Cisco Systems (CSCO) reported quarterly earnings results on Wednesday, Aug-17-2016. The company said it had a profit of $0.63 Earnings per Share for the quarter. The results exceeded Wall Street expectations beating the analyst consensus estimate by $0.03. Analysts had a consensus of $0.60. The company posted revenue of $12638.00 million in the period, compared to analysts expectations of $12571.21 million. The company’s revenue was down -1.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.59 EPS.
Many Wall Street Analysts have commented on Cisco Systems. Company shares were Reiterated by Jefferies on Aug 17, 2016 to “Buy”, Firm has raised the Price Target to $ 35 from a previous price target of $30.75 .Company shares were Reiterated by RBC Capital Mkts on Jul 28, 2016 to “Outperform”, Firm has raised the Price Target to $ 35 from a previous price target of $33 .Cisco Systems was Downgraded by Goldman to ” Neutral” on Jun 15, 2016.
Cisco Systems opened for trading at $30.98 and hit $31.24 on the upside on Monday, eventually ending the session at $31.19, with a gain of 1.04% or 0.32 points. The heightened volatility saw the trading volume jump to 2,19,44,655 shares. Company has a market cap of $156,877 M.
In a different news, on Jun 24, 2016, Pankaj Patel (EVP, Chief Development Officer) sold 9,891 shares at $29.03 per share price. According to the SEC, on Jun 16, 2016, Karen Walker (SVP & Chief Marketing Officer) sold 7,802 shares at $28.50 per share price. On Jun 3, 2016, Rebecca Jacoby (SVP & Chief of Operations) sold 90,000 shares at $28.97 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.