Cisco Systems (NASDAQ:CSCO – Get Rating) updated its second quarter 2023 earnings guidance on Thursday. The company provided earnings per share guidance of $0.84-$0.86 for the period, compared to the consensus earnings per share estimate of $0.85. The company issued revenue guidance of $13.29 billion-$13.55 billion, compared to the consensus revenue estimate of $13.24 billion. Cisco Systems also updated its FY 2023 guidance to $3.51-$3.58 EPS.
Wall Street Analysts Forecast Growth
Several research firms have recently issued reports on CSCO. Rosenblatt Securities reduced their target price on Cisco Systems from $53.00 to $51.00 and set a neutral rating for the company in a report on Thursday. Deutsche Bank Aktiengesellschaft increased their price objective on Cisco Systems from $51.00 to $54.00 in a report on Friday, August 19th. UBS Group increased their price objective on Cisco Systems from $46.00 to $48.00 and gave the company a neutral rating in a report on Thursday, August 18th. Citigroup increased their price objective on Cisco Systems from $40.00 to $44.00 and gave the company a sell rating in a report on Thursday, August 18th. Finally, Raymond James reduced their price objective on Cisco Systems from $63.00 to $59.00 and set an outperform rating for the company in a report on Thursday, August 18th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of Moderate Buy and an average price target of $53.74.
Cisco Systems Trading Up 5.0 %
Shares of NASDAQ:CSCO traded up $2.20 on Thursday, reaching $46.59. 38,796,889 shares of the company traded hands, compared to its average volume of 21,725,170. The business’s 50-day simple moving average is $42.91 and its 200 day simple moving average is $44.45. Cisco Systems has a 52 week low of $38.60 and a 52 week high of $64.29. The stock has a market capitalization of $191.43 billion, a P/E ratio of 16.52, a price-to-earnings-growth ratio of 2.23 and a beta of 1.00. The company has a current ratio of 1.43, a quick ratio of 1.33 and a debt-to-equity ratio of 0.21.
Cisco Systems (NASDAQ:CSCO – Get Rating) last announced its quarterly earnings data on Wednesday, November 16th. The network equipment provider reported $0.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.84 by $0.02. The firm had revenue of $13.63 billion for the quarter, compared to analysts’ expectations of $13.29 billion. Cisco Systems had a return on equity of 31.12% and a net margin of 22.91%. The company’s revenue for the quarter was up 5.7% compared to the same quarter last year. During the same period last year, the firm earned $0.73 earnings per share. As a group, equities analysts anticipate that Cisco Systems will post 3.1 EPS for the current fiscal year.
Cisco Systems Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, October 26th. Investors 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 dividend on an annualized basis and a yield of 3.26%. Cisco Systems’s payout ratio is currently 53.90%.
Insiders Place Their Bets
In related news, SVP Prat Bhatt sold 19,168 shares of the company’s stock in a transaction on Tuesday, September 13th. The shares were sold at an average price of $44.28, for a total value of $848,759.04. Following the completion of the transaction, the senior vice president now owns 38,158 shares of the company’s stock, valued at approximately $1,689,636.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, SVP Prat Bhatt sold 19,168 shares of the stock in a transaction dated Tuesday, September 13th. The shares were sold at an average price of $44.28, for a total value of $848,759.04. Following the sale, the senior vice president now directly owns 38,158 shares of the company’s stock, valued at approximately $1,689,636.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Maria Martinez sold 2,831 shares of the company’s stock in a transaction dated Monday, August 22nd. The stock was sold at an average price of $48.39, for a total transaction of $136,992.09. Following the completion of the transaction, the chief operating officer now owns 278,012 shares in the company, valued at $13,453,000.68. The disclosure for this sale can be found here. In the last quarter, insiders sold 56,317 shares of company stock valued at $2,612,042. Company insiders own 0.02% of the company’s stock.
Hedge Funds Weigh In On Cisco Systems
A number of hedge funds and other institutional investors have recently modified their holdings of CSCO. KC Investment Advisors LLC raised its holdings in shares of 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 purchased a new position in shares of Cisco Systems during the first quarter worth $667,000. Merit Financial Group LLC raised its holdings in shares of Cisco Systems by 21.5% during the first quarter. Merit Financial Group LLC now owns 11,763 shares of the network equipment provider’s stock worth $656,000 after purchasing an additional 2,079 shares during the last quarter. United Bank purchased a new position in shares of Cisco Systems during the first quarter worth $645,000. Finally, KB Financial Partners LLC raised its holdings in shares of Cisco Systems by 4.0% during the first quarter. KB Financial Partners LLC now owns 11,269 shares of the network equipment provider’s stock worth $628,000 after purchasing an additional 436 shares during the last quarter. 71.71% of the stock is currently owned by institutional investors.
Cisco Systems Company Profile
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.
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Read More: Cisco Systems (NASDAQ:CSCO) Updates Q2 2023 Earnings Guidance