Cisco Systems (NASDAQ:CSCO) Coverage Initiated at KeyCorp

KeyCorp began coverage on shares of Cisco Systems (NASDAQ:CSCO) in a note issued to investors on Thursday,Briefing.com Automated Import reports. The brokerage set an “overweight” rating and a $77.00 price target on the network equipment provider’s stock. KeyCorp’s target price suggests a potential upside of 12.92% from the company’s previous close.

Other equities analysts have also recently issued research reports about the company. Wall Street Zen raised Cisco Systems from a “buy” rating to a “strong-buy” rating in a research report on Friday, May 16th. Piper Sandler upped their price target on Cisco Systems from $60.00 to $64.00 and gave the stock a “neutral” rating in a report on Thursday, May 15th. JPMorgan Chase & Co. boosted their target price on shares of Cisco Systems from $70.00 to $73.00 and gave the stock an “overweight” rating in a research report on Thursday, May 15th. Morgan Stanley reaffirmed a “hold” rating on shares of Cisco Systems in a report on Wednesday, May 21st. Finally, Deutsche Bank Aktiengesellschaft upgraded Cisco Systems from a “hold” rating to a “buy” rating and upped their target price for the company from $65.00 to $73.00 in a research note on Monday, June 16th. Seven research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and three have given a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $69.53.

Cisco Systems Stock Up 0.4%

Shares of Cisco Systems stock opened at $68.19 on Thursday. Cisco Systems has a 12-month low of $44.50 and a 12-month high of $68.64. The stock has a market capitalization of $270.03 billion, a P/E ratio of 27.83, a PEG ratio of 4.06 and a beta of 0.88. The company has a quick ratio of 0.87, a current ratio of 0.95 and a debt-to-equity ratio of 0.50. The stock has a 50 day moving average price of $62.04 and a two-hundred day moving average price of $60.95.

Cisco Systems (NASDAQ:CSCO) last posted its quarterly earnings data on Wednesday, May 14th. The network equipment provider reported $0.96 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.92 by $0.04. The business had revenue of $14.15 billion during the quarter, compared to the consensus estimate of $14.05 billion. Cisco Systems had a net margin of 17.60% and a return on equity of 26.48%. Cisco Systems’s quarterly revenue was up 11.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.88 EPS. Equities analysts expect that Cisco Systems will post 3.04 earnings per share for the current year.

Insider Transactions at Cisco Systems

In other news, insider Jeetendra I. Patel sold 9,961 shares of the company’s stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $63.97, for a total transaction of $637,205.17. Following the transaction, the insider now directly owns 257,162 shares in the company, valued at approximately $16,450,653.14. This represents a 3.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Deborah L. Stahlkopf sold 9,643 shares of the firm’s stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $63.50, for a total transaction of $612,330.50. Following the completion of the sale, the executive vice president now directly owns 181,186 shares of the company’s stock, valued at approximately $11,505,311. This represents a 5.05% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 97,335 shares of company stock worth $6,271,054. Insiders own 0.01% of the company’s stock.

Hedge Funds Weigh In On Cisco Systems

Several large investors have recently made changes to their positions in the company. Mainstream Capital Management LLC acquired a new stake in shares of Cisco Systems during the 4th quarter worth approximately $132,000. Proficio Capital Partners LLC raised its position in shares of Cisco Systems by 76.4% during the 4th quarter. Proficio Capital Partners LLC now owns 16,947 shares of the network equipment provider’s stock valued at $1,003,000 after acquiring an additional 7,338 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its stake in shares of Cisco Systems by 28.9% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 4,037,909 shares of the network equipment provider’s stock valued at $249,180,000 after purchasing an additional 904,548 shares during the period. Investment Management Corp of Ontario boosted its position in shares of Cisco Systems by 44.6% in the 4th quarter. Investment Management Corp of Ontario now owns 193,478 shares of the network equipment provider’s stock worth $11,454,000 after purchasing an additional 59,680 shares during the last quarter. Finally, AlTi Global Inc. increased its holdings in Cisco Systems by 49.8% in the fourth quarter. AlTi Global Inc. now owns 20,483 shares of the network equipment provider’s stock valued at $1,217,000 after purchasing an additional 6,811 shares during the last quarter. Institutional investors and hedge funds 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.