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Cisco Systems Inc. Market Update

11/21/2022 3:18 PM

The stocks of the largest manufacturer and supplier of network equipment for large holdings and telecommunications companies Cisco Systems Inc. continue to correct and are now trading at 48.00.

At the end of last week, the financial report for Q1 2023 was published, which, according to CEO Chuck Robbins, recorded strong results: revenue amounted to 13.6B dollars, which became a new record in the entire history of the company and exceeded analysts' estimates of 13.29B dollars, and earnings per share reached 0.86 dollars, exceeding expected 0.84 dollars.

Against the background of positive statistics, Cisco Systems Inc. published a forecast for the year with earnings per share in the range of 3.51–3.58 dollars, which is higher than the previous estimate of 3.49–3.56 dollars. Earnings per share of 0.84–0.86 dollars are expected for Q2, and revenue growth is expected at the level of 4.5–6.5%. 

As for the dividends, the last payment took place on October 26, and investors were sent 0.38 dollars per share, which amounted to 3.68% per annum. This is a pretty high result for companies that are in the top of the American market. New dividends have not yet been appointed, but, according to the forecast, they may amount to the same 0.38 dollars, after which an annual increase in the range of 0.39–0.40 dollars per share is possible.  

On the daily chart, the price continues to trade in a corrective trend, rising in the direction of the 38.2% Fibonacci basic retracement level at 48.70.

Technical indicators have been holding a stable buy signal for a long time: the range of EMA fluctuations of the alligator indicator is actively expanding, and the histogram of the AO oscillator forms ascending bars.

Support levels: 47.20, 45.20 | Resistance levels: 48.70, 51.70.

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