Barclays Boosts Cisco Systems (NASDAQ:CSCO) Price Target to $61.00

Cisco Systems (NASDAQ:CSCO) had its price target upped by stock analysts at Barclays from $56.00 to $61.00 in a report released on Thursday,Benzinga reports. The brokerage currently has an “equal weight” rating on the network equipment provider’s stock. Barclays‘s price target indicates a potential downside of 5.97% from the company’s current price.

A number of other research analysts have also commented on CSCO. Wells Fargo & Company upped their price target on Cisco Systems from $57.00 to $60.00 and gave the company an “equal weight” rating in a research report on Thursday, November 14th. UBS Group upped their price target on Cisco Systems from $55.00 to $62.00 and gave the company a “neutral” rating in a research report on Thursday, November 14th. BNP Paribas raised Cisco Systems from a “neutral” rating to an “outperform” rating and set a $72.00 price target for the company in a research report on Tuesday, January 28th. Melius Research raised Cisco Systems from a “hold” rating to a “strong-buy” rating in a research report on Monday, January 6th. Finally, Piper Sandler upped their price target on Cisco Systems from $52.00 to $57.00 and gave the company a “neutral” rating in a research report on Thursday, November 14th. Seven research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and three have given a strong buy rating to the company. According to data from MarketBeat.com, Cisco Systems currently has an average rating of “Moderate Buy” and a consensus target price of $66.53.

Cisco Systems Trading Up 1.6 %

Shares of CSCO stock opened at $64.87 on Thursday. The stock has a market capitalization of $258.36 billion, a PE ratio of 27.84, a P/E/G ratio of 4.63 and a beta of 0.84. Cisco Systems has a 1-year low of $44.50 and a 1-year high of $66.50. The business has a 50-day moving average of $59.97 and a 200 day moving average of $55.42. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.88 and a quick ratio of 0.80.

Cisco Systems (NASDAQ:CSCO) last issued its earnings results on Wednesday, February 12th. The network equipment provider reported $0.77 earnings per share for the quarter, missing the consensus estimate of $0.91 by ($0.14). Cisco Systems had a net margin of 17.73% and a return on equity of 25.70%. As a group, sell-side analysts anticipate that Cisco Systems will post 2.97 earnings per share for the current year.

Cisco Systems announced that its Board of Directors has approved a stock repurchase plan on Wednesday, February 12th that allows the company to buyback $15.00 billion in outstanding shares. This buyback authorization allows the network equipment provider to repurchase up to 6% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is undervalued.

Insider Buying and Selling at Cisco Systems

In other Cisco Systems news, EVP Thimaya K. Subaiya sold 21,230 shares of the stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $57.07, for a total transaction of $1,211,596.10. Following the sale, the executive vice president now directly owns 213,834 shares in the company, valued at approximately $12,203,506.38. This trade represents a 9.03 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Maria Victoria Wong sold 586 shares of the stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $58.69, for a total value of $34,392.34. Following the sale, the senior vice president now owns 50,767 shares in the company, valued at approximately $2,979,515.23. This represents a 1.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 37,239 shares of company stock worth $2,166,612. Insiders own 0.01% of the company’s stock.

Hedge Funds Weigh In On Cisco Systems

Institutional investors and hedge funds have recently modified their holdings of the company. FPC Investment Advisory Inc. bought a new stake in shares of Cisco Systems in the fourth quarter worth $26,000. Navigoe LLC bought a new stake in shares of Cisco Systems in the fourth quarter worth $26,000. Runnymede Capital Advisors Inc. bought a new stake in shares of Cisco Systems in the fourth quarter worth $30,000. Campbell Capital Management Inc. bought a new stake in shares of Cisco Systems in the fourth quarter worth $31,000. Finally, Highline Wealth Partners LLC grew its holdings in shares of Cisco Systems by 76.7% in the fourth quarter. Highline Wealth Partners LLC now owns 599 shares of the network equipment provider’s stock worth $35,000 after acquiring an additional 260 shares during the period. 73.33% of the stock is currently owned by hedge funds and other institutional investors.

About Cisco Systems

Cisco Systems, Inc designs, manufactures, and sells Internet Protocol based networking and other products related to the communications and information technology industry in the Americas, Europe, the Middle East, Africa, the Asia Pacific, Japan, and China. The company also offers switching portfolio encompasses campus switching as well as data center switching; enterprise routing portfolio interconnects public and private wireline and mobile networks, delivering highly secure, and reliable connectivity to campus, data center and branch networks; wireless products include wireless access points and controllers; and compute portfolio including the cisco unified computing system, hyperflex, and software management capabilities, which combine computing, networking, and storage infrastructure management and virtualization.