Cisco Systems (NASDAQ:CSCO) Price Target Raised to $83.00

Key Points

• Investment analysts at Wells Fargo & Company raised Cisco Systems' price target from $75.00 to $83.00, indicating a potential upside of 18.52% from its previous close.
• Cisco Systems reported a quarterly earnings per share (EPS) of $0.99, beating the consensus estimate of $0.98, with a revenue of $14.67 billion, marking a 7.6% year-over-year increase.
• The company maintains a consensus rating of "Moderate Buy" among analysts, with a current consensus target price of $72.60.

Cisco Systems (NASDAQ:CSCO - Get Free Report) had its target price increased by investment analysts at Wells Fargo & Company from $75.00 to $83.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has an "overweight" rating on the network equipment provider's stock. Wells Fargo & Company's price objective would indicate a potential upside of 18.52% from the stock's previous close.

Several other equities research analysts also recently weighed in on the stock. Wall Street Zen downgraded shares of Cisco Systems from a "strong-buy" rating to a "buy" rating in a report on Saturday, July 12th. Wolfe Research assumed coverage on shares of Cisco Systems in a report on Tuesday, July 8th. They issued a "peer perform" rating for the company. Rosenblatt Securities reaffirmed a "buy" rating and issued a $87.00 price objective on shares of Cisco Systems in a report on Thursday. New Street Research reaffirmed a "neutral" rating and issued a $70.00 price objective on shares of Cisco Systems in a report on Friday, May 16th. Finally, Evercore ISI reaffirmed an "in-line" rating and issued a $72.00 price objective on shares of Cisco Systems in a report on Monday, July 28th. Eight investment analysts have rated the stock with a hold rating, sixteen have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $72.60.

Cisco Systems Stock Performance

Shares of CSCO traded down $0.37 during midday trading on Thursday, hitting $70.03. 16,448,438 shares of the stock traded hands, compared to its average volume of 21,360,365. Cisco Systems has a 1-year low of $47.85 and a 1-year high of $72.55. The firm has a market capitalization of $277.31 billion, a PE ratio of 28.60, a price-to-earnings-growth ratio of 3.96 and a beta of 0.91. 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 business's 50 day moving average price is $67.89 and its two-hundred day moving average price is $63.21.

Cisco Systems (NASDAQ:CSCO - Get Free Report) last announced its quarterly earnings results on Wednesday, August 13th. The network equipment provider reported $0.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.98 by $0.01. The company had revenue of $14.67 billion during the quarter, compared to the consensus estimate of $14.63 billion. Cisco Systems had a net margin of 17.60% and a return on equity of 26.48%. The company's revenue for the quarter was up 7.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.87 earnings per share. Equities research analysts predict that Cisco Systems will post 3.04 EPS for the current fiscal year.

Insider Buying and Selling

In related news, SVP Maria Victoria Wong sold 762 shares of the company's stock in a transaction on Wednesday, June 11th. The stock was sold at an average price of $64.07, for a total value of $48,821.34. Following the completion of the transaction, the senior vice president directly owned 36,937 shares in the company, valued at approximately $2,366,553.59. This represents a 2.02% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Deborah L. Stahlkopf sold 2,407 shares of the company's stock in a transaction on Wednesday, June 11th. The shares were sold at an average price of $64.01, for a total value of $154,072.07. Following the completion of the transaction, the executive vice president owned 177,027 shares of the company's stock, valued at $11,331,498.27. The trade was a 1.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 97,335 shares of company stock valued at $6,271,054 in the last ninety days. Company insiders own 0.01% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Investment Management Corp of Ontario grew its holdings in shares of Cisco Systems by 48.3% during the second quarter. Investment Management Corp of Ontario now owns 303,800 shares of the network equipment provider's stock worth $21,078,000 after purchasing an additional 98,963 shares during the last quarter. Tripletail Wealth Management LLC bought a new position in Cisco Systems in the second quarter valued at about $258,000. AXA S.A. boosted its holdings in Cisco Systems by 10.1% during the second quarter. AXA S.A. now owns 3,317,243 shares of the network equipment provider's stock worth $230,150,000 after buying an additional 305,216 shares during the last quarter. State Street Corp boosted its holdings in Cisco Systems by 0.6% during the second quarter. State Street Corp now owns 194,695,250 shares of the network equipment provider's stock worth $13,507,956,000 after buying an additional 1,067,872 shares during the last quarter. Finally, Hurley Capital LLC boosted its holdings in Cisco Systems by 860.3% during the second quarter. Hurley Capital LLC now owns 2,151 shares of the network equipment provider's stock worth $149,000 after buying an additional 1,927 shares during the last quarter. 73.33% of the stock is currently owned by institutional investors and hedge funds.

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.

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