With the current price of $42.29, the stock of Cisco Systems, Inc. (NASDAQ:CSCO) concluded the trading session seeing its price rise by 0.04 points or at a gain of 0.09% compared to its previous day’s closing price of $42.25. The trading volume of CSCO’s shares has a float of 4220 million shares and a weekly performance of -0.05% make the stock worth to keep an eye on. Analysts are in agreement on an annual target price of $49.35 for CSCO’s share which suggests that the stock, price of which is currently buoying between $42.02 and $42.47, has a potential to gain 16.69%. But still, there are some analysts recommending a price below the agreed average price and one of them has given a target price of $44 to the stock.
The latest data released on August 14, 2020 shows that the short float in the Cisco Systems, Inc.’s stock is trending downward as short interest in CSCO shares turned down leaving more number of shares available to public for trading. Number of shares shorted in the CSCO is currently comprised of 0.9% of the float as the volume of shorted shares declined by -7961384 shares. Over the past two weeks, stock’s short interests improved as number of shorted shares reduced to 29.816 million shares from the previous figure of 37.778 million shares. Stock’s average intraday volume is now standing at 22.376 million shares which indicate that the days to cover the shorts are nearly 1.33248.
After concluding the day’s trading, price of Cisco Systems, Inc. (NASDAQ:CSCO) is down -$0.02 over the week and it is -$4.15 below20-day average price. The highest price touched by the stock on the day was lower than 52-week high price of $50.3 that was attained on 09/12/19.
The stock has traded as low as $32.4 in past 52-week, and its current price is 30.52% above from that 52-week low price mark recorded on 03/16/20, which is an indicator that could increase the investors’ motivation level in taking advantage of price surge the stock has currently been going through. Stock currently has its beta at 0.88. A beta value of more than 1 represents higher volatility of a stock than that of the market and for the reason investors closely watch the behavior of such stock.
Current indicators are pointing at 34.06 as 14-days RSI of Cisco Systems, Inc. This means that the CSCO is currently in a neutral territory and its share’s price movement is likely to be steady for a while. Similarly, the stochastic oscillator is indicating a momentum of 8.95%, implying stock’s share price is buoying in an overbought state.
Technical chart is showing 1st resistance point of $42.5 for the CSCO’s share while placing it at a 2nd resistance point of $42.71 to be settled at. But if the stock takes a plunge lower than the 1st support price of $42.05 then its market would become weakened. And that would likely sliding the stock price down to 2nd support price level of $41.81.
MACD oscillator is showing a reading of 0.04 for the stock which means that it is currently in the green zone. Any movement above or below the zero level of the indicator has always being noticed by the investors as it makes them compare the stock’s average measure in short-term with that in the long-term. An MACD evaluation of more than zero means that stock has a stronger short-term average than long-term average, which implies that stock’s price is likely to climb up. But an MACD below zero indicates weaker short-term average compare to the long-term average.
Wolfe Research started covering the CSCO stock on July 24, recommending Outperform rating for it. The stock gets its recommendation downgraded from Overweight to Neutral from the analysts at JP Morgan who assigned a target price of $50 in their July 16 note to investors.Morgan Stanleyanalysts upgraded their recommendation from Equal-Weight to Overweight on July 09, while assigning a price target of $54.
The average rating of 2.3 for CSCO is placing the stock in bullish category at the moment. In a poll by Reuters including 28 analysts in it who kept tracking the Cisco Systems, Inc., 14 rated the stock as hold. Others were in different opinions for the CSCO. Out of remaining 14 analysts, 14 rated the stock as a buy or strong buy. 0 were in favor of a sell rating for the stock while advising investors to shun the stock if they already have any or otherwise not to buy it.
A quick look at other side of the picture shows that CSCO stock is ahead of earnings per share estimates with a forward price-to-earnings ratio of 12.7. Stock’s current price-to-sales (P/S) ratio of 16 is in front of industry’s average P/S ratio of 31.9. A comparison of Cisco Systems, Inc.’s trailing 12-months P/E ratio of 4.7 implies that it is trading above the industry’s average P/E ratio, which currently is 3.6.