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Cisco Systems’ stock is currently trading at 44.19- higher by 5.34% as compared to its previous close. In the pre-market trading session, the stock was trading higher by 1.31%. The stock has continued gaining after the opening bell.
The networking equipment maker reported its third-quarter revenue and earnings after the market close on Wednesday. Cisco Systems generated an adjusted EPS of $0.79 for the third quarter. The EPS was above the consensus estimates of $0.69. The networking equipment maker brought in $11.98 billion in revenue for the quarter ended on 25th April. The revenue was also above the market expectation of $11.70 billion.
Cisco Systems also gave an upbeat fourth-quarter forecast, as it benefits from a rise in remote work. The networking equipment maker expects an adjusted EPS of $0.72 to $0.74, above the consensus estimates of $0.69 for the current quarter. Cisco Systems sees an 8.5% to 11.5% drop in revenue for the current quarter, while the markets had expected a decline of 12%. Stocks of Cisco Systems have fallen about 8% Year-to-date.
On the technical front, the current price is above the MA5. The current price is above the upper band of the Bollinger Bands and is heading upwards. The RSI is currently at 60.30% and suggests that the market can move in the upward direction.
Overall Bias is Positive and short-term trades can be initiated with tight Stop Loss and Profit target.
TRADE SUGGESTION- LIMIT BUY AT 44.10 TAKE PROFIT AT 45.20 STOP LOSS AT 43.55