KeyCorp Raises Cisco Systems (CSCO) Price Target to $58.00

Cisco Systems (NASDAQ:CSCO) had its target price boosted by equities researchers at KeyCorp from $55.00 to $58.00 in a research note issued to investors on Monday. The brokerage currently has an “overweight” rating on the network equipment provider’s stock. KeyCorp’s price objective points to a potential upside of 9.99% from the company’s previous close.

CSCO has been the subject of several other reports. Robert W. Baird reiterated an “outperform” rating and issued a $53.00 target price on shares of Cisco Systems in a research report on Thursday, November 29th. Morgan Stanley downgraded Cisco Systems from an “overweight” rating to an “equal weight” rating and dropped their target price for the company from $51.00 to $49.00 in a research report on Tuesday, February 12th. Wells Fargo & Co reiterated an “outperform” rating and issued a $57.00 target price (up from $52.00) on shares of Cisco Systems in a research report on Wednesday, February 13th. MKM Partners increased their target price on Cisco Systems to $54.00 and gave the company a “neutral” rating in a research report on Thursday, February 14th. Finally, Argus reissued a “buy” rating and issued a $55.00 price target on shares of Cisco Systems in a research note on Tuesday, January 15th. Seven research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $53.49.

Cisco Systems stock opened at $52.73 on Monday. The company has a quick ratio of 1.74, a current ratio of 1.80 and a debt-to-equity ratio of 0.39. The stock has a market capitalization of $254.08 billion, a price-to-earnings ratio of 22.53, a PEG ratio of 2.75 and a beta of 1.22. Cisco Systems has a 12 month low of $40.19 and a 12 month high of $54.23.

Cisco Systems (NASDAQ:CSCO) last posted its earnings results on Wednesday, February 13th. The network equipment provider reported $0.73 EPS for the quarter, beating the consensus estimate of $0.72 by $0.01. The firm had revenue of $12.45 billion during the quarter, compared to the consensus estimate of $12.43 billion. Cisco Systems had a return on equity of 27.58% and a net margin of 25.31%. The business’s quarterly revenue was up 4.7% on a year-over-year basis. During the same period last year, the company earned $0.63 earnings per share. On average, research analysts anticipate that Cisco Systems will post 2.74 EPS for the current year.

Cisco Systems announced that its board has approved a stock repurchase program on Wednesday, February 13th that allows the company to buyback $15.00 billion in shares. This buyback authorization allows the network equipment provider to reacquire up to 6.5% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

In related news, Director Roderick C. Mcgeary sold 15,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 19th. The stock was 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 owns 102,898 shares of the company’s stock, valued at $5,109,914.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP David Goeckeler sold 30,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 12th. The stock was 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 directly owns 419,439 shares of the company’s stock, valued at approximately $21,840,188.73. The disclosure for this sale can be found here. Insiders have sold 115,000 shares of company stock valued at $5,926,000 in the last ninety days. 0.03% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CSCO. Northwestern Mutual Wealth Management Co. grew its stake in Cisco Systems by 10.8% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 319,981 shares of the network equipment provider’s stock valued at $13,768,000 after acquiring an additional 31,307 shares during the period. AGF Investments Inc. grew its stake in Cisco Systems by 53.6% in the second quarter. AGF Investments Inc. now owns 632,506 shares of the network equipment provider’s stock valued at $27,217,000 after acquiring an additional 220,846 shares during the period. Highstreet Asset Management Inc. grew its stake in Cisco Systems by 29.8% in the second quarter. Highstreet Asset Management Inc. now owns 498,895 shares of the network equipment provider’s stock valued at $21,467,000 after acquiring an additional 114,547 shares during the period. Chilton Investment Co. LLC grew its stake in Cisco Systems by 4.5% in the second quarter. Chilton Investment Co. LLC now owns 130,315 shares of the network equipment provider’s stock valued at $5,607,000 after acquiring an additional 5,590 shares during the period. Finally, Envestnet Asset Management Inc. grew its stake in Cisco Systems by 70.4% in the second quarter. Envestnet Asset Management Inc. now owns 826,036 shares of the network equipment provider’s stock valued at $35,545,000 after acquiring an additional 341,387 shares during the period. 69.07% of the stock is owned by institutional investors and hedge funds.

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 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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Analyst Recommendations for Cisco Systems (NASDAQ:CSCO)

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