Network gear maker Cisco Systems Inc (CSCO.O) reported third-quarter profit and revenue that topped analysts' estimates on Wednesday, but shares fell 4 percent after dour current-quarter forecasts indicated that the transition to a software-focused business remained a work in progress. Beyond the revenue and earnings numbers, analysts will be looking for hints on how well the company's new products and business model are catching on. That indicates sales of $12.6 billion to $12.9 billion, compared with an average analyst prediction of $12.7 billion.
The company's net income rose to $2.69 billion, or 56 cents per share, in the third quarter ended April 28, from $2.52 billion, or 50 cents per share, a year earlier. (NASDAQ:CSCO) has 32 ratings reports on 16 May 2018 according to StockzIntelligence.
The results beat Wall Street expectations. The network equipment provider reported $0.63 EPS for the quarter, beating the consensus estimate of $0.59 by $0.04. 12,126 Cisco Systems, Inc. During the same quarter in the prior year, the business posted $0.57 EPS.
Several research analysts recently commented on the company. They set a "neutral" rating and a $41.00 price target for the company. On Thursday, March 22 the stock of Cisco Systems, Inc. Macquarie initiated coverage on Cisco Systems in a research report on Monday, April 30th. The company rating was maintained by Bernstein on Monday, November 27. Cisco repurchased roughly 140 million shares of common stock for an average price of $42.83 per share for an aggregate purchase price of $6.0 billion. Vetr cut Cisco Systems from a "buy" rating to a "hold" rating and set a $46.32 price target for the company.in a research note on Wednesday, April 18th. Ten equities research analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and two have given a strong buy rating to the company's stock. The company has an average rating of "Buy" and a consensus price target of $44.26. (NASDAQ:CSCO). Bluemountain Cap Mgmt Ltd Co holds 0.09% or 118,820 shs in its capital. (NASDAQ:CSCO). Bragg Fincl Advsr Inc has invested 1.35% in Cisco Systems, Inc. For the most recent quarter, quick ratio was 2.4, current ratio was 2.4, LT Debt/Equity ratio was 0.49 and Total Debt/Equity ratio stands at 0.76, while Payout ratio is 0. The stock has a market capitalization of $220.16 billion, a price-to-earnings ratio of 21.00, a PEG ratio of 3.26 and a beta of 1.14.
The company declared and paid a cash dividend of $0.33 per common share, or $1.6 billion. This repurchase authorization allows the network equipment provider to buy shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company's board believes its stock is undervalued.
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In other news, Director M Michele Burns sold 12,126 shares of the business's stock in a transaction dated Monday, February 26th. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP David Goeckeler sold 20,671 shares of the company's stock in a transaction that occurred on Thursday, March 15th. The disclosure for this sale can be found here.
The highest price CSCO stock touched in the last 12 month was $46.37 and the lowest price it hit in the same period was $30.36. The stock decreased 0.62% or $0.28 during the last trading session, reaching $45.2.
A number of other institutional investors and hedge funds also recently modified their holdings of CSCO. Stonehearth Capital Management LLC acquired a new stake in Cisco Systems in the 4th quarter worth about $102,000. Banque Pictet & Cie Sa sold 66,847 shares as Cisco Sys Inc (CSCO)'s stock rose 10.71%. Finally, Tarbox Family Office Inc. boosted its stake in Cisco Systems by 67.9% in the 4th quarter. Ameriprise Financial Inc. now owns 62,709,508 shares of the network equipment provider's stock worth $2,109,614,000 after purchasing an additional 11,972,070 shares during the last quarter. Finally, Syntal Capital Partners LLC purchased a new stake in Cisco Systems during the third quarter worth about $147,000.
Institutional ownership refers to the ownership stake in a company that is held by large financial organizations, pension funds or endowments. The Sc China Holding Ltd holds 4.50M shares with $208.26M value, down from 6.00 million last quarter. Mizuho Securities USA LLC now owns 18,506 shares of the network equipment provider's stock worth $709,000 after buying an additional 3,199 shares during the period.