Cisco Systems (NASDAQ:CSCO) Updates Q2 2024 Earnings Guidance

Cisco Systems (NASDAQ:CSCO) issued an update on its second quarter 2024 earnings guidance on Wednesday morning. The company provided earnings per share guidance of $0.82-$0.84 for the period, compared to the consensus earnings per share estimate of $0.99. The company issued revenue guidance of $12.60 billion-$12.80 billion, compared to the consensus revenue estimate of $14.19 billion. Cisco Systems also updated its FY 2024 guidance to $3.87-$3.93 EPS.

Cisco Systems Trading Up 0.2 %

Shares of NASDAQ CSCO opened at $53.28 on Thursday. The firm has a market capitalization of $216.04 billion, a PE ratio of 17.36, a PEG ratio of 2.32 and a beta of 0.98. Cisco Systems has a one year low of $44.30 and a one year high of $58.19. The company has a current ratio of 1.38, a quick ratio of 1.27 and a debt-to-equity ratio of 0.15. The business has a 50-day moving average price of $53.74 and a two-hundred day moving average price of $52.26.

Cisco Systems (NASDAQ:CSCO) last announced its quarterly earnings data on Wednesday, November 15th. The network equipment provider reported $1.11 EPS for the quarter, beating analysts’ consensus estimates of $0.91 by $0.20. Cisco Systems had a net margin of 22.13% and a return on equity of 33.42%. The firm had revenue of $14.67 billion for the quarter, compared to the consensus estimate of $14.63 billion. During the same period in the previous year, the firm posted $0.77 earnings per share. The firm’s revenue was up 7.6% on a year-over-year basis. As a group, analysts predict that Cisco Systems will post 3.57 earnings per share for the current fiscal year.

Cisco Systems Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 24th. Investors of record on Thursday, January 4th will be given a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 2.93%. Cisco Systems’s payout ratio is 50.81%.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. Tigress Financial raised their price target on Cisco Systems from $73.00 to $76.00 and gave the stock a buy rating in a research note on Friday, September 22nd. UBS Group boosted their target price on shares of Cisco Systems from $51.00 to $55.00 and gave the stock a neutral rating in a research report on Thursday, August 17th. BNP Paribas assumed coverage on shares of Cisco Systems in a report on Thursday, July 20th. They set an underperform rating and a $45.00 price target on the stock. Raymond James downgraded shares of Cisco Systems from a market perform rating to an underperform rating in a research report on Monday, October 30th. Finally, Morgan Stanley boosted their price target on Cisco Systems from $55.00 to $56.00 and gave the stock an equal weight rating in a research report on Thursday, August 17th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of Hold and an average target price of $59.18.

Insider Activity at Cisco Systems

In other Cisco Systems news, SVP Maria Victoria Wong sold 6,186 shares of the business’s stock in a transaction on Friday, August 18th. The shares were sold at an average price of $54.65, for a total value of $338,064.90. Following the sale, the senior vice president now owns 64,493 shares of the company’s stock, valued at approximately $3,524,542.45. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Cisco Systems news, SVP Maria Victoria Wong sold 6,186 shares of the stock in a transaction on Friday, August 18th. The stock was sold at an average price of $54.65, for a total transaction of $338,064.90. Following the completion of the transaction, the senior vice president now directly owns 64,493 shares in the company, valued at $3,524,542.45. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Deborah L. Stahlkopf sold 3,022 shares of the business’s stock in a transaction on Wednesday, September 13th. The shares were sold at an average price of $56.22, for a total transaction of $169,896.84. Following the completion of the sale, the executive vice president now owns 169,396 shares in the company, valued at approximately $9,523,443.12. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 41,859 shares of company stock worth $2,309,352. 0.02% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Cisco Systems

A number of large investors have recently bought and sold shares of the business. Wealth Dimensions Group Ltd. boosted its stake in Cisco Systems by 1.4% in the second quarter. Wealth Dimensions Group Ltd. now owns 13,401 shares of the network equipment provider’s stock worth $693,000 after purchasing an additional 188 shares in the last quarter. Crawford Investment Counsel Inc. raised its holdings in shares of Cisco Systems by 0.7% in the first quarter. Crawford Investment Counsel Inc. now owns 34,804 shares of the network equipment provider’s stock valued at $1,819,000 after buying an additional 225 shares during the last quarter. Waverly Advisors LLC lifted its position in Cisco Systems by 3.3% during the 1st quarter. Waverly Advisors LLC now owns 7,342 shares of the network equipment provider’s stock worth $384,000 after buying an additional 234 shares in the last quarter. Arkos Global Advisors increased its position in Cisco Systems by 4.2% in the 2nd quarter. Arkos Global Advisors now owns 5,924 shares of the network equipment provider’s stock valued at $307,000 after acquiring an additional 238 shares in the last quarter. Finally, Plancorp LLC raised its stake in shares of Cisco Systems by 1.8% in the first quarter. Plancorp LLC now owns 14,526 shares of the network equipment provider’s stock worth $810,000 after acquiring an additional 256 shares during the last quarter. 72.21% of the stock is currently 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 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 and controllers; and compute portfolio including the cisco unified computing system, hyperflex, and software management capabilities, which combine computing, networking, and storage infrastructure management and virtualization.