Cisco Systems saw its target price raised by analysts at Wells Fargo & Company from $52.00 to $57.00, with an “equal weight” rating on the stock. Other analysts have also provided their perspectives on Cisco Systems, with Needham & Company LLC reiterating a “hold” rating, UBS Group upgrading the stock to “neutral,” and StockNews.com upgrading it from “hold” to “buy.” Overall, the company has an average rating of “Hold” and a consensus price target of $56.47.
The company’s stock fell by 0.4% and opened at $48.17. Cisco Systems reported earnings of $0.88 per share, exceeding the consensus estimate of $0.70 per share. The company’s revenue for the quarter was $12.7 billion, compared to the consensus estimate of $12.53 billion. Cisco Systems achieved a return on equity of 30.91% and a net margin of 21.88%.
In terms of internal activity, CFO Richard Scott Herren sold 13,942 shares of Cisco Systems stock, while senior vice president Maria Victoria Wong sold 2,497 shares. Insiders have sold a total of 19,441 shares in the last ninety days.
Hedge funds have also influenced Cisco Systems, with several institutional investors increasing or reducing their holdings in the company. Norges Bank, Charles Schwab Investment Management Inc., FIL Ltd, Natixis, and Dimensional Fund Advisors LP are among the entities that have adjusted their positions in Cisco Systems.
Cisco Systems, Inc. designs, manufactures, and sells Internet protocol-based networks and related products worldwide. The company offers a range of products including switching, routing, wireless, and computing solutions.
Overall, Cisco Systems remains a key player in the information and communications technology industry. Investors and analysts continue to monitor the company’s performance and potential growth in the market.
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https://www.defenseworld.net/2024/05/18/cisco-systems-nasdaqcsco-given-new-57-00-price-target-at-wells-fargo-company.html
