Cisco Systems (NASDAQ:CSCO) Price Target Raised to $96.00 at JPMorgan Chase & Co.

Key Points

• JPMorgan Chase raised its price target on Cisco to $96 (from $95) and kept an "overweight" rating, implying about a 14.42% upside from the then-current price.
• Analyst consensus remains a "Moderate Buy" with an average target of $89.81, based on 3 Strong Buy, 14 Buy and 8 Hold ratings, indicating generally positive but varied sentiment.
• Cisco beat the quarter's estimates (EPS $1.04 vs. $1.02; revenue $15.35B vs. $15.11B), with revenue up 9.7% year-over-year, and the stock traded around $83.90 following the results.

Cisco Systems (NASDAQ:CSCO - Get Free Report) had its price target upped by analysts at JPMorgan Chase & Co. from $95.00 to $96.00 in a research report issued on Thursday,Benzinga reports. The brokerage presently has an "overweight" rating on the network equipment provider's stock. JPMorgan Chase & Co.'s price objective would indicate a potential upside of 14.42% from the company's current price.

A number of other analysts have also recently weighed in on the stock. DZ Bank raised shares of Cisco Systems to a "strong-buy" rating in a report on Friday, February 13th. Rosenblatt Securities reissued a "buy" rating and set a $100.00 target price on shares of Cisco Systems in a report on Thursday, February 12th. Weiss Ratings reissued a "buy (b)" rating on shares of Cisco Systems in a report on Tuesday, January 27th. Truist Financial initiated coverage on shares of Cisco Systems in a report on Tuesday, March 31st. They set a "buy" rating and a $94.00 target price on the stock. Finally, Wall Street Zen lowered shares of Cisco Systems from a "buy" rating to a "hold" rating in a research report on Saturday, March 14th. Three research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and eight have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Cisco Systems presently has a consensus rating of "Moderate Buy" and an average price target of $89.81.

Cisco Systems Stock Up 1.9%

CSCO traded up $1.54 during trading on Thursday, hitting $83.90. The company had a trading volume of 7,363,687 shares, compared to its average volume of 22,968,770. The company has a market cap of $331.41 billion, a PE ratio of 29.47, a P/E/G ratio of 3.12 and a beta of 0.83. The business has a 50-day moving average of $79.79 and a 200-day moving average of $76.48. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.96 and a quick ratio of 0.85. Cisco Systems has a 1-year low of $53.83 and a 1-year high of $88.18.

Cisco Systems (NASDAQ:CSCO - Get Free Report) last issued its earnings results on Wednesday, February 11th. The network equipment provider reported $1.04 earnings per share for the quarter, topping analysts' consensus estimates of $1.02 by $0.02. The company had revenue of $15.35 billion for the quarter, compared to analysts' expectations of $15.11 billion. Cisco Systems had a net margin of 19.22% and a return on equity of 27.88%. The firm's revenue was up 9.7% compared to the same quarter last year. During the same period in the prior year, the company earned $0.94 earnings per share. As a group, analysts forecast that Cisco Systems will post 3.04 earnings per share for the current year.

Insider Buying and Selling at Cisco Systems

In related news, insider Jeetendra I. Patel sold 11,248 shares of the stock in a transaction dated Friday, February 13th. The shares were sold at an average price of $76.00, for a total value of $854,848.00. Following the completion of the transaction, the insider owned 262,776 shares in the company, valued at $19,970,976. This represents a 4.10% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Deborah L. Stahlkopf sold 7,981 shares of the stock in a transaction dated Tuesday, March 17th. The shares were sold at an average price of $79.50, for a total transaction of $634,489.50. Following the completion of the transaction, the executive vice president owned 187,097 shares of the company's stock, valued at $14,874,211.50. This represents a 4.09% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 46,431 shares of company stock valued at $3,574,820. Corporate insiders own 0.01% of the company's stock.

Hedge Funds Weigh In On Cisco Systems

A number of institutional investors and hedge funds have recently bought and sold shares of CSCO. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Cisco Systems by 6.9% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,189,645 shares of the network equipment provider's stock worth $218,236,000 after purchasing an additional 205,043 shares in the last quarter. Greystone Financial Group LLC purchased a new stake in shares of Cisco Systems in the third quarter worth approximately $8,563,000. Jones Financial Companies Lllp lifted its position in shares of Cisco Systems by 8.9% in the third quarter. Jones Financial Companies Lllp now owns 686,469 shares of the network equipment provider's stock worth $46,165,000 after purchasing an additional 56,057 shares in the last quarter. Rockland Trust Co. lifted its position in shares of Cisco Systems by 213.8% in the third quarter. Rockland Trust Co. now owns 20,497 shares of the network equipment provider's stock worth $1,402,000 after purchasing an additional 13,966 shares in the last quarter. Finally, CX Institutional lifted its position in shares of Cisco Systems by 11.0% in the third quarter. CX Institutional now owns 144,336 shares of the network equipment provider's stock worth $9,875,000 after purchasing an additional 14,334 shares in the last quarter. Institutional investors own 73.33% of the company's stock.

About Cisco Systems

Cisco Systems, Inc is a global technology company that designs, manufactures and sells networking hardware, software and telecommunications equipment. Its core business focuses on enabling enterprise and service-provider networks through products such as routers, switches, network security appliances and wireless systems. Over time Cisco has broadened its portfolio to emphasize software-defined networking, cybersecurity, cloud infrastructure and edge computing solutions that help organizations build and manage modern IT environments.

In addition to hardware, Cisco offers a growing range of software platforms and subscription services for network management, security, analytics and collaboration.

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