Evercore ISI Boosts Cisco Systems (NASDAQ:CSCO) Price Target to $60.00

Cisco Systems (NASDAQ:CSCO) had its price objective boosted by Evercore ISI from $55.00 to $60.00 in a research note released on Friday, Benzinga reports. Evercore ISI currently has an outperform rating on the network equipment provider’s stock.

Several other analysts have also weighed in on the company. Jefferies Financial Group decreased their price objective on Cisco Systems from $56.00 to $53.00 and set a buy rating on the stock in a report on Thursday, August 15th. HSBC raised Cisco Systems from a hold rating to a buy rating and lifted their price objective for the stock from $46.00 to $58.00 in a report on Friday, August 16th. Barclays decreased their price objective on Cisco Systems from $50.00 to $49.00 and set an equal weight rating on the stock in a report on Thursday, August 15th. Deutsche Bank Aktiengesellschaft lifted their price objective on Cisco Systems from $52.00 to $53.00 and gave the stock a hold rating in a report on Thursday, August 15th. Finally, Piper Sandler reaffirmed a neutral rating and issued a $52.00 price target on shares of Cisco Systems in a research note on Thursday, August 15th. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of Hold and an average target price of $55.00.

Cisco Systems Trading Up 0.4 %

Shares of NASDAQ CSCO opened at $52.19 on Friday. Cisco Systems has a one year low of $44.50 and a one year high of $54.58. The firm has a market capitalization of $210.26 billion, a PE ratio of 17.57, a PEG ratio of 3.87 and a beta of 0.83. The company has a current ratio of 0.91, a quick ratio of 0.83 and a debt-to-equity ratio of 0.43. The business has a 50-day moving average price of $48.61 and a two-hundred day moving average price of $48.06.

Cisco Systems (NASDAQ:CSCO) last issued its quarterly earnings data on Wednesday, August 14th. The network equipment provider reported $0.87 earnings per share for the quarter, beating analysts’ consensus estimates of $0.85 by $0.02. The business had revenue of $13.64 billion for the quarter, compared to the consensus estimate of $13.53 billion. Cisco Systems had a return on equity of 27.83% and a net margin of 19.18%. The firm’s revenue was down 10.3% compared to the same quarter last year. During the same period last year, the business earned $1.01 EPS. As a group, analysts predict that Cisco Systems will post 2.9 earnings per share for the current fiscal year.

Cisco Systems Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 23rd. Shareholders of record on Wednesday, October 2nd will be paid a dividend of $0.40 per share. The ex-dividend date is Wednesday, October 2nd. This represents a $1.60 dividend on an annualized basis and a yield of 3.07%. Cisco Systems’s dividend payout ratio (DPR) is currently 53.87%.

Insider Buying and Selling at Cisco Systems

In other news, SVP Maria Victoria Wong sold 638 shares of the business’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $49.09, for a total value of $31,319.42. Following the transaction, the senior vice president now owns 46,017 shares in the company, valued at approximately $2,258,974.53. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, SVP Maria Victoria Wong sold 638 shares of Cisco Systems stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $49.09, for a total value of $31,319.42. Following the sale, the senior vice president now owns 46,017 shares of the company’s stock, valued at approximately $2,258,974.53. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Thimaya K. Subaiya sold 1,328 shares of Cisco Systems stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $48.92, for a total transaction of $64,965.76. Following the completion of the sale, the executive vice president now directly owns 132,910 shares in the company, valued at approximately $6,501,957.20. The disclosure for this sale can be found here. In the last quarter, insiders sold 70,529 shares of company stock worth $3,509,049. Insiders own 0.02% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in CSCO. Summit Securities Group LLC bought a new position in shares of Cisco Systems in the second quarter worth $25,000. Quarry LP increased its holdings in shares of Cisco Systems by 222.4% in the second quarter. Quarry LP now owns 661 shares of the network equipment provider’s stock worth $31,000 after purchasing an additional 456 shares during the period. Retirement Group LLC increased its holdings in shares of Cisco Systems by 56.8% in the first quarter. Retirement Group LLC now owns 726 shares of the network equipment provider’s stock worth $36,000 after purchasing an additional 263 shares during the period. Hobbs Group Advisors LLC purchased a new position in Cisco Systems in the second quarter worth $36,000. Finally, Tidemark LLC purchased a new position in Cisco Systems in the fourth quarter worth $41,000. Institutional investors 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.