Cisco Systems (NASDAQ:CSCO) Stock Rating Upgraded by KeyCorp

Cisco Systems (NASDAQ:CSCO) was upgraded by stock analysts at KeyCorp to a “strong-buy” rating in a note issued to investors on Wednesday,Zacks.com reports.

A number of other brokerages also recently issued reports on CSCO. Wall Street Zen raised Cisco Systems from a “buy” rating to a “strong-buy” rating in a report on Friday, May 16th. Wells Fargo & Company raised Cisco Systems from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $72.00 to $75.00 in a research report on Thursday, May 15th. Piper Sandler lifted their price target on Cisco Systems from $60.00 to $64.00 and gave the stock a “neutral” rating in a research report on Thursday, May 15th. Rosenblatt Securities increased their price objective on Cisco Systems from $63.00 to $74.00 and gave the company a “buy” rating in a report on Thursday, May 15th. Finally, Deutsche Bank Aktiengesellschaft raised Cisco Systems from a “hold” rating to a “buy” rating and increased their price objective for the company from $65.00 to $73.00 in a report on Monday, June 16th. Seven equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and four have assigned a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $69.11.

Cisco Systems Stock Up 0.4%

Shares of NASDAQ CSCO opened at $68.19 on Wednesday. The company has a market capitalization of $270.03 billion, a price-to-earnings ratio of 27.83, a price-to-earnings-growth ratio of 4.06 and a beta of 0.88. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.95 and a quick ratio of 0.87. The business has a 50-day moving average of $62.04 and a two-hundred day moving average of $60.95. Cisco Systems has a 1 year low of $44.50 and a 1 year high of $68.64.

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

Insider Buying and Selling at Cisco Systems

In other Cisco Systems news, CEO Charles Robbins sold 29,784 shares of the business’s stock in a transaction that occurred on Thursday, June 5th. The stock was sold at an average price of $64.61, for a total transaction of $1,924,344.24. Following the transaction, the chief executive officer now owns 688,409 shares in the company, valued at approximately $44,478,105.49. The trade was a 4.15% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Deborah L. Stahlkopf sold 9,643 shares of the business’s stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $63.50, for a total value of $612,330.50. Following the transaction, the executive vice president now owns 181,186 shares in the company, valued at $11,505,311. The trade was a 5.05% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 97,335 shares of company stock valued at $6,271,054 in the last ninety days. Insiders own 0.01% of the company’s stock.

Hedge Funds Weigh In On Cisco Systems

Several institutional investors and hedge funds have recently added to or reduced their stakes in CSCO. Norges Bank acquired a new position in Cisco Systems during the 4th quarter worth approximately $3,297,905,000. FMR LLC grew its holdings in shares of Cisco Systems by 20.8% in the 4th quarter. FMR LLC now owns 77,216,513 shares of the network equipment provider’s stock worth $4,571,218,000 after acquiring an additional 13,285,052 shares during the period. Goldman Sachs Group Inc. grew its holdings in shares of Cisco Systems by 37.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 46,973,293 shares of the network equipment provider’s stock worth $2,898,722,000 after acquiring an additional 12,775,066 shares during the period. Nuveen LLC acquired a new stake in shares of Cisco Systems in the 1st quarter worth approximately $750,495,000. Finally, Raymond James Financial Inc. acquired a new stake in shares of Cisco Systems in the 4th quarter worth approximately $560,722,000. Institutional investors and hedge funds 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.