Cisco Systems (NASDAQ:CSCO) Issues Earnings Results

Cisco Systems (NASDAQ:CSCOGet Rating) released its earnings results on Wednesday. The network equipment provider reported $0.86 earnings per share for the quarter, beating analysts’ consensus estimates of $0.84 by $0.02, RTT News reports. The firm had revenue of $13.63 billion for the quarter, compared to analysts’ expectations of $13.29 billion. Cisco Systems had a net margin of 22.00% and a return on equity of 31.75%. The company’s quarterly revenue was up 5.7% on a year-over-year basis. During the same period in the previous year, the company earned $0.73 earnings per share. Cisco Systems updated its Q2 guidance to $0.84-0.86 EPS and its FY23 guidance to $3.51-3.58 EPS.

Cisco Systems Trading Up 2.9 %

NASDAQ CSCO traded up $1.33 during trading on Friday, hitting $47.92. The company had a trading volume of 232,235 shares, compared to its average volume of 19,769,342. The company has a current ratio of 1.43, a quick ratio of 1.33 and a debt-to-equity ratio of 0.21. The company’s fifty day moving average is $42.91 and its 200-day moving average is $44.45. The company has a market cap of $196.90 billion, a price-to-earnings ratio of 16.82, a price-to-earnings-growth ratio of 2.20 and a beta of 1.00. Cisco Systems has a one year low of $38.60 and a one year high of $64.29.

Cisco Systems Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 26th. Shareholders of record on Wednesday, October 5th were issued a $0.38 dividend. The ex-dividend date was Tuesday, October 4th. This represents a $1.52 annualized dividend and a yield of 3.17%. Cisco Systems’s dividend payout ratio (DPR) is presently 54.87%.

Analysts Set New Price Targets

A number of research firms have weighed in on CSCO. The Goldman Sachs Group boosted their target price on shares of Cisco Systems from $45.00 to $50.00 and gave the company a “neutral” rating in a research note on Thursday, August 18th. Rosenblatt Securities lowered their price target on shares of Cisco Systems from $53.00 to $51.00 and set a “neutral” rating on the stock in a research report on Thursday. Credit Suisse Group boosted their price target on shares of Cisco Systems from $65.00 to $67.00 and gave the company an “outperform” rating in a research report on Thursday. Deutsche Bank Aktiengesellschaft lowered their price target on shares of Cisco Systems from $54.00 to $52.00 in a research report on Friday. Finally, Citigroup upped their target price on shares of Cisco Systems from $40.00 to $44.00 and gave the stock a “sell” rating in a report on Thursday, August 18th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $53.63.

Insider Buying and Selling

In related news, EVP Jeffery S. Sharritts sold 12,838 shares of Cisco Systems stock in a transaction dated Monday, August 22nd. The shares were sold at an average price of $47.86, for a total transaction of $614,426.68. Following the completion of the transaction, the executive vice president now directly owns 167,532 shares of the company’s stock, valued at approximately $8,018,081.52. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, CEO Charles Robbins sold 12,716 shares of Cisco Systems stock in a transaction dated Wednesday, August 24th. The shares were sold at an average price of $47.14, for a total transaction of $599,432.24. Following the completion of the transaction, the chief executive officer now directly owns 631,374 shares of the company’s stock, valued at approximately $29,762,970.36. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Jeffery S. Sharritts sold 12,838 shares of Cisco Systems stock in a transaction dated Monday, August 22nd. The stock was sold at an average price of $47.86, for a total transaction of $614,426.68. Following the completion of the transaction, the executive vice president now directly owns 167,532 shares of the company’s stock, valued at $8,018,081.52. The disclosure for this sale can be found here. Insiders sold a total of 56,317 shares of company stock worth $2,612,042 in the last three months. 0.02% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. KC Investment Advisors LLC raised its holdings in Cisco Systems by 3.4% in the first quarter. KC Investment Advisors LLC now owns 12,010 shares of the network equipment provider’s stock worth $670,000 after buying an additional 392 shares during the last quarter. Echo Street Capital Management LLC bought a new stake in shares of Cisco Systems in the first quarter worth approximately $667,000. Merit Financial Group LLC grew its stake in shares of Cisco Systems by 21.5% in the first quarter. Merit Financial Group LLC now owns 11,763 shares of the network equipment provider’s stock worth $656,000 after acquiring an additional 2,079 shares during the period. United Bank bought a new stake in shares of Cisco Systems in the first quarter worth approximately $645,000. Finally, KB Financial Partners LLC grew its stake in shares of Cisco Systems by 4.0% in the first quarter. KB Financial Partners LLC now owns 11,269 shares of the network equipment provider’s stock worth $628,000 after acquiring an additional 436 shares during the period. 71.71% of the stock is owned by hedge funds and other institutional investors.

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. 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 that are standalone, controller appliance-based, switch-converged, and Meraki cloud-managed offerings; and compute portfolio including the cisco unified computing system, hyperflex, and software management capabilities, which combine computing, networking, and storage infrastructure management and virtualization.

See Also

Earnings History for Cisco Systems (NASDAQ:CSCO)

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