Maria Victoria Wong, Senior Vice President and Chief Accounting Officer at Cisco Systems, Inc. (NASDAQ:CSCO), recently executed a stock transaction involving the sale of 586 shares. The shares were sold at an average price of $58.69 each, totaling approximately $34,392. The transaction comes as Cisco, currently valued at $234.58 billion, trades near its 52-week high, having gained over 31% in the past six months. According to InvestingPro analysis, the stock currently shows signs of being slightly overvalued. This sale was conducted under a pre-existing Rule 10b5-1 trading plan, which was established earlier this year on February 22, 2024.
In addition to the sale, Wong also had 578 shares withheld at a price of $58.95 per share to cover tax liabilities related to the partial settlement of restricted stock units. Following these transactions, Wong now holds 50,767 shares of Cisco's common stock.
In other recent news, Cisco Systems, Inc. has been making significant strides in its operations. The company reported robust Q1 FY2025 performance, with revenues reaching $13.8 billion and non-GAAP earnings per share (EPS) of $0.91, exceeding expectations. Cisco's focus on artificial intelligence (AI) infrastructure and security has seen a significant demand surge, leading to more than a doubling of security orders and a 20% year-over-year increase in product orders.
However, it wasn't all smooth sailing as the company experienced a 23% decline in networking revenue and a 9% decline in product revenue. Despite these challenges, Cisco is projecting revenue between $55.3 billion and $56.3 billion for FY2025, with non-GAAP EPS expected between $3.60 and $3.66. The company's strategic investments in AI and networking, along with its integration of Splunk (NASDAQ:SPLK), are anticipated to bolster its market position.
In other developments, shareholders of Cisco Systems recently voted on several key proposals. They elected nine members to the board of directors and approved executive compensation on an advisory basis. Additionally, the appointment of PricewaterhouseCoopers LLP as Cisco’s independent registered public accounting firm for the fiscal year ending July 26, 2025, was ratified with an overwhelming majority. These are recent developments for Cisco, which continues to navigate through macroeconomic challenges while maintaining optimism about achieving mid-single-digit growth in the long term.
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