Cisco Systems (NASDAQ:CSCO) Earns Buy Rating from JPMorgan Chase & Co.
Cisco Systems (NASDAQ:CSCO)‘s stock had its “buy” rating restated by equities research analysts at JPMorgan Chase & Co. in a report issued on Wednesday, Borsen Zeitung reports. They presently have a $60.00 target price on the network equipment provider’s stock. JPMorgan Chase & Co.‘s price objective suggests a potential upside of 6.82% from the company’s current price.
Several other equities research analysts have also recently weighed in on the stock. Wells Fargo & Co restated an “outperform” rating and issued a $57.00 price objective (up previously from $52.00) on shares of Cisco Systems in a research report on Wednesday, February 13th. Oppenheimer raised their price objective on shares of Cisco Systems from $52.00 to $60.00 and gave the company an “outperform” rating in a research report on Friday, April 26th. BidaskClub cut shares of Cisco Systems from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, May 7th. MKM Partners lifted their price target on shares of Cisco Systems to $56.00 and gave the stock a “neutral” rating in a research report on Thursday, May 16th. Finally, KeyCorp lifted their price target on shares of Cisco Systems from $53.00 to $55.00 and gave the stock an “overweight” rating in a research report on Thursday, February 14th. Seven research analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the stock. Cisco Systems presently has an average rating of “Buy” and an average price target of $55.92.
CSCO stock traded up $0.31 during trading on Wednesday, hitting $56.17. 15,780,000 shares of the stock traded hands, compared to its average volume of 20,786,000. The company has a quick ratio of 1.64, a current ratio of 1.69 and a debt-to-equity ratio of 0.43. The company has a market capitalization of $239.12 billion, a P/E ratio of 24.00, a P/E/G ratio of 2.92 and a beta of 1.21. Cisco Systems has a one year low of $40.25 and a one year high of $57.56.
Cisco Systems declared that its Board of Directors has initiated a share buyback plan on Wednesday, February 13th that permits the company to buyback $15.00 billion in shares. This buyback authorization permits the network equipment provider to reacquire up to 6.5% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.
In related news, CFO Kelly A. Kramer sold 70,000 shares of the business’s stock in a transaction that occurred on Thursday, May 30th. The shares were sold at an average price of $53.56, for a total transaction of $3,749,200.00. Following the completion of the transaction, the chief financial officer now owns 349,122 shares in the company, valued at $18,698,974.32. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Mark D. Chandler sold 1,379 shares of the business’s stock in a transaction that occurred on Wednesday, June 12th. The shares were sold at an average price of $55.94, for a total transaction of $77,141.26. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 75,129 shares of company stock valued at $4,035,554. Corporate insiders own 0.03% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Bank of New York Mellon Corp lifted its position in shares of Cisco Systems by 193,168.7% in the third quarter. Bank of New York Mellon Corp now owns 104,741,949 shares of the network equipment provider’s stock worth $5,095,693,000 after purchasing an additional 104,687,754 shares in the last quarter. Oregon Public Employees Retirement Fund lifted its position in shares of Cisco Systems by 3,130.4% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 68,193,317 shares of the network equipment provider’s stock worth $1,574,000 after purchasing an additional 66,082,350 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Cisco Systems by 11.2% in the fourth quarter. Geode Capital Management LLC now owns 64,506,078 shares of the network equipment provider’s stock worth $2,790,865,000 after purchasing an additional 6,516,314 shares in the last quarter. Northern Trust Corp lifted its position in shares of Cisco Systems by 1.3% in the fourth quarter. Northern Trust Corp now owns 63,754,084 shares of the network equipment provider’s stock worth $2,762,464,000 after purchasing an additional 813,544 shares in the last quarter. Finally, Norges Bank bought a new stake in shares of Cisco Systems in the fourth quarter worth $2,164,695,000. Hedge funds and other institutional investors own 74.60% of the company’s stock.
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 worldwide. The company offers switching products; routing products that interconnect public and private wireline and mobile networks; data center products; and wireless access points for use in voice, video, and data applications.
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