Cisco Systems (NASDAQ:CSCO) Issues Quarterly Earnings Results

Cisco Systems (NASDAQ:CSCOGet Rating) released its quarterly earnings results on Wednesday. The network equipment provider reported $0.86 earnings per share for the quarter, beating the consensus estimate of $0.84 by $0.02, RTT News reports. The business had revenue of $13.63 billion during the quarter, compared to analysts’ expectations of $13.29 billion. Cisco Systems had a return on equity of 31.75% and a net margin of 22.00%. The firm’s revenue for the quarter was up 5.7% compared to the same quarter last year. During the same quarter last year, the business posted $0.73 EPS. Cisco Systems updated its Q2 guidance to $0.84-0.86 EPS and its FY23 guidance to $3.51-3.58 EPS.

Cisco Systems Price Performance

CSCO opened at $46.59 on Friday. The company has a quick ratio of 1.33, a current ratio of 1.43 and a debt-to-equity ratio of 0.21. The business has a fifty day moving average of $42.91 and a 200 day moving average of $44.45. The stock has a market cap of $191.43 billion, a P/E ratio of 16.82, a PEG ratio of 2.20 and a beta of 1.00. Cisco Systems has a 52-week low of $38.60 and a 52-week high of $64.29.

Cisco Systems Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, October 26th. Investors of record on Wednesday, October 5th were issued a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 3.26%. The ex-dividend date of this dividend was Tuesday, October 4th. Cisco Systems’s payout ratio is currently 54.87%.

Insider Buying and Selling at Cisco Systems

In other Cisco Systems news, EVP Jeffery S. Sharritts sold 12,838 shares of Cisco Systems stock in a transaction on Monday, August 22nd. The stock was sold at an average price of $47.86, for a total transaction of $614,426.68. Following the completion of the sale, the executive vice president now directly owns 167,532 shares of the company’s stock, valued at approximately $8,018,081.52. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Cisco Systems news, SVP Prat Bhatt sold 3,453 shares of Cisco Systems stock in a transaction on Monday, August 22nd. The stock was sold at an average price of $48.39, for a total transaction of $167,090.67. Following the completion of the sale, the senior vice president now directly owns 75,443 shares of the company’s stock, valued at approximately $3,650,686.77. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Jeffery S. Sharritts sold 12,838 shares of the business’s stock in a transaction on Monday, August 22nd. The stock was sold at an average price of $47.86, for a total value of $614,426.68. Following the completion of the transaction, the executive vice president now directly owns 167,532 shares of the company’s stock, valued at $8,018,081.52. The disclosure for this sale can be found here. Insiders sold a total of 56,317 shares of company stock valued at $2,612,042 in the last ninety days. Corporate insiders own 0.02% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in CSCO. United Bank purchased a new position in Cisco Systems during the 1st quarter worth $645,000. Mirae Asset Global Investments Co. Ltd. grew its stake in Cisco Systems by 32.5% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,243,073 shares of the network equipment provider’s stock worth $236,593,000 after buying an additional 1,040,607 shares during the last quarter. Roundview Capital LLC grew its stake in Cisco Systems by 13.1% during the 1st quarter. Roundview Capital LLC now owns 10,540 shares of the network equipment provider’s stock worth $588,000 after buying an additional 1,221 shares during the last quarter. Merit Financial Group LLC grew its stake in Cisco Systems by 21.5% during the 1st quarter. Merit Financial Group LLC now owns 11,763 shares of the network equipment provider’s stock worth $656,000 after buying an additional 2,079 shares during the last quarter. Finally, Mackenzie Financial Corp grew its stake in Cisco Systems by 8.1% during the 1st quarter. Mackenzie Financial Corp now owns 2,429,518 shares of the network equipment provider’s stock worth $135,470,000 after buying an additional 182,857 shares during the last quarter. 71.71% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have weighed in on CSCO shares. Deutsche Bank Aktiengesellschaft raised their price target on Cisco Systems from $51.00 to $54.00 in a report on Friday, August 19th. Citigroup raised their price target on Cisco Systems from $40.00 to $44.00 and gave the company a “sell” rating in a report on Thursday, August 18th. The Goldman Sachs Group lifted their target price on Cisco Systems from $45.00 to $50.00 and gave the stock a “neutral” rating in a report on Thursday, August 18th. Evercore ISI lifted their target price on Cisco Systems from $50.00 to $56.00 and gave the stock an “outperform” rating in a report on Thursday, August 18th. Finally, Credit Suisse Group lifted their target price on Cisco Systems from $65.00 to $67.00 and gave the stock an “outperform” rating in a report on Thursday. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $53.74.

About Cisco Systems

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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 that are standalone, controller appliance-based, switch-converged, and Meraki cloud-managed offerings; 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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Earnings History for Cisco Systems (NASDAQ:CSCO)

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