JPMorgan Chase set a $58.00 price objective on Cisco Systems (NASDAQ:CSCO) in a research report released on Thursday morning. The brokerage currently has a buy rating on the network equipment provider’s stock.
CSCO has been the topic of several other research reports. Vetr raised shares of Cisco Systems from a buy rating to a strong-buy rating and set a $46.32 price objective on the stock in a research note on Tuesday, April 3rd. Goldman Sachs raised shares of Cisco Systems from a buy rating to a conviction-buy rating in a research report on Friday, March 23rd. Zacks Investment Research raised shares of Cisco Systems from a hold rating to a buy rating and set a $46.00 price target for the company in a research report on Wednesday, January 17th. Royal Bank of Canada upped their price target on shares of Cisco Systems to $50.00 and gave the stock an outperform rating in a research report on Thursday, February 15th. Finally, ValuEngine raised shares of Cisco Systems from a hold rating to a buy rating in a research report on Friday, February 2nd. Ten analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and one has assigned a strong buy rating to the company. The stock has an average rating of Buy and a consensus target price of $45.78.
Shares of Cisco Systems opened at $43.21 on Thursday, according to Marketbeat.com. The company has a current ratio of 2.34, a quick ratio of 2.38 and a debt-to-equity ratio of 0.44. The company has a market cap of $208.16 billion, a P/E ratio of 18.95, a PEG ratio of 3.09 and a beta of 1.14. Cisco Systems has a 1 year low of $45.14 and a 1 year high of $45.54.
Cisco Systems announced that its board has initiated a stock repurchase program on Wednesday, February 14th that allows the company to repurchase $25.00 billion in shares. This repurchase authorization allows the network equipment provider to reacquire shares of its stock through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its shares are undervalued.
In other news, EVP David Goeckeler sold 20,671 shares of the stock in a transaction on Thursday, March 15th. The shares were sold at an average price of $45.50, for a total value of $940,530.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Arun Sarin sold 14,189 shares of the stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $44.10, for a total transaction of $625,734.90. The disclosure for this sale can be found here. Insiders sold 46,986 shares of company stock valued at $2,116,422 in the last three months. Company insiders own 0.05% of the company’s stock.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in CSCO. Stonehearth Capital Management LLC acquired a new stake in Cisco Systems during the 4th quarter valued at $102,000. Keeler Thomas Management LLC bought a new position in Cisco Systems during the 4th quarter valued at $108,000. Goodman Financial Corp bought a new position in Cisco Systems during the 4th quarter valued at $115,000. Certified Advisory Corp bought a new position in Cisco Systems during the 4th quarter valued at $116,000. Finally, Tarbox Family Office Inc. boosted its stake in Cisco Systems by 67.9% during the 4th quarter. Tarbox Family Office Inc. now owns 3,328 shares of the network equipment provider’s stock valued at $127,000 after acquiring an additional 1,346 shares during the last quarter. 77.40% of the stock is owned by institutional investors and hedge funds.
Cisco Systems Company Profile
Cisco Systems, Inc designs, manufactures, and sells Internet Protocol (IP) based networking and other products related to the communications and information technology industry worldwide. The company offers switching products, including fixed-configuration and modular switches, and storage products that provide connectivity to end users, workstations, IP phones, wireless access points, and servers; and next-generation network routing products that interconnect public and private wireline and mobile networks for mobile, data, voice, and video applications.
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