Why Cisco's Stock Is Trading Lower Today

Cisco Systems Inc (NASDAQ: CSCO) is trading lower Thursday morning after the company issued weak earnings guidance. 

What Happened: On Wednesday, Cisco reported quarterly earnings of 83 cents per share, which beat the estimate of 82 cents per share. The company reported quarterly revenue of $12.8 billion which beat the estimate of $12.56 billion. Cisco issued earnings guidance of 81 to 83 cents per share, which was lower than the estimate of 85 cents per share.

"We are confident in our strategy and our ability to lead the next phase of the recovery as our customers accelerate their adoption of hybrid work, digital transformation, cloud, and continued strong uptake of our subscription-based offerings," said Chuck Robbins, chairman and CEO of Cisco.

Related Link: Recap: Cisco Systems Q3 Earnings

Analyst Assessment: Jefferies raised the price target from $52 to $56.

JPMorgan raised the price target from $55 to $57.

Piper Sandler raised the price target from $48 to $49.

Price Action: Cisco traded as high as $54.14 and as low as $35.28 over a 52-week period.

At last check Thursday, the stock was down 5.66% at $49.50.

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