Cisco Systems (CSCO) Given a $62.00 Price Target at Bank of America

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Cisco Systems (NASDAQ:CSCO) has been assigned a $62.00 target price by research analysts at Bank of America in a report issued on Thursday, TipRanks reports. The firm currently has a “buy” rating on the network equipment provider’s stock. Bank of America‘s target price points to a potential upside of 10.03% from the company’s previous close.

Other equities research analysts have also recently issued research reports about the company. Goldman Sachs Group cut Cisco Systems from a “conviction-buy” rating to a “buy” rating and raised their target price for the stock from $58.00 to $62.00 in a research note on Tuesday, April 16th. Jefferies Financial Group raised their target price on Cisco Systems to $55.00 and gave the stock a “buy” rating in a research note on Thursday, February 14th. They noted that the move was a valuation call. Citigroup raised their target price on Cisco Systems from $52.00 to $56.00 and gave the stock a “buy” rating in a research note on Thursday, February 14th. Robert W. Baird reissued a “buy” rating and set a $53.00 target price on shares of Cisco Systems in a research note on Tuesday, February 12th. Finally, BidaskClub cut Cisco Systems from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, May 7th. Six research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $55.52.

Shares of NASDAQ:CSCO traded up $0.42 during midday trading on Thursday, hitting $56.35. The company had a trading volume of 24,898,722 shares, compared to its average volume of 20,932,006. Cisco Systems has a twelve month low of $40.25 and a twelve month high of $57.53. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.74 and a current ratio of 1.80. The stock has a market cap of $271.47 billion, a PE ratio of 24.08, a P/E/G ratio of 2.73 and a beta of 1.21.

Cisco Systems (NASDAQ:CSCO) last posted its quarterly earnings results on Wednesday, May 15th. The network equipment provider reported $0.78 EPS for the quarter, beating the consensus estimate of $0.77 by $0.01. Cisco Systems had a return on equity of 28.86% and a net margin of 25.76%. The firm had revenue of $12.96 billion during the quarter, compared to analysts’ expectations of $12.89 billion. During the same quarter last year, the firm earned $0.66 earnings per share. The business’s revenue for the quarter was up 4.0% on a year-over-year basis. As a group, analysts predict that Cisco Systems will post 2.75 earnings per share for the current fiscal year.

Cisco Systems announced that its Board of Directors has authorized a share buyback plan on Wednesday, February 13th that permits the company to repurchase $15.00 billion in shares. This repurchase authorization permits the network equipment provider to purchase up to 6.5% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

In other news, CFO Kelly A. Kramer sold 70,000 shares of Cisco Systems stock in a transaction on Thursday, February 28th. The stock was sold at an average price of $51.70, for a total value of $3,619,000.00. Following the completion of the sale, the chief financial officer now directly owns 420,696 shares of the company’s stock, valued at $21,749,983.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Roderick C. Mcgeary sold 15,000 shares of Cisco Systems stock in a transaction on Tuesday, February 19th. The shares were sold at an average price of $49.66, for a total value of $744,900.00. Following the completion of the sale, the director now directly owns 102,898 shares of the company’s stock, valued at $5,109,914.68. The disclosure for this sale can be found here. Insiders sold 115,000 shares of company stock valued at $5,926,000 over the last ninety days. Insiders own 0.03% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Holderness Investments Co. boosted its holdings in Cisco Systems by 2.3% in the third quarter. Holderness Investments Co. now owns 68,710 shares of the network equipment provider’s stock valued at $3,343,000 after purchasing an additional 1,576 shares during the period. Johnson Financial Group Inc. boosted its holdings in Cisco Systems by 12.1% in the third quarter. Johnson Financial Group Inc. now owns 142,844 shares of the network equipment provider’s stock valued at $6,950,000 after purchasing an additional 15,389 shares during the period. PDS Planning Inc boosted its holdings in Cisco Systems by 35.6% in the third quarter. PDS Planning Inc now owns 5,085 shares of the network equipment provider’s stock valued at $247,000 after purchasing an additional 1,336 shares during the period. Oakwood Capital Management LLC CA boosted its holdings in Cisco Systems by 7.1% in the third quarter. Oakwood Capital Management LLC CA now owns 166,375 shares of the network equipment provider’s stock valued at $8,094,000 after purchasing an additional 11,043 shares during the period. Finally, Truewealth LLC boosted its holdings in Cisco Systems by 6.7% in the fourth quarter. Truewealth LLC now owns 14,170 shares of the network equipment provider’s stock valued at $614,000 after purchasing an additional 890 shares during the period. 69.04% 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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