Cisco Systems (NASDAQ:CSCO) Price Target Raised to $78.00

Cisco Systems (NASDAQ:CSCO - Get Free Report) had its price objective boosted by equities research analysts at JPMorgan Chase & Co. from $73.00 to $78.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm currently has an "overweight" rating on the network equipment provider's stock. JPMorgan Chase & Co.'s price objective indicates a potential upside of 14.17% from the stock's current price.

Other equities research analysts also recently issued reports about the company. Piper Sandler lifted their price objective on Cisco Systems from $60.00 to $64.00 and gave the company a "neutral" rating in a report on Thursday, May 15th. Wall Street Zen downgraded shares of Cisco Systems from a "strong-buy" rating to a "buy" rating in a research report on Saturday, July 12th. KeyCorp began coverage on shares of Cisco Systems in a research report on Thursday, June 26th. They issued an "overweight" rating and a $77.00 price objective on the stock. CICC Research initiated coverage on Cisco Systems in a report on Monday. They set an "outperform" rating and a $78.00 price target for the company. Finally, New Street Research reissued a "neutral" rating and set a $70.00 target price on shares of Cisco Systems in a report on Friday, May 16th. Eight analysts have rated the stock with a hold rating, sixteen have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, Cisco Systems currently has a consensus rating of "Moderate Buy" and a consensus price target of $70.20.

Cisco Systems Stock Performance

Shares of Cisco Systems stock traded up $0.95 during trading hours on Thursday, reaching $68.32. The company's stock had a trading volume of 11,228,295 shares, compared to its average volume of 20,294,893. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.87 and a current ratio of 0.95. The company's 50 day simple moving average is $65.50 and its 200 day simple moving average is $61.96. The stock has a market cap of $270.56 billion, a P/E ratio of 27.88, a price-to-earnings-growth ratio of 4.02 and a beta of 0.90. Cisco Systems has a one year low of $44.50 and a one year high of $69.78.

Cisco Systems (NASDAQ:CSCO - Get Free Report) last released its quarterly earnings results on Wednesday, May 14th. The network equipment provider reported $0.96 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.92 by $0.04. Cisco Systems had a net margin of 17.60% and a return on equity of 26.48%. The business had revenue of $14.15 billion for the quarter, compared to analyst estimates of $14.05 billion. During the same quarter in the previous year, the business earned $0.88 earnings per share. The firm's revenue was up 11.4% compared to the same quarter last year. As a group, analysts expect that Cisco Systems will post 3.04 EPS for the current fiscal year.

Insider Buying and Selling at Cisco Systems

In other Cisco Systems news, EVP Thimaya K. Subaiya sold 8,726 shares of Cisco Systems stock in a transaction dated Tuesday, June 17th. The stock was sold at an average price of $65.54, for a total transaction of $571,902.04. Following the transaction, the executive vice president owned 174,669 shares of the company's stock, valued at $11,447,806.26. The trade was a 4.76% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Richard Scott Herren sold 15,678 shares of the stock in a transaction on Tuesday, June 17th. The stock was sold at an average price of $65.52, for a total transaction of $1,027,222.56. Following the transaction, the chief financial officer owned 309,543 shares in the company, valued at approximately $20,281,257.36. This trade represents a 4.82% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 97,335 shares of company stock valued at $6,271,054. Corporate insiders own 0.01% of the company's stock.

Hedge Funds Weigh In On Cisco Systems

Institutional investors and hedge funds have recently bought and sold shares of the stock. Norges Bank bought a new stake in Cisco Systems during the 4th quarter worth approximately $3,297,905,000. FMR LLC grew its holdings in Cisco Systems by 20.8% during the 4th quarter. FMR LLC now owns 77,216,513 shares of the network equipment provider's stock worth $4,571,218,000 after acquiring an additional 13,285,052 shares during the period. Kingstone Capital Partners Texas LLC bought a new stake in Cisco Systems in the second quarter valued at about $904,542,000. Goldman Sachs Group Inc. increased its stake in Cisco Systems by 37.4% in the first quarter. Goldman Sachs Group Inc. now owns 46,973,293 shares of the network equipment provider's stock valued at $2,898,722,000 after purchasing an additional 12,775,066 shares in the last quarter. Finally, Nuveen LLC acquired a new stake in Cisco Systems during the 1st quarter worth $750,495,000. Institutional investors own 73.33% 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 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.

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