New Buy Rating for Cisco Systems (CSCO), the Technology Giant

In a report released today, Samik Chatterjee from J.P. Morgan reiterated a Buy rating on Cisco Systems (CSCO – Research Report), with a price target of $73.00. The company’s shares closed yesterday at $64.62.

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According to TipRanks, Chatterjee is a 5-star analyst with an average return of 11.2% and a 59.51% success rate. Chatterjee covers the Technology sector, focusing on stocks such as Apple, Coherent Corp, and Cisco Systems.

Cisco Systems has an analyst consensus of Moderate Buy, with a price target consensus of $70.77, a 9.52% upside from current levels. In a report released on June 2, Morgan Stanley also reiterated a Buy rating on the stock with a $67.00 price target.

Based on Cisco Systems’ latest earnings release for the quarter ending April 26, the company reported a quarterly revenue of $14.15 billion and a net profit of $2.49 billion. In comparison, last year the company earned a revenue of $12.7 billion and had a net profit of $1.89 billion

Based on the recent corporate insider activity of 93 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of CSCO in relation to earlier this year.