Cisco stock enjoys longest winning streak in more than three years
Cisco Systems Inc. shares closed higher for the seventh consecutive trading session on Monday, their longest winning streak in more than three years.
Shares of the networking-technology company have gained 10.9% during the streak, and hit a 52-week intraday high of $49.44 Monday before closing at $49.41, a daily increase of 1.2%. It is their longest winning streak since they rose for nine consecutive trading days in July of 2017.
The streak began on March 5, which was when JPMorgan Chase analyst Samik Chatterjee upgraded Cisco CSCO,
Chatterjee also singled out Cisco’s on-track transformation to subscriptions, as well as what he called the San Jose, Calif.-based company’s “still inexpensive valuation following underperformance to peers.” The competition he mentioned: F5 Networks Inc. FFIV,
Cisco stock has increased 31.3% in the past 12 months, as the S&P 500 index SPX,