Cisco Systems (NASDAQ:CSCO) Reaches New 1-Year High Following Analyst Upgrade

Cisco Systems, Inc. (NASDAQ:CSCO)’s share price hit a new 52-week high during mid-day trading on Tuesday after Tigress Financial raised their price target on the stock from $76.00 to $78.00. Tigress Financial currently has a buy rating on the stock. Cisco Systems traded as high as $54.61 and last traded at $54.42, with a volume of 4038221 shares. The stock had previously closed at $54.27.

Several other equities research analysts also recently issued reports on CSCO. New Street Research upgraded shares of Cisco Systems from a “neutral” rating to a “buy” rating and set a $57.00 price objective on the stock in a research note on Thursday, August 15th. Needham & Company LLC restated a “hold” rating on shares of Cisco Systems in a research note on Thursday, August 15th. Hsbc Global Res upgraded shares of Cisco Systems to a “strong-buy” rating in a research note on Friday, August 16th. Rosenblatt Securities raised their price objective on shares of Cisco Systems from $56.00 to $58.00 and gave the stock a “neutral” rating in a research note on Thursday, August 15th. Finally, Piper Sandler restated a “neutral” rating and issued a $52.00 price objective on shares of Cisco Systems in a research note on Thursday, August 15th. One investment analyst has rated the stock with a sell rating, fourteen have given a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Cisco Systems presently has an average rating of “Hold” and a consensus target price of $56.21.

Insider Activity at Cisco Systems

In related news, SVP Maria Victoria Wong sold 638 shares of Cisco Systems stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $49.09, for a total value of $31,319.42. Following the completion of the sale, the senior vice president now directly owns 46,017 shares in the company, valued at $2,258,974.53. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, SVP Maria Victoria Wong sold 638 shares of Cisco Systems stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $49.09, for a total value of $31,319.42. Following the completion of the sale, the senior vice president now directly owns 46,017 shares in the company, valued at $2,258,974.53. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Thimaya K. Subaiya sold 8,270 shares of Cisco Systems stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $50.33, for a total value of $416,229.10. Following the completion of the sale, the executive vice president now owns 135,544 shares of the company’s stock, valued at approximately $6,821,929.52. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 70,529 shares of company stock valued at $3,509,049 over the last ninety days. 0.02% of the stock is owned by insiders.

Hedge Funds Weigh In On Cisco Systems

Several institutional investors have recently modified their holdings of the stock. Foster Victor Wealth Advisors LLC grew its position in shares of Cisco Systems by 5.7% during the 3rd quarter. Foster Victor Wealth Advisors LLC now owns 287,979 shares of the network equipment provider’s stock worth $15,424,000 after buying an additional 15,489 shares during the period. Luts & Greenleigh Group Inc. acquired a new position in shares of Cisco Systems during the 3rd quarter worth about $306,000. Trust Co. of Oklahoma acquired a new position in shares of Cisco Systems during the 3rd quarter worth about $206,000. Swedbank AB grew its position in shares of Cisco Systems by 0.6% during the 3rd quarter. Swedbank AB now owns 9,029,594 shares of the network equipment provider’s stock worth $480,555,000 after buying an additional 52,711 shares during the period. Finally, Zhang Financial LLC grew its position in shares of Cisco Systems by 7.4% during the 3rd quarter. Zhang Financial LLC now owns 44,116 shares of the network equipment provider’s stock worth $2,348,000 after buying an additional 3,046 shares during the period. 73.33% of the stock is currently owned by institutional investors and hedge funds.

Cisco Systems Price Performance

The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.83 and a current ratio of 0.91. The company has a 50-day moving average price of $50.51 and a 200-day moving average price of $48.45. The company has a market capitalization of $217.88 billion, a price-to-earnings ratio of 18.21, a price-to-earnings-growth ratio of 4.22 and a beta of 0.83.

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

Cisco Systems Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 23rd. Investors of record on Wednesday, October 2nd will be given a $0.40 dividend. The ex-dividend date is Wednesday, October 2nd. This represents a $1.60 annualized dividend and a dividend yield of 2.96%. Cisco Systems’s dividend payout ratio is presently 53.87%.

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.