Cisco Systems (NASDAQ:CSCO) Given New $60.00 Price Target at Wells Fargo & Company

Cisco Systems (NASDAQ:CSCO) had its price objective raised by Wells Fargo & Company from $57.00 to $60.00 in a research note published on Thursday morning,Benzinga reports. The firm currently has an equal weight rating on the network equipment provider’s stock.

A number of other analysts also recently issued reports on the stock. Barclays increased their target price on shares of Cisco Systems from $49.00 to $56.00 and gave the stock an “equal weight” rating in a research report on Thursday. Needham & Company LLC reaffirmed a “hold” rating on shares of Cisco Systems in a research report on Thursday, August 15th. Piper Sandler increased their price objective on shares of Cisco Systems from $52.00 to $57.00 and gave the company a “neutral” rating in a research report on Thursday. Rosenblatt Securities increased their price objective on shares of Cisco Systems from $56.00 to $58.00 and gave the company a “neutral” rating in a research report on Thursday, August 15th. Finally, Citigroup raised shares of Cisco Systems from a “neutral” rating to a “buy” rating and increased their price objective for the company from $52.00 to $62.00 in a research report on Wednesday, October 16th. Ten analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $59.94.

Cisco Systems Trading Down 0.8 %

Shares of CSCO stock opened at $57.46 on Thursday. The firm has a market cap of $229.31 billion, a P/E ratio of 24.66, a PEG ratio of 4.76 and a beta of 0.83. Cisco Systems has a 1-year low of $44.50 and a 1-year high of $59.38. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.88 and a quick ratio of 0.83. The firm’s 50-day simple moving average is $54.18 and its 200-day simple moving average is $49.80.

Cisco Systems (NASDAQ:CSCO) last announced its quarterly earnings data on Wednesday, November 13th. The network equipment provider reported $0.91 earnings per share for the quarter, topping the consensus estimate of $0.87 by $0.04. The business had revenue of $13.84 billion for the quarter, compared to analyst estimates of $13.78 billion. Cisco Systems had a net margin of 17.73% and a return on equity of 25.70%. The company’s revenue was down 5.6% on a year-over-year basis. During the same period in the prior year, the firm posted $0.98 EPS. As a group, equities analysts forecast that Cisco Systems will post 2.89 EPS for the current year.

Cisco Systems Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 22nd. Investors of record on Friday, January 3rd will be paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 2.78%. The ex-dividend date of this dividend is Friday, January 3rd. Cisco Systems’s dividend payout ratio (DPR) is presently 68.67%.

Insider Buying and Selling

In related news, EVP Thimaya K. Subaiya sold 8,270 shares of the firm’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $50.33, for a total transaction of $416,229.10. Following the transaction, the executive vice president now directly owns 135,544 shares in the company, valued at $6,821,929.52. This trade represents a 5.75 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Richard Scott Herren sold 22,309 shares of the firm’s stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $50.00, for a total value of $1,115,450.00. Following the completion of the sale, the chief financial officer now owns 293,184 shares in the company, valued at $14,659,200. The trade was a 7.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 35,924 shares of company stock worth $1,798,131 over the last ninety days. 0.01% of the stock is owned by insiders.

Institutional Investors Weigh In On Cisco Systems

A number of hedge funds have recently added to or reduced their stakes in the stock. Geode Capital Management LLC lifted its stake in Cisco Systems by 1.3% in the third quarter. Geode Capital Management LLC now owns 95,630,469 shares of the network equipment provider’s stock valued at $5,075,320,000 after buying an additional 1,262,017 shares during the last quarter. Valued Retirements Inc. bought a new stake in Cisco Systems in the third quarter valued at $264,000. Frisch Financial Group Inc. lifted its stake in Cisco Systems by 5.8% in the third quarter. Frisch Financial Group Inc. now owns 7,889 shares of the network equipment provider’s stock valued at $420,000 after buying an additional 430 shares during the last quarter. Raelipskie Partnership bought a new stake in Cisco Systems in the third quarter valued at $1,598,000. Finally, LRI Investments LLC lifted its stake in Cisco Systems by 104.3% in the third quarter. LRI Investments LLC now owns 20,514 shares of the network equipment provider’s stock valued at $1,188,000 after buying an additional 10,472 shares during the last quarter. 73.33% of the stock is currently owned by institutional investors.

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 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.