Rosenblatt Securities Raises Cisco Systems (NASDAQ:CSCO) Price Target to $58.00

Cisco Systems (NASDAQ:CSCO) had its price target hoisted by Rosenblatt Securities from $56.00 to $58.00 in a research report sent to investors on Thursday, Benzinga reports. The brokerage currently has a neutral rating on the network equipment provider’s stock.

A number of other research firms also recently commented on CSCO. JPMorgan Chase & Co. assumed coverage on Cisco Systems in a research report on Monday, April 22nd. They set a neutral rating and a $53.00 target price for the company. BNP Paribas upgraded Cisco Systems from an underperform rating to a neutral rating and set a $50.00 price target for the company in a research report on Monday, May 13th. Needham & Company LLC restated a hold rating on shares of Cisco Systems in a research report on Monday, June 10th. Wells Fargo & Company raised their price target on Cisco Systems from $52.00 to $57.00 and gave the stock an equal weight rating in a research report on Thursday, May 16th. Finally, Piper Sandler reiterated a neutral rating and issued a $52.00 target price on shares of Cisco Systems in a research note on Wednesday, June 5th. One analyst has rated the stock with a sell rating, fourteen have given a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Cisco Systems presently has an average rating of Hold and a consensus target price of $55.89.

Cisco Systems Trading Up 1.9 %

CSCO stock opened at $49.46 on Thursday. Cisco Systems has a 1-year low of $44.50 and a 1-year high of $58.19. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.89 and a quick ratio of 0.82. The company has a market capitalization of $199.27 billion, a price-to-earnings ratio of 16.65, a PEG ratio of 2.97 and a beta of 0.85. The business has a 50 day simple moving average of $46.74 and a two-hundred day simple moving average of $47.86.

Cisco Systems (NASDAQ:CSCO) last posted its quarterly earnings results on Wednesday, August 14th. The network equipment provider reported $0.87 earnings per share for the quarter, topping the consensus estimate of $0.85 by $0.02. Cisco Systems had a return on equity of 30.82% and a net margin of 21.88%. The business had revenue of $13.64 billion during the quarter, compared to the consensus estimate of $13.53 billion. During the same period in the prior year, the company posted $1.01 EPS. The firm’s revenue for the quarter was down 10.3% compared to the same quarter last year. Research analysts anticipate that Cisco Systems will post 3.14 EPS for the current fiscal year.

Cisco Systems Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 23rd. Stockholders of record on Wednesday, October 2nd will be given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.23%. The ex-dividend date is Wednesday, October 2nd. Cisco Systems’s dividend payout ratio (DPR) is presently 53.87%.

Insider Buying and Selling

In related news, CEO Charles Robbins sold 26,331 shares of the business’s stock in a transaction that occurred on Wednesday, May 29th. The stock was sold at an average price of $46.10, for a total transaction of $1,213,859.10. Following the completion of the sale, the chief executive officer now directly owns 725,363 shares in the company, valued at $33,439,234.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Cisco Systems news, SVP Maria Victoria Wong sold 3,378 shares of the business’s stock in a transaction on Wednesday, May 29th. The stock was sold at an average price of $45.89, for a total transaction of $155,016.42. Following the transaction, the senior vice president now owns 52,953 shares of the company’s stock, valued at $2,430,013.17. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Charles Robbins sold 26,331 shares of the business’s stock in a transaction on Wednesday, May 29th. The stock was sold at an average price of $46.10, for a total value of $1,213,859.10. Following the transaction, the chief executive officer now directly owns 725,363 shares in the company, valued at approximately $33,439,234.30. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 33,090 shares of company stock worth $1,522,231. 0.02% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Cisco Systems

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CSCO. Mcintyre Freedman & Flynn Investment Advisers Inc. raised its holdings in shares of Cisco Systems by 0.3% during the fourth quarter. Mcintyre Freedman & Flynn Investment Advisers Inc. now owns 59,756 shares of the network equipment provider’s stock worth $3,019,000 after acquiring an additional 202 shares in the last quarter. Hyman Charles D increased its position in Cisco Systems by 0.3% during the fourth quarter. Hyman Charles D now owns 70,727 shares of the network equipment provider’s stock worth $3,573,000 after buying an additional 203 shares during the last quarter. Baker Boyer National Bank increased its position in Cisco Systems by 2.6% during the first quarter. Baker Boyer National Bank now owns 8,237 shares of the network equipment provider’s stock worth $411,000 after buying an additional 210 shares during the last quarter. Holland Advisory Services Inc. increased its position in Cisco Systems by 5.3% during the first quarter. Holland Advisory Services Inc. now owns 4,231 shares of the network equipment provider’s stock worth $211,000 after buying an additional 213 shares during the last quarter. Finally, WealthPLAN Partners LLC increased its position in Cisco Systems by 3.0% during the first quarter. WealthPLAN Partners LLC now owns 7,385 shares of the network equipment provider’s stock worth $369,000 after buying an additional 213 shares during the last quarter. Institutional investors and hedge funds own 73.33% of the company’s stock.

About Cisco Systems

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.