Cisco Systems’ (CSCO) “Buy” Rating Reiterated at Drexel Hamilton
Drexel Hamilton restated their buy rating on shares of Cisco Systems, Inc. (NASDAQ:CSCO) in a report released on Tuesday morning. The firm currently has a $40.00 price objective on the network equipment provider’s stock.
“We continue to believe Cisco’s stock will receive investor support given the company’s rich dividend yield, attractive valuation (11.4x CY:18, ex-cash), expanding recurring revenue contribution, consistent execution and prime position as a beneficiary of potential revisions in repatriation policies. Also, Cisco is heading into its seasonally strongest quarter of the year. We believe Cisco will at least meet our 3Q:FY17 revenue estimate of $11.84 billion (Street is at $11.90 billion) and our EPS projection of $0.58 (Street is at $0.58). Our revenue estimate reflects a 2% QoQ increase in sales and inline with the five-year average uptick. Cisco’s 3Q:FY17 outlook calls for sales to fall by 2% to flat YoY (i.e., $11.76 billion to $12.0 billion) with pro forma EPS of $0.57-0.59.”,” Drexel Hamilton’s analyst commented.
CSCO has been the topic of several other research reports. Robert W. Baird reaffirmed a buy rating on shares of Cisco Systems in a research report on Wednesday, January 25th. William Blair initiated coverage on shares of Cisco Systems in a research report on Tuesday, January 17th. They set an outperform rating on the stock. Vetr cut shares of Cisco Systems from a buy rating to a hold rating and set a $31.28 price target on the stock. in a research report on Monday, January 23rd. Zacks Investment Research raised shares of Cisco Systems from a sell rating to a hold rating in a research report on Monday, February 20th. Finally, Sanford C. Bernstein reaffirmed an overweight rating and set a $34.00 price target on shares of Cisco Systems in a research report on Sunday, February 19th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating, twenty-one have issued a buy rating and one has assigned a strong buy rating to the company. The company currently has an average rating of Buy and an average price target of $35.05.
Cisco Systems (NASDAQ:CSCO) traded down 0.462% during mid-day trading on Tuesday, hitting $31.235. The stock had a trading volume of 10,935,006 shares. The firm’s 50-day moving average is $33.42 and its 200 day moving average is $32.02. Cisco Systems has a one year low of $27.13 and a one year high of $34.60. The stock has a market cap of $156.33 billion, a PE ratio of 15.855 and a beta of 1.36.
Cisco Systems (NASDAQ:CSCO) last issued its quarterly earnings results on Wednesday, May 17th. The network equipment provider reported $0.60 EPS for the quarter, topping the consensus estimate of $0.58 by $0.02. Cisco Systems had a net margin of 21.73% and a return on equity of 17.50%. The business had revenue of $11.94 billion for the quarter, compared to analysts’ expectations of $11.90 billion. During the same quarter last year, the company posted $0.57 earnings per share. The company’s quarterly revenue was down .5% compared to the same quarter last year. Equities research analysts expect that Cisco Systems will post $2.38 EPS for the current year.
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In other news, Director Steven M. West acquired 3,027 shares of the firm’s stock in a transaction that occurred on Wednesday, February 22nd. The stock was purchased at an average price of $33.92 per share, for a total transaction of $102,675.84. Following the completion of the acquisition, the director now owns 3,700 shares in the company, valued at $125,504. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider John T. Chambers sold 295,538 shares of the business’s stock in a transaction that occurred on Thursday, February 23rd. The shares were sold at an average price of $34.06, for a total transaction of $10,066,024.28. Following the transaction, the insider now owns 1,220,581 shares of the company’s stock, valued at approximately $41,572,988.86. The disclosure for this sale can be found here. Over the last three months, insiders have sold 371,807 shares of company stock valued at $12,668,893. 0.11% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Gilman Hill Asset Management LLC boosted its position in Cisco Systems by 2.1% in the third quarter. Gilman Hill Asset Management LLC now owns 25,460 shares of the network equipment provider’s stock valued at $808,000 after buying an additional 520 shares during the period. Woodley Farra Manion Portfolio Management Inc. boosted its position in shares of Cisco Systems by 5.7% in the third quarter. Woodley Farra Manion Portfolio Management Inc. now owns 127,405 shares of the network equipment provider’s stock valued at $4,041,000 after buying an additional 6,874 shares during the last quarter. Ferguson Wellman Capital Management Inc. boosted its position in shares of Cisco Systems by 33.7% in the third quarter. Ferguson Wellman Capital Management Inc. now owns 1,861,345 shares of the network equipment provider’s stock valued at $59,042,000 after buying an additional 469,129 shares during the last quarter. Rosenbaum Jay D. acquired a new position in shares of Cisco Systems during the third quarter valued at approximately $385,000. Finally, Murphy Capital Management Inc. boosted its position in shares of Cisco Systems by 2.1% in the third quarter. Murphy Capital Management Inc. now owns 39,572 shares of the network equipment provider’s stock valued at $1,255,000 after buying an additional 811 shares during the last quarter. Institutional investors own 75.24% of the company’s stock.
About Cisco Systems
Cisco Systems, Inc designs and sells a range of products, provides services and delivers integrated solutions to develop and connect networks around the world. The Company operates through three geographic segments: Americas; Europe, the Middle East and Africa (EMEA), and Asia Pacific, Japan and China (APJC).
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