Cowen Cuts Cisco Systems (NASDAQ:CSCO) Price Target to $61.00

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Cisco Systems (NASDAQ:CSCO) had its price target reduced by Cowen from $65.00 to $61.00 in a report issued on Thursday morning, The Fly reports. They currently have an outperform rating on the network equipment provider’s stock.

CSCO has been the topic of a number of other research reports. JPMorgan Chase & Co. set a $62.00 price target on Cisco Systems and gave the company a buy rating in a report on Monday, August 12th. Nomura lifted their price target on Cisco Systems from $50.00 to $53.00 and gave the company a neutral rating in a report on Tuesday, July 30th. Bank of America reaffirmed a buy rating and set a $62.00 price target on shares of Cisco Systems in a report on Wednesday, July 10th. KeyCorp dropped their target price on Cisco Systems from $60.00 to $56.00 and set an overweight rating on the stock in a report on Thursday. Finally, Morgan Stanley dropped their target price on Cisco Systems from $51.00 to $49.00 and set an equal weight rating on the stock in a report on Thursday. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and twenty have assigned a buy rating to the stock. The company currently has a consensus rating of Buy and a consensus price target of $56.59.

CSCO opened at $46.96 on Thursday. The business’s 50 day moving average is $55.20 and its 200-day moving average is $53.85. The stock has a market cap of $197.98 billion, a PE ratio of 16.48, a price-to-earnings-growth ratio of 2.12 and a beta of 1.18. The company has a current ratio of 1.51, a quick ratio of 1.64 and a debt-to-equity ratio of 0.43. Cisco Systems has a twelve month low of $40.25 and a twelve month high of $58.26.

Cisco Systems (NASDAQ:CSCO) last released its quarterly earnings results on Wednesday, August 14th. The network equipment provider reported $0.83 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.82 by $0.01. The company had revenue of $13.43 billion for the quarter, compared to analysts’ expectations of $13.39 billion. Cisco Systems had a return on equity of 32.43% and a net margin of 22.39%. The business’s revenue for the quarter was up 4.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.70 earnings per share. As a group, analysts forecast that Cisco Systems will post 3.11 EPS for the current year.

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 24th. Shareholders of record on Friday, July 5th were given a $0.35 dividend. The ex-dividend date was Wednesday, July 3rd. This represents a $1.40 annualized dividend and a yield of 2.98%. Cisco Systems’s dividend payout ratio (DPR) is 49.12%.

In other Cisco Systems news, EVP Mark D. Chandler sold 1,379 shares of Cisco Systems stock in a transaction that occurred on Wednesday, June 12th. The shares were sold at an average price of $55.94, for a total value of $77,141.26. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Kelly A. Kramer sold 70,000 shares of Cisco Systems stock in a transaction that occurred on Thursday, May 30th. The stock was sold at an average price of $53.56, for a total transaction of $3,749,200.00. Following the completion of the transaction, the chief financial officer now owns 349,122 shares in the company, valued at approximately $18,698,974.32. The disclosure for this sale can be found here. In the last 90 days, insiders sold 91,379 shares of company stock worth $4,950,541. 0.03% of the stock is currently owned by company insiders.

Institutional investors have recently bought and sold shares of the business. Maverick Capital Ltd. purchased a new position in Cisco Systems during the 2nd quarter worth approximately $2,455,000. Magnetar Financial LLC purchased a new position in Cisco Systems during the 2nd quarter worth approximately $243,000. Verition Fund Management LLC purchased a new position in Cisco Systems during the 2nd quarter worth approximately $4,285,000. WealthStone Inc. purchased a new position in Cisco Systems during the 2nd quarter worth approximately $421,000. Finally, Cypress Capital Group grew its position in Cisco Systems by 0.3% during the 2nd quarter. Cypress Capital Group now owns 79,434 shares of the network equipment provider’s stock worth $4,347,000 after purchasing an additional 259 shares in the last quarter. Hedge funds and other institutional investors own 74.28% of the company’s stock.

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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