Cisco Systems, Inc. (NASDAQ:CSCO)’s share price gapped up prior to trading on Thursday following a stronger than expected earnings report. The stock had previously closed at $41.86, but opened at $44.33. Cisco Systems shares last traded at $46.77, with a volume of 46069977 shares changing hands.

The network equipment provider reported $0.75 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.72 by $0.03. Cisco Systems had a net margin of 0.22% and a return on equity of 22.12%. The business had revenue of $13.07 billion during the quarter, compared to the consensus estimate of $12.86 billion. During the same period in the previous year, the firm posted $0.61 earnings per share. The business’s revenue for the quarter was up 7.7% compared to the same quarter last year.

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 24th. Stockholders of record on Friday, October 5th were paid a dividend of $0.33 per share. The ex-dividend date of this dividend was Thursday, October 4th. This represents a $1.32 annualized dividend and a dividend yield of 2.82%. Cisco Systems’s payout ratio is currently 56.41%.

Several equities research analysts have recently commented on the stock. Zacks Investment Research downgraded shares of Cisco Systems from a “buy” rating to a “hold” rating in a research note on Thursday, August 2nd. Deutsche Bank boosted their target price on shares of Cisco Systems from $55.00 to $60.00 and gave the company a “buy” rating in a research report on Thursday. JPMorgan Chase & Co. restated a “buy” rating on shares of Cisco Systems in a research report on Thursday. Credit Suisse Group set a $44.00 target price on shares of Cisco Systems and gave the company a “hold” rating in a research report on Thursday. Finally, Raymond James boosted their target price on shares of Cisco Systems from $50.00 to $52.00 and gave the company an “outperform” rating in a research report on Thursday. Seven analysts have rated the stock with a hold rating, twenty-five have given a buy rating and one has given a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $49.49.

In other Cisco Systems news, SVP Irving Tan sold 68,308 shares of Cisco Systems stock in a transaction on Friday, September 14th. The shares were sold at an average price of $47.38, for a total value of $3,236,433.04. Following the completion of the transaction, the senior vice president now owns 150,763 shares of the company’s stock, valued at $7,143,150.94. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Mark D. Chandler sold 31,842 shares of Cisco Systems stock in a transaction on Thursday, September 13th. The shares were sold at an average price of $47.20, for a total transaction of $1,502,942.40. The disclosure for this sale can be found here. Insiders sold 450,620 shares of company stock valued at $21,322,282 in the last ninety days. 0.03% of the stock is owned by corporate insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Knights of Columbus Asset Advisors LLC increased its stake in shares of Cisco Systems by 47.1% during the first quarter. Knights of Columbus Asset Advisors LLC now owns 121,025 shares of the network equipment provider’s stock worth $5,191,000 after purchasing an additional 38,725 shares in the last quarter. Covington Investment Advisors Inc. purchased a new stake in shares of Cisco Systems during the first quarter worth about $5,331,000. Winfield Associates Inc. increased its stake in shares of Cisco Systems by 121.0% during the first quarter. Winfield Associates Inc. now owns 4,671 shares of the network equipment provider’s stock worth $200,000 after purchasing an additional 2,557 shares in the last quarter. United Capital Financial Advisers LLC increased its stake in shares of Cisco Systems by 2.8% during the first quarter. United Capital Financial Advisers LLC now owns 2,078,752 shares of the network equipment provider’s stock worth $89,158,000 after purchasing an additional 56,027 shares in the last quarter. Finally, KBC Group NV increased its stake in shares of Cisco Systems by 29.6% during the first quarter. KBC Group NV now owns 2,095,433 shares of the network equipment provider’s stock worth $89,873,000 after purchasing an additional 478,673 shares in the last quarter. 71.67% of the stock is owned by institutional investors.

The company has a market capitalization of $219.78 billion, a P/E ratio of 19.99, a PEG ratio of 2.69 and a beta of 1.11. The company has a debt-to-equity ratio of 0.47, a quick ratio of 2.22 and a current ratio of 2.29.

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About Cisco Systems (NASDAQ:CSCO)

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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