Cisco Stock Plummets on Piper Sandler Target Cut

Cisco Systems stock fell by 4.5 percent on September 22, closing at $106.44 after Piper Sandler reduced its price target to $125 from $132.

The decline in Cisco's stock value comes despite the company reporting strong quarterly results, including a 17.6 percent year-over-year increase in revenue to $17.25 billion and adjusted earnings per share of $1.22, which beat the consensus estimate by $0.05.

Piper Sandler's revised target is still $18.56 above the closing price, but its neutral rating reflects concerns that traditional networking growth may slow down in the future.