Cisco Systems (NASDAQ:CSCO) Price Target Cut to $50.00 by Analysts at Evercore ISI

Cisco Systems (NASDAQ:CSCOGet Rating) had its target price reduced by investment analysts at Evercore ISI from $62.00 to $50.00 in a research report issued to clients and investors on Thursday, The Fly reports. Evercore ISI’s target price would indicate a potential upside of 3.39% from the company’s current price.

A number of other research analysts have also weighed in on CSCO. JPMorgan Chase & Co. dropped their target price on Cisco Systems from $67.00 to $62.00 in a report on Thursday. Oppenheimer decreased their target price on Cisco Systems from $60.00 to $50.00 in a research report on Thursday. Deutsche Bank Aktiengesellschaft decreased their target price on Cisco Systems from $59.00 to $51.00 in a research report on Thursday. Credit Suisse Group decreased their target price on Cisco Systems from $72.00 to $60.00 in a research report on Thursday. Finally, Bank of America decreased their target price on Cisco Systems from $62.00 to $52.00 in a research report on Thursday. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $56.41.

Shares of Cisco Systems stock opened at $48.36 on Thursday. Cisco Systems has a one year low of $47.47 and a one year high of $64.29. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.42 and a quick ratio of 1.34. The stock’s 50-day moving average is $52.63 and its 200 day moving average is $55.84. The firm has a market cap of $200.90 billion, a price-to-earnings ratio of 17.27, a PEG ratio of 2.43 and a beta of 0.99.

Cisco Systems (NASDAQ:CSCOGet Rating) last announced its earnings results on Wednesday, May 18th. The network equipment provider reported $0.87 EPS for the quarter, beating the consensus estimate of $0.86 by $0.01. Cisco Systems had a return on equity of 30.95% and a net margin of 22.94%. During the same quarter last year, the business posted $0.75 EPS. On average, sell-side analysts expect that Cisco Systems will post 3.1 EPS for the current fiscal year.

Cisco Systems announced that its board has initiated a stock buyback plan on Wednesday, February 16th that allows the company to buyback $15.00 billion in shares. This buyback authorization allows the network equipment provider to buy up to 6.4% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its shares are undervalued.

In other Cisco Systems news, SVP Prat Bhatt sold 3,623 shares of Cisco Systems stock in a transaction dated Tuesday, February 22nd. The stock was sold at an average price of $56.40, for a total transaction of $204,337.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Charles Robbins sold 15,382 shares of Cisco Systems stock in a transaction dated Thursday, February 24th. The stock was sold at an average price of $53.86, for a total value of $828,474.52. The disclosure for this sale can be found here. Insiders have sold 20,605 shares of company stock valued at $1,121,147 in the last three months. 0.02% of the stock is owned by corporate insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Ulland Investment Advisors LLC purchased a new position in Cisco Systems during the 4th quarter valued at about $29,000. Econ Financial Services Corp purchased a new position in Cisco Systems during the 4th quarter valued at about $29,000. Cordant Inc. purchased a new position in Cisco Systems during the 1st quarter valued at about $28,000. Sandy Cove Advisors LLC purchased a new position in shares of Cisco Systems during the 4th quarter worth approximately $33,000. Finally, Evolution Advisers Inc. purchased a new position in shares of Cisco Systems during the 4th quarter worth approximately $33,000. Hedge funds and other institutional investors 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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