012,000 after buying an additional 10,621,798 shares during the last quarter. Parnassus Investments CA acquired a new stake in shares of Cisco Systems during the 3rd quarter valued at about $444,882,000. Thoroughbred Financial Services LLC lifted its holdings in shares of Cisco Systems by 5,677.4% during the 2nd quarter. Thoroughbred Financial Services LLC now owns 3,616,279 shares of the network equipment provider’s stock valued at $361,628,000 after buying an additional 3,553,686 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA lifted its holdings in shares of Cisco Systems by 13.1% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 21,589,214 shares of the network equipment provider’s stock valued at $1,066,724,000 after buying an additional 2,496,113 shares during the last quarter. Institutional investors and hedge funds own 73.79% 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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