Cisco Systems (NASDAQ:CSCO) Stock Price Down 2.7% – Here’s What Happened
by Danessa Lincoln · The Markets DailyCisco Systems, Inc. (NASDAQ:CSCO – Get Free Report) dropped 2.7% during mid-day trading on Friday . The company traded as low as $79.40 and last traded at $79.92. Approximately 19,986,896 shares traded hands during mid-day trading, a decline of 17% from the average daily volume of 24,156,725 shares. The stock had previously closed at $82.16.
Analysts Set New Price Targets
Several brokerages have recently commented on CSCO. CICC Research upped their target price on Cisco Systems from $84.00 to $96.00 and gave the company an “outperform” rating in a report on Friday, February 13th. HSBC lifted their price target on Cisco Systems from $74.00 to $77.00 and gave the stock a “hold” rating in a research note on Friday, February 13th. Argus raised shares of Cisco Systems to a “strong-buy” rating in a research note on Friday, February 13th. Morgan Stanley raised their target price on shares of Cisco Systems from $82.00 to $91.00 and gave the stock an “overweight” rating in a report on Wednesday, December 17th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Cisco Systems from $90.00 to $95.00 and gave the stock an “overweight” rating in a research report on Monday, February 9th. Three analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and seven have given a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $89.55.
Get Our Latest Analysis on Cisco Systems
Cisco Systems Stock Down 2.7%
The firm has a 50-day moving average of $78.88 and a two-hundred day moving average of $75.15. The stock has a market capitalization of $315.68 billion, a price-to-earnings ratio of 28.04, a price-to-earnings-growth ratio of 3.09 and a beta of 0.87. The company has a quick ratio of 0.85, a current ratio of 0.96 and a debt-to-equity ratio of 0.45.
Cisco Systems (NASDAQ:CSCO – Get Free Report) last announced its quarterly earnings data on Wednesday, February 11th. The network equipment provider reported $1.04 EPS for the quarter, topping analysts’ consensus estimates of $1.02 by $0.02. The firm had revenue of $15.35 billion during the quarter, compared to analyst estimates of $15.11 billion. Cisco Systems had a return on equity of 27.88% and a net margin of 19.22%.The business’s quarterly revenue was up 9.7% compared to the same quarter last year. During the same period last year, the company posted $0.94 EPS. As a group, sell-side analysts anticipate that Cisco Systems, Inc. will post 3.04 earnings per share for the current year.
Cisco Systems Increases Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 22nd. Investors of record on Thursday, April 2nd will be given a dividend of $0.42 per share. The ex-dividend date of this dividend is Thursday, April 2nd. This is a boost from Cisco Systems’s previous quarterly dividend of $0.41. This represents a $1.68 dividend on an annualized basis and a yield of 2.1%. Cisco Systems’s payout ratio is presently 58.95%.
Insider Transactions at Cisco Systems
In other Cisco Systems news, EVP Oliver Tuszik sold 3,132 shares of the stock in a transaction that occurred on Wednesday, March 18th. The shares were sold at an average price of $79.74, for a total value of $249,745.68. Following the completion of the sale, the executive vice president owned 188,613 shares in the company, valued at $15,040,000.62. This represents a 1.63% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Maria Victoria Wong sold 2,179 shares of Cisco Systems stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $77.74, for a total transaction of $169,395.46. Following the sale, the senior vice president directly owned 28,807 shares of the company’s stock, valued at $2,239,456.18. This trade represents a 7.03% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 46,431 shares of company stock worth $3,574,820. 0.01% of the stock is owned by company insiders.
Institutional Trading of Cisco Systems
Institutional investors have recently bought and sold shares of the company. Purpose Unlimited Inc. bought a new stake in shares of Cisco Systems in the 4th quarter valued at approximately $10,643,000. Cornerstone Planning LLC bought a new position in Cisco Systems during the fourth quarter valued at approximately $3,637,000. Rockefeller Capital Management L.P. raised its position in Cisco Systems by 25.6% during the fourth quarter. Rockefeller Capital Management L.P. now owns 2,484,176 shares of the network equipment provider’s stock valued at $191,356,000 after acquiring an additional 506,128 shares in the last quarter. Bank of New Hampshire lifted its stake in Cisco Systems by 8.0% in the fourth quarter. Bank of New Hampshire now owns 19,337 shares of the network equipment provider’s stock valued at $1,490,000 after acquiring an additional 1,435 shares during the last quarter. Finally, Osbon Capital Management LLC bought a new stake in Cisco Systems in the fourth quarter worth approximately $32,000. Institutional investors and hedge funds own 73.33% of the company’s stock.
About Cisco Systems
Cisco Systems, Inc is a global technology company that designs, manufactures and sells networking hardware, software and telecommunications equipment. Its core business focuses on enabling enterprise and service-provider networks through products such as routers, switches, network security appliances and wireless systems. Over time Cisco has broadened its portfolio to emphasize software-defined networking, cybersecurity, cloud infrastructure and edge computing solutions that help organizations build and manage modern IT environments.
In addition to hardware, Cisco offers a growing range of software platforms and subscription services for network management, security, analytics and collaboration.