Cisco Systems (CSCO) was Downgraded by Goldman to ” Neutral”. Earlier the firm had a rating of “Buy ” on the company shares. Goldman advised their investors in a research report released on Jun 15, 2016.
Many Wall Street Analysts have commented on Cisco Systems. Company shares were Reiterated by RBC Capital Mkts on May 19, 2016 to “Outperform”, Firm has raised the Price Target to $ 33 from a previous price target of $31 .Company shares were Reiterated by Wunderlich on May 19, 2016 to “Hold”, Firm has raised the Price Target to $ 27 from a previous price target of $24 .Company shares were Reiterated by Barclays on May 19, 2016 to “Overweight”, Firm has raised the Price Target to $ 31 from a previous price target of $29 .
On the company’s financial health, Cisco Systems reported $0.57 EPS for the quarter, beating the analyst consensus estimate by $ 0.02 according to the earnings call on May 18, 2016. Analyst had a consensus of $0.55. The company had revenue of $12000.00 million for the quarter, compared to analysts expectations of $11951.58 million. The company’s revenue was down -1.1 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.54 EPS.
Cisco Systems opened for trading at $28.66 and hit $29 on the upside on Tuesday, eventually ending the session at $28.96, with a gain of 0.42% or 0.12 points. The heightened volatility saw the trading volume jump to 1,92,79,705 shares. Company has a market cap of $145,660 M.
Investors should note that on Jun 6, 2016, Cisco Systems announced a cash dividend of $0.2600. The company’s management has announced Jul 5, 2016 as the ex-dividend date and fixed the record date on Jul 7, 2016. The payable date has been fixed on Jul 27, 2016.
In a different news, on Jun 3, 2016, Rebecca Jacoby (SVP & Chief of Operations) sold 90,000 shares at $28.97 per share price. According to the SEC, on May 27, 2016, John T Chambers (Executive Chairman) sold 541,667 shares at $28.94 per share price. On May 26, 2016, Pankaj Patel (EVP, Chief Development Officer) sold 125,000 shares at $28.60 per share price, according to the Form-4 filing with the securities and exchange commission.
Cisco System Inc. (Cisco) designs and sells lines of products provides services and delivers integrated solutions to develop and connect networks around the world building the Internet. The Company is engaged in designing manufacturing and selling Internet Protocol (IP)-based networking and other products related to the communications and information technology (IT) industry and provides services associated with these products and their use. The Company operates its business through three segments: The Americas; Europe Middle East and Africa (EMEA) and Asia Pacific Japan and China (APJC). It groups its products and technologies into the various categories such as Switching Next-Generation Network (NGN) Routing Collaboration Service Provider Video Data Center Wireless Security and Other Products. In addition to its product offerings it provides a range of service offerings including technical support services and advanced services.