Jefferies Financial Group Raises Cisco Systems (CSCO) Price Target to $62.00

Cisco Systems (NASDAQ:CSCO) had its target price increased by investment analysts at Jefferies Financial Group from $55.00 to $62.00 in a research report issued on Thursday, The Fly reports. The firm currently has a “buy” rating on the network equipment provider’s stock. Jefferies Financial Group’s price target would indicate a potential upside of 10.03% from the company’s previous close. The analysts noted that the move was a valuation call.

A number of other brokerages have also weighed in on CSCO. Citigroup boosted their target price on shares of Cisco Systems from $52.00 to $56.00 and gave the company a “buy” rating in a research note on Thursday, February 14th. Credit Suisse Group boosted their target price on shares of Cisco Systems from $44.00 to $47.00 and gave the company a “neutral” rating in a research note on Thursday, February 14th. Goldman Sachs Group lowered shares of Cisco Systems from a “conviction-buy” rating to a “buy” rating and boosted their target price for the company from $58.00 to $62.00 in a research note on Tuesday, April 16th. Bank of America reiterated a “buy” rating and set a $56.00 target price on shares of Cisco Systems in a research note on Thursday, February 14th. Finally, KeyCorp upped their price objective on Cisco Systems from $55.00 to $58.00 and gave the stock an “overweight” rating in a research note on Monday, March 25th. Six research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $55.52.

Shares of CSCO opened at $56.35 on Thursday. The firm has a market cap of $271.47 billion, a price-to-earnings ratio of 24.08, a P/E/G ratio of 2.73 and a beta of 1.21. The company has a quick ratio of 1.74, a current ratio of 1.80 and a debt-to-equity ratio of 0.39. Cisco Systems has a 1-year low of $40.25 and a 1-year high of $57.53.

Cisco Systems (NASDAQ:CSCO) last announced its earnings results on Wednesday, May 15th. The network equipment provider reported $0.78 earnings per share for the quarter, beating analysts’ consensus estimates of $0.77 by $0.01. The business had revenue of $12.96 billion during the quarter, compared to analyst estimates of $12.89 billion. Cisco Systems had a net margin of 25.76% and a return on equity of 28.86%. The company’s quarterly revenue was up 4.0% compared to the same quarter last year. During the same period in the previous year, the business earned $0.66 EPS. Sell-side analysts expect that Cisco Systems will post 2.75 earnings per share for the current year.

Cisco Systems announced that its board has approved a stock repurchase program on Wednesday, February 13th that authorizes the company to repurchase $15.00 billion in shares. This repurchase authorization authorizes the network equipment provider to repurchase up to 6.5% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.

In other news, CFO Kelly A. Kramer sold 70,000 shares of the company’s stock in a transaction on Thursday, February 28th. The stock was sold at an average price of $51.70, for a total value of $3,619,000.00. Following the completion of the sale, the chief financial officer now directly owns 420,696 shares in the company, valued at approximately $21,749,983.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Roderick C. Mcgeary sold 15,000 shares of the company’s stock in a transaction on Tuesday, February 19th. The stock was sold at an average price of $49.66, for a total value of $744,900.00. Following the completion of the sale, the director now owns 102,898 shares of the company’s stock, valued at $5,109,914.68. The disclosure for this sale can be found here. Insiders sold a total of 115,000 shares of company stock valued at $5,926,000 over the last 90 days. 0.03% of the stock is currently owned by company insiders.

A number of institutional investors have recently modified their holdings of the stock. M Holdings Securities Inc. boosted its holdings in Cisco Systems by 9.1% in the 1st quarter. M Holdings Securities Inc. now owns 67,044 shares of the network equipment provider’s stock worth $3,620,000 after buying an additional 5,595 shares during the period. Weiss Asset Management LP bought a new position in Cisco Systems in the 1st quarter worth $213,000. Dixon Hubard Feinour & Brown Inc. VA boosted its holdings in Cisco Systems by 3.6% in the 1st quarter. Dixon Hubard Feinour & Brown Inc. VA now owns 84,758 shares of the network equipment provider’s stock worth $4,576,000 after buying an additional 2,907 shares during the period. Horizon Investments LLC boosted its holdings in Cisco Systems by 34.4% in the 1st quarter. Horizon Investments LLC now owns 36,702 shares of the network equipment provider’s stock worth $1,969,000 after buying an additional 9,389 shares during the period. Finally, Laurel Wealth Advisors Inc. boosted its holdings in Cisco Systems by 3.0% in the 1st quarter. Laurel Wealth Advisors Inc. now owns 96,739 shares of the network equipment provider’s stock worth $5,223,000 after buying an additional 2,781 shares during the period. 69.04% of the stock is owned by 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 worldwide. The company offers switching products; routing products that interconnect public and private wireline and mobile networks; data center products; and wireless access points for use in voice, video, and data applications.

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