Cisco Systems (CSCO) Cut to Hold at Vetr
Cisco Systems (NASDAQ:CSCO) was downgraded by investment analysts at Vetr from a “buy” rating to a “hold” rating in a note issued to investors on Monday. They currently have a $44.13 price target on the network equipment provider’s stock. Vetr‘s price target indicates a potential upside of 0.16% from the stock’s previous close.
A number of other analysts have also recently commented on the company. Barclays lifted their price objective on Cisco Systems from $37.00 to $45.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 17th. Oppenheimer reiterated a “buy” rating and set a $36.00 price objective on shares of Cisco Systems in a research report on Tuesday, October 31st. Cowen reiterated a “buy” rating on shares of Cisco Systems in a research report on Friday, November 17th. Zacks Investment Research cut Cisco Systems from a “buy” rating to a “hold” rating in a research report on Thursday, January 18th. Finally, Deutsche Bank reiterated a “buy” rating and set a $45.00 price objective (up previously from $40.00) on shares of Cisco Systems in a research report on Thursday, November 16th. Twelve equities research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $43.57.
Shares of Cisco Systems (NASDAQ CSCO) opened at $44.06 on Monday. The company has a market capitalization of $217,820.00, a PE ratio of -137.69, a P/E/G ratio of 3.29 and a beta of 1.23. Cisco Systems has a 52-week low of $30.36 and a 52-week high of $45.13. The company has a debt-to-equity ratio of 0.49, a quick ratio of 2.38 and a current ratio of 2.43.
Cisco Systems declared that its board has approved a stock repurchase program on Wednesday, February 14th that authorizes the company to buyback $25.00 billion in outstanding shares. This buyback authorization authorizes the network equipment provider to purchase shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s board believes its stock is undervalued.
In related news, SVP Rebecca Jacoby sold 75,021 shares of the business’s stock in a transaction that occurred on Tuesday, December 19th. The stock was sold at an average price of $38.42, for a total transaction of $2,882,306.82. Following the transaction, the senior vice president now directly owns 257,476 shares of the company’s stock, valued at approximately $9,892,227.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Roderick C. Mcgeary sold 15,230 shares of the business’s stock in a transaction that occurred on Thursday, December 14th. The stock was sold at an average price of $38.00, for a total value of $578,740.00. Following the transaction, the director now directly owns 113,154 shares in the company, valued at $4,299,852. The disclosure for this sale can be found here. Insiders own 0.05% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in the stock. Envestnet Asset Management Inc. raised its position in shares of Cisco Systems by 3.1% in the 4th quarter. Envestnet Asset Management Inc. now owns 1,840,750 shares of the network equipment provider’s stock valued at $70,499,000 after purchasing an additional 55,147 shares in the last quarter. CNB Bank acquired a new position in shares of Cisco Systems in the 4th quarter valued at approximately $312,000. Dixon Hubard Feinour & Brown Inc. VA raised its position in shares of Cisco Systems by 7.1% in the 4th quarter. Dixon Hubard Feinour & Brown Inc. VA now owns 70,136 shares of the network equipment provider’s stock valued at $2,686,000 after purchasing an additional 4,637 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its position in shares of Cisco Systems by 8.3% in the 4th quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 3,222,978 shares of the network equipment provider’s stock valued at $123,440,000 after purchasing an additional 245,754 shares in the last quarter. Finally, Pin Oak Investment Advisors Inc. acquired a new position in shares of Cisco Systems in the 4th quarter valued at approximately $386,000. 75.06% of the stock is currently owned by hedge funds and other institutional investors.
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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