Cisco Systems (NASDAQ:CSCO) Price Target Lowered to $67.00 at Evercore ISI

Cisco Systems (NASDAQ:CSCO - Get Free Report) had its target price cut by research analysts at Evercore ISI from $75.00 to $67.00 in a research note issued to investors on Monday,Benzinga reports. The firm presently has an "outperform" rating on the network equipment provider's stock. Evercore ISI's price objective points to a potential upside of 12.93% from the company's previous close.

A number of other research firms have also recently issued reports on CSCO. Rosenblatt Securities reduced their target price on shares of Cisco Systems from $80.00 to $63.00 and set a "buy" rating for the company in a research note on Tuesday, April 22nd. Melius raised shares of Cisco Systems from a "hold" rating to a "buy" rating and increased their target price for the stock from $66.00 to $73.00 in a research report on Monday, January 6th. StockNews.com cut Cisco Systems from a "strong-buy" rating to a "buy" rating in a research report on Wednesday, March 5th. Wells Fargo & Company reissued an "equal weight" rating on shares of Cisco Systems in a report on Thursday, March 6th. Finally, Piper Sandler reduced their target price on Cisco Systems from $72.00 to $60.00 and set a "neutral" rating for the company in a report on Tuesday, April 8th. Seven equities research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, Cisco Systems currently has an average rating of "Moderate Buy" and an average target price of $65.05.

Cisco Systems Stock Up 2.1 %

CSCO stock traded up $1.21 during midday trading on Monday, reaching $59.33. The company had a trading volume of 18,752,989 shares, compared to its average volume of 20,258,969. The company has a 50 day moving average of $59.20 and a two-hundred day moving average of $59.32. The company has a current ratio of 0.87, a quick ratio of 0.79 and a debt-to-equity ratio of 0.43. Cisco Systems has a 1 year low of $44.50 and a 1 year high of $66.50. The company has a market capitalization of $236.03 billion, a P/E ratio of 25.91, a PEG ratio of 4.16 and a beta of 0.86.

Cisco Systems (NASDAQ:CSCO - Get Free Report) last released its quarterly earnings data on Wednesday, February 12th. The network equipment provider reported $0.77 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.91 by ($0.14). Cisco Systems had a net margin of 16.96% and a return on equity of 26.08%. On average, equities research analysts expect that Cisco Systems will post 3.04 earnings per share for the current fiscal year.

Cisco Systems declared that its Board of Directors has approved a share repurchase program on Wednesday, February 12th that allows the company to buyback $15.00 billion in shares. This buyback authorization allows the network equipment provider to buy up to 6% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's leadership believes its shares are undervalued.

Insider Buying and Selling at Cisco Systems

In related news, CEO Charles Robbins sold 31,983 shares of the business's stock in a transaction on Friday, February 14th. The stock was sold at an average price of $64.41, for a total value of $2,060,025.03. Following the sale, the chief executive officer now owns 736,120 shares of the company's stock, valued at $47,413,489.20. The trade was a 4.16 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Maria Victoria Wong sold 762 shares of Cisco Systems stock in a transaction on Wednesday, March 12th. The shares were sold at an average price of $60.99, for a total value of $46,474.38. Following the transaction, the senior vice president now directly owns 44,155 shares of the company's stock, valued at approximately $2,693,013.45. The trade was a 1.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 66,547 shares of company stock valued at $4,275,553. 0.01% of the stock is currently owned by corporate insiders.

Institutional Trading of Cisco Systems

Several hedge funds have recently modified their holdings of CSCO. Retirement Planning Co of New England Inc. grew its position in Cisco Systems by 441.2% during the 1st quarter. Retirement Planning Co of New England Inc. now owns 40,304 shares of the network equipment provider's stock worth $2,487,000 after acquiring an additional 32,857 shares during the last quarter. Commerzbank Aktiengesellschaft FI grew its holdings in shares of Cisco Systems by 1.2% during the first quarter. Commerzbank Aktiengesellschaft FI now owns 1,603,771 shares of the network equipment provider's stock worth $98,969,000 after purchasing an additional 19,435 shares during the last quarter. Forum Financial Management LP increased its stake in shares of Cisco Systems by 2.1% in the first quarter. Forum Financial Management LP now owns 42,037 shares of the network equipment provider's stock valued at $2,594,000 after buying an additional 869 shares in the last quarter. Members Trust Co raised its holdings in shares of Cisco Systems by 19.4% in the first quarter. Members Trust Co now owns 11,118 shares of the network equipment provider's stock valued at $686,000 after buying an additional 1,810 shares during the last quarter. Finally, Woodward Diversified Capital LLC lifted its position in Cisco Systems by 3.9% during the 1st quarter. Woodward Diversified Capital LLC now owns 15,889 shares of the network equipment provider's stock worth $981,000 after buying an additional 595 shares in 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.