Cisco Systems (CSCO) Given a $62.00 Price Target at Bank of America

Bank of America set a $62.00 target price on Cisco Systems (NASDAQ:CSCO) in a report published on Thursday, TipRanks reports. The firm currently has a buy rating on the network equipment provider’s stock.

Several other brokerages also recently issued reports on CSCO. Goldman Sachs Group downgraded shares of Cisco Systems from a conviction-buy rating to a buy rating and raised their price objective for the stock from $58.00 to $62.00 in a research report on Tuesday, April 16th. MKM Partners raised their price objective on shares of Cisco Systems to $56.00 and gave the stock a neutral rating in a research report on Thursday. Oppenheimer raised their price objective on shares of Cisco Systems from $52.00 to $60.00 and gave the stock an outperform rating in a research report on Friday, April 26th. Morgan Stanley raised their price objective on shares of Cisco Systems from $49.00 to $51.00 and gave the stock an equal weight rating in a research report on Thursday. Finally, BidaskClub downgraded shares of Cisco Systems from a strong-buy rating to a buy rating in a research report on Tuesday, May 7th. Six analysts have rated the stock with a hold rating and twenty have given a buy rating to the stock. The stock presently has a consensus rating of Buy and a consensus price target of $55.52.

NASDAQ:CSCO traded up $0.42 during midday trading on Thursday, hitting $56.35. 24,898,722 shares of the company were exchanged, compared to its average volume of 20,932,006. Cisco Systems has a fifty-two week low of $40.25 and a fifty-two week high of $57.53. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.80 and a quick ratio of 1.74. The firm has a market capitalization of $271.47 billion, a P/E ratio of 24.08, a P/E/G ratio of 2.73 and a beta of 1.21.

Cisco Systems (NASDAQ:CSCO) last issued its quarterly earnings data on Wednesday, May 15th. The network equipment provider reported $0.78 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.77 by $0.01. Cisco Systems had a net margin of 25.76% and a return on equity of 28.86%. The company had revenue of $12.96 billion for the quarter, compared to the consensus estimate of $12.89 billion. During the same period last year, the firm posted $0.66 EPS. Cisco Systems’s revenue for the quarter was up 4.0% on a year-over-year basis. On average, sell-side analysts anticipate that Cisco Systems will post 2.75 EPS for the current year.

Cisco Systems announced that its Board of Directors has authorized a stock buyback plan on Wednesday, February 13th that permits the company to repurchase $15.00 billion in outstanding shares. This repurchase authorization permits the network equipment provider to buy up to 6.5% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

In other news, EVP David Goeckeler sold 30,000 shares of Cisco Systems stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $52.07, for a total value of $1,562,100.00. Following the sale, the executive vice president now owns 419,439 shares of the company’s stock, valued at $21,840,188.73. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Roderick C. Mcgeary sold 15,000 shares of Cisco Systems stock in a transaction dated Tuesday, February 19th. The shares were sold at an average price of $49.66, for a total transaction of $744,900.00. Following the completion of the sale, the director now directly owns 102,898 shares in the company, valued at approximately $5,109,914.68. The disclosure for this sale can be found here. In the last ninety days, insiders sold 115,000 shares of company stock worth $5,926,000. Insiders own 0.03% of the company’s stock.

Large investors have recently modified their holdings of the company. James Investment Research Inc. lifted its stake in shares of Cisco Systems by 5.5% in the 3rd quarter. James Investment Research Inc. now owns 305,825 shares of the network equipment provider’s stock valued at $14,878,000 after acquiring an additional 15,882 shares during the last quarter. Aft Forsyth & Company Inc. lifted its stake in shares of Cisco Systems by 4.3% in the 3rd quarter. Aft Forsyth & Company Inc. now owns 29,461 shares of the network equipment provider’s stock valued at $1,433,000 after acquiring an additional 1,215 shares during the last quarter. Barings LLC lifted its stake in shares of Cisco Systems by 5.3% in the 3rd quarter. Barings LLC now owns 269,958 shares of the network equipment provider’s stock valued at $13,134,000 after acquiring an additional 13,482 shares during the last quarter. Oppenheimer & Co. Inc. lifted its stake in shares of Cisco Systems by 0.5% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 708,733 shares of the network equipment provider’s stock valued at $34,480,000 after acquiring an additional 3,664 shares during the last quarter. Finally, Tarbox Family Office Inc. lifted its stake in shares of Cisco Systems by 144.3% in the 3rd quarter. Tarbox Family Office Inc. now owns 5,088 shares of the network equipment provider’s stock valued at $248,000 after acquiring an additional 3,005 shares during the last quarter. 69.04% 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 worldwide. The company offers switching products; routing products that interconnect public and private wireline and mobile networks; data center products; and wireless access points for use in voice, video, and data applications.

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