Cisco Systems (NASDAQ:CSCO) Updates Q4 2022 Earnings Guidance

Cisco Systems (NASDAQ:CSCOGet Rating) issued an update on its fourth quarter 2022 earnings guidance on Wednesday morning. The company provided earnings per share guidance of $0.76-$0.84 for the period, compared to the consensus earnings per share estimate of $0.92. The company issued revenue guidance of $12.40 billion-$12.99 billion, compared to the consensus revenue estimate of $13.87 billion.Cisco Systems also updated its FY 2022 guidance to $3.29-$3.37 EPS.

CSCO traded down $6.98 during midday trading on Thursday, reaching $41.38. 4,341,004 shares of the company’s stock were exchanged, compared to its average volume of 21,197,396. 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 has a market capitalization of $171.90 billion, a PE ratio of 14.76, a P/E/G ratio of 2.43 and a beta of 0.99. The business’s 50-day moving average price is $52.63 and its 200 day moving average price is $55.84. Cisco Systems has a 1-year low of $47.47 and a 1-year high of $64.29.

Cisco Systems (NASDAQ:CSCOGet Rating) last posted its quarterly earnings data 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 22.94% and a return on equity of 30.95%. During the same period last year, the firm earned $0.75 earnings per share. As a group, analysts expect that Cisco Systems will post 3.1 EPS for the current fiscal year.

Cisco Systems declared that its board has authorized a share repurchase plan on Wednesday, February 16th that permits the company to repurchase $15.00 billion in shares. This repurchase authorization permits the network equipment provider to reacquire up to 6.4% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board of directors believes its stock is undervalued.

CSCO has been the subject of a number of analyst reports. StockNews.com initiated coverage on shares of Cisco Systems in a research report on Thursday, March 31st. They issued a buy rating for the company. Bank of America dropped their price target on shares of Cisco Systems from $62.00 to $52.00 and set a buy rating for the company in a research report on Thursday. Zacks Investment Research raised shares of Cisco Systems from a hold rating to a buy rating and set a $60.00 price target for the company in a research report on Monday, January 24th. Deutsche Bank Aktiengesellschaft dropped their price target on shares of Cisco Systems from $59.00 to $51.00 and set a hold rating for the company in a research report on Thursday. Finally, Oppenheimer decreased their price objective on shares of Cisco Systems from $60.00 to $50.00 and set an outperform rating for the company in a research note on Thursday. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating and fifteen have given a buy rating to the company’s stock. According to MarketBeat.com, Cisco Systems presently has a consensus rating of Hold and a consensus target price of $55.91.

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

Several hedge funds have recently added to or reduced their stakes in CSCO. Weiss Multi Strategy Advisers LLC bought a new position in Cisco Systems in the 1st quarter valued at about $15,263,000. Continuum Advisory LLC grew its position in Cisco Systems by 71.1% in the 1st quarter. Continuum Advisory LLC now owns 27,380 shares of the network equipment provider’s stock valued at $1,341,000 after buying an additional 11,374 shares in the last quarter. Avalon Investment & Advisory grew its position in Cisco Systems by 2.3% in the 1st quarter. Avalon Investment & Advisory now owns 1,019,373 shares of the network equipment provider’s stock valued at $56,840,000 after buying an additional 22,973 shares in the last quarter. Cim Investment Management Inc. bought a new position in Cisco Systems in the 1st quarter valued at about $877,000. Finally, Global Wealth Management Investment Advisory Inc. boosted its position in shares of Cisco Systems by 8.5% during the 1st quarter. Global Wealth Management Investment Advisory Inc. now owns 52,061 shares of the network equipment provider’s stock valued at $2,903,000 after purchasing an additional 4,076 shares in the last quarter. 73.18% of the stock is currently owned by institutional investors and hedge funds.

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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Earnings History and Estimates for Cisco Systems (NASDAQ:CSCO)

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