Cisco Systems, Inc. (CSCO) Shares Gap Down After Analyst Downgrade

Cisco Systems, Inc. (NASDAQ:CSCO)’s share price gapped down prior to trading on Friday after BMO Capital Markets lowered their price target on the stock from $32.00 to $32.00. The stock had previously closed at $31.66, but opened at $31.38. BMO Capital Markets currently has a market perform rating on the stock. Cisco Systems shares last traded at $31.36, with a volume of 20,370,972 shares trading hands.

Several other equities analysts have also commented on the stock. Royal Bank of Canada reiterated an “outperform” rating and issued a $36.00 price target (down from $37.00) on shares of Cisco Systems in a research note on Thursday. Drexel Hamilton reiterated a “buy” rating and issued a $40.00 price target on shares of Cisco Systems in a research note on Tuesday. Zacks Investment Research lowered shares of Cisco Systems from a “hold” rating to a “sell” rating in a research note on Monday, May 15th. Morgan Stanley upgraded shares of Cisco Systems from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $33.45 to $39.00 in a research note on Monday, May 15th. Finally, Robert W. Baird reiterated a “buy” rating on shares of Cisco Systems in a research note on Monday, May 1st. One analyst has rated the stock with a sell rating, twelve have issued a hold rating, twenty-one have assigned a buy rating and one has issued a strong buy rating to the company. The company has an average rating of “Buy” and an average target price of $35.09.

In related news, insider John T. Chambers sold 295,538 shares of Cisco Systems stock in a transaction dated Thursday, February 23rd. The stock was sold at an average price of $34.06, for a total transaction of $10,066,024.28. Following the completion of the sale, the insider now owns 1,220,581 shares in the company, valued at approximately $41,572,988.86. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Prat Bhatt sold 15,672 shares of Cisco Systems stock in a transaction dated Wednesday, March 15th. The stock was sold at an average price of $34.27, for a total value of $537,079.44. Following the sale, the senior vice president now owns 77,174 shares of the company’s stock, valued at approximately $2,644,752.98. The disclosure for this sale can be found here. In the last quarter, insiders have sold 371,807 shares of company stock valued at $12,668,893. 0.11% of the stock is currently owned by company insiders.

A number of hedge funds have recently bought and sold shares of CSCO. Vanguard Group Inc. boosted its stake in Cisco Systems by 3.3% in the first quarter. Vanguard Group Inc. now owns 344,708,803 shares of the network equipment provider’s stock worth $11,651,157,000 after buying an additional 10,974,259 shares in the last quarter. BlackRock Inc. boosted its stake in Cisco Systems by 2,421.0% in the first quarter. BlackRock Inc. now owns 339,316,584 shares of the network equipment provider’s stock valued at $11,468,902,000 after buying an additional 325,856,721 shares during the period. State Street Corp boosted its stake in Cisco Systems by 2.8% in the fourth quarter. State Street Corp now owns 218,577,771 shares of the network equipment provider’s stock valued at $6,605,412,000 after buying an additional 5,886,055 shares during the period. Bank of New York Mellon Corp boosted its stake in Cisco Systems by 9.2% in the third quarter. Bank of New York Mellon Corp now owns 123,367,471 shares of the network equipment provider’s stock valued at $3,913,216,000 after buying an additional 10,435,264 shares during the period. Finally, Wellington Management Group LLP boosted its stake in Cisco Systems by 9.8% in the first quarter. Wellington Management Group LLP now owns 111,529,451 shares of the network equipment provider’s stock valued at $3,769,695,000 after buying an additional 9,958,755 shares during the period. Hedge funds and other institutional investors own 75.24% of the company’s stock.

The company’s 50 day moving average is $33.35 and its 200-day moving average is $32.03. The firm has a market capitalization of $156.21 billion, a P/E ratio of 15.84 and a beta of 1.36.

Cisco Systems (NASDAQ:CSCO) last announced its earnings results on Wednesday, May 17th. The network equipment provider reported $0.60 EPS for the quarter, beating the consensus estimate of $0.58 by $0.02. Cisco Systems had a return on equity of 17.50% and a net margin of 21.73%. The business had revenue of $11.94 billion during the quarter, compared to the consensus estimate of $11.90 billion. During the same period in the prior year, the business posted $0.57 earnings per share. Cisco Systems’s revenue was down .5% compared to the same quarter last year. On average, equities analysts forecast that Cisco Systems, Inc. will post $2.38 earnings per share for the current fiscal year.

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Cisco Systems Company Profile

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).

12 Month Chart for NASDAQ:CSCO

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