Dow Stock Scores 16-Month High After Earnings

Raymond James hiked CSCO's price target to $65 after earnings today

Digital Content Manager
Aug 17, 2023 at 10:27 AM
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Cisco Systems Inc (NASDAQ:CSCO) reported better-than-expected results for its fiscal fourth quarter after yesterday's close. The software staple noted solid customer demand, as well as innovation in the areas of artificial intelligence (AI), security, and cloud computing. Despite issuing a downbeat annual revenue forecast, the stock still drew eight price-target hikes, including one from Raymond James to $65.

CSCO was last seen up 4.6% at $55.39, and earlier notched a one-year high of $55.83. The shares have relied on support from their 40-day moving average since May, and are today pacing for their highest close since April 2022. Year-to-date, CSCO is up 16%.

Overall options volume is today running at 10 times the intraday average, with 50,000 calls and 30,000 puts exchanged so far. The most active is the August 55 call, which expires at the close tomorrow.

Short-term options traders lean bullish. This is per the security's Schaeffer's put/call open interest ratio (SOIR) that sits in the 18th percentile of readings from the past 12 months.


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