Cowen Cuts Cisco Systems (NASDAQ:CSCO) Price Target to $58.00

Cisco Systems (NASDAQ:CSCOGet Rating) had its price objective decreased by Cowen to $58.00 in a research note issued to investors on Thursday morning, Stock Target Advisor reports. Cowen currently has a neutral rating on the network equipment provider’s stock.

A number of other research analysts have also recently weighed in on the stock. Jefferies Financial Group reduced their price target on shares of Cisco Systems from $65.00 to $52.00 and set a buy rating on the stock in a research report on Thursday. Deutsche Bank Aktiengesellschaft reduced their price target on shares of Cisco Systems from $59.00 to $51.00 and set a hold rating on the stock in a research report on Thursday. Evercore ISI dropped their price objective on shares of Cisco Systems from $62.00 to $50.00 and set an outperform rating on the stock in a research note on Thursday. UBS Group dropped their price objective on shares of Cisco Systems from $59.00 to $46.00 and set a neutral rating on the stock in a research note on Thursday. Finally, Barclays dropped their price objective on shares of Cisco Systems from $68.00 to $55.00 and set an overweight rating on the stock in a research note on Thursday. One analyst has rated the stock with a sell rating, twelve have issued a hold rating and fifteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of Buy and an average price target of $55.09.

Shares of CSCO stock opened at $42.94 on Thursday. The stock has a market cap of $178.38 billion, a price-to-earnings ratio of 15.07, a price-to-earnings-growth ratio of 2.07 and a beta of 0.99. The company has a quick ratio of 1.34, a current ratio of 1.49 and a debt-to-equity ratio of 0.21. Cisco Systems has a fifty-two week low of $41.02 and a fifty-two week high of $64.29. The firm’s 50 day moving average price is $52.14 and its two-hundred day moving average price is $55.61.

Cisco Systems (NASDAQ:CSCOGet Rating) last announced its quarterly earnings results on Wednesday, May 18th. The network equipment provider reported $0.87 earnings per share for the quarter, beating analysts’ consensus estimates of $0.86 by $0.01. Cisco Systems had a net margin of 23.28% and a return on equity of 31.22%. During the same quarter in the previous year, the business earned $0.75 EPS. On average, equities analysts forecast that Cisco Systems will post 3.1 EPS for the current fiscal year.

Cisco Systems declared that its Board of Directors has initiated a share buyback program on Wednesday, February 16th that allows the company to repurchase $15.00 billion in outstanding shares. This repurchase authorization allows the network equipment provider to buy up to 6.4% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.

In other news, CEO Charles Robbins sold 15,382 shares of Cisco Systems stock in a transaction that occurred on Thursday, February 24th. The stock was sold at an average price of $53.86, for a total transaction of $828,474.52. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, COO Maria Martinez sold 992 shares of Cisco Systems stock in a transaction that occurred on Friday, March 11th. The shares were sold at an average price of $55.24, for a total value of $54,798.08. The disclosure for this sale can be found here. Insiders sold 20,605 shares of company stock worth $1,121,147 in the last three months. 0.02% of the stock is currently owned by corporate insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of CSCO. Norges Bank acquired a new position in shares of Cisco Systems during the fourth quarter valued at approximately $2,492,430,000. Vanguard Group Inc. increased its stake in shares of Cisco Systems by 8.9% during the first quarter. Vanguard Group Inc. now owns 368,876,953 shares of the network equipment provider’s stock valued at $20,568,578,000 after acquiring an additional 30,181,146 shares during the period. BlackRock Inc. increased its stake in shares of Cisco Systems by 3.5% during the fourth quarter. BlackRock Inc. now owns 350,404,388 shares of the network equipment provider’s stock valued at $22,205,126,000 after acquiring an additional 11,804,677 shares during the period. Invesco Ltd. increased its stake in shares of Cisco Systems by 30.1% during the third quarter. Invesco Ltd. now owns 33,964,920 shares of the network equipment provider’s stock valued at $1,848,711,000 after acquiring an additional 7,850,030 shares during the period. Finally, California Public Employees Retirement System grew its position in Cisco Systems by 37.6% in the fourth quarter. California Public Employees Retirement System now owns 23,253,771 shares of the network equipment provider’s stock worth $1,473,591,000 after buying an additional 6,349,689 shares during the last quarter. Institutional investors and hedge funds own 73.18% of the company’s stock.

Cisco Systems Company Profile (Get Rating)

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. It provides infrastructure platforms, including networking technologies of switching, routing, wireless, and data center products that are designed to work together to deliver networking capabilities, and transport and/or store data.

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