Cisco Systems (NASDAQ:CSCO) Issues FY23 Earnings Guidance

Cisco Systems (NASDAQ:CSCOGet Rating) issued an update on its FY23 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of $3.49-3.56 for the period, compared to the consensus estimate of $3.54. The company issued revenue guidance of $53.62-54.65 billion, compared to the consensus revenue estimate of $52.82 billion. Cisco Systems also updated its FY 2023 guidance to $3.49-$3.56 EPS.

Cisco Systems Price Performance

Shares of CSCO stock traded down $0.11 during trading hours on Wednesday, reaching $46.66. The stock had a trading volume of 26,092,471 shares, compared to its average volume of 22,371,391. The firm has a market capitalization of $193.22 billion, a PE ratio of 16.41, a PEG ratio of 2.29 and a beta of 0.97. Cisco Systems has a 12 month low of $40.82 and a 12 month high of $64.29. The stock’s fifty day simple moving average is $44.04 and its 200 day simple moving average is $49.40. The company has a current ratio of 1.49, a quick ratio of 1.40 and a debt-to-equity ratio of 0.21.

Cisco Systems (NASDAQ:CSCOGet Rating) last posted its quarterly earnings results on Wednesday, August 17th. The network equipment provider reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.82 by $0.01. Cisco Systems had a net margin of 23.28% and a return on equity of 31.22%. The business had revenue of $13.10 billion during the quarter, compared to the consensus estimate of $12.78 billion. During the same period in the previous year, the firm posted $0.76 earnings per share. The firm’s revenue for the quarter was down .2% on a year-over-year basis. On average, equities research analysts predict that Cisco Systems will post 3 EPS for the current year.

Cisco Systems Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 27th. Stockholders of record on Wednesday, July 6th were given a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 3.26%. The ex-dividend date was Tuesday, July 5th. Cisco Systems’s dividend payout ratio is presently 53.33%.

Analyst Ratings Changes

A number of research firms recently commented on CSCO. Piper Sandler reduced their price objective on Cisco Systems from $57.00 to $43.00 and set a neutral rating for the company in a research report on Thursday, May 19th. Credit Suisse Group dropped their price objective on shares of Cisco Systems from $72.00 to $60.00 and set an outperform rating for the company in a report on Thursday, May 19th. Citigroup lowered their price objective on shares of Cisco Systems from $45.00 to $40.00 and set a sell rating for the company in a research report on Thursday, May 19th. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of Cisco Systems from $59.00 to $51.00 and set a hold rating for the company in a research note on Thursday, May 19th. Finally, Rosenblatt Securities began coverage on Cisco Systems in a report on Tuesday, July 12th. They set a neutral rating and a $48.00 price objective for the company. One research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of Hold and a consensus target price of $54.23.

Insider Buying and Selling at Cisco Systems

In related news, COO Maria Martinez sold 3,628 shares of the firm’s stock in a transaction on Monday, May 23rd. The stock was sold at an average price of $43.34, for a total value of $157,237.52. Following the completion of the transaction, the chief operating officer now owns 295,305 shares in the company, valued at approximately $12,798,518.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, COO Maria Martinez sold 3,628 shares of the stock in a transaction that occurred on Monday, May 23rd. The shares were sold at an average price of $43.34, for a total value of $157,237.52. Following the transaction, the chief operating officer now owns 295,305 shares in the company, valued at approximately $12,798,518.70. The sale was disclosed in a filing with the SEC, which is available through this link. Also, SVP Prat Bhatt sold 607 shares of Cisco Systems stock in a transaction that occurred on Monday, June 13th. The shares were sold at an average price of $43.10, for a total transaction of $26,161.70. Following the sale, the senior vice president now owns 79,855 shares of the company’s stock, valued at $3,441,750.50. The disclosure for this sale can be found here. In the last quarter, insiders have sold 25,326 shares of company stock worth $1,103,159. 0.02% of the stock is owned by corporate insiders.

Institutional Trading of Cisco Systems

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Charles Schwab Investment Management Inc. boosted its position in Cisco Systems by 6.1% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 53,356,141 shares of the network equipment provider’s stock worth $2,975,139,000 after purchasing an additional 3,087,294 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec boosted its holdings in Cisco Systems by 47.4% during the first quarter. Caisse DE Depot ET Placement DU Quebec now owns 8,848,048 shares of the network equipment provider’s stock worth $493,367,000 after buying an additional 2,846,557 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings in Cisco Systems by 32.5% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,243,073 shares of the network equipment provider’s stock valued at $236,593,000 after buying an additional 1,040,607 shares in the last quarter. Bridgewater Associates LP increased its holdings in Cisco Systems by 13,107.4% in the first quarter. Bridgewater Associates LP now owns 914,218 shares of the network equipment provider’s stock valued at $50,977,000 after buying an additional 907,296 shares in the last quarter. Finally, Penserra Capital Management LLC boosted its stake in shares of Cisco Systems by 48.8% during the 1st quarter. Penserra Capital Management LLC now owns 884,732 shares of the network equipment provider’s stock worth $49,331,000 after acquiring an additional 290,219 shares in the last quarter. 73.18% of the stock is owned by institutional investors and hedge funds.

Cisco Systems Company Profile

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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. It provides infrastructure platforms, including networking technologies of switching, routing, wireless, and data center products that are designed to work together to deliver networking capabilities, and transport and/or store data.

Further Reading

Earnings History and Estimates for Cisco Systems (NASDAQ:CSCO)

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