Cisco Systems, Inc. (NASDAQ: CSCO) enters the final stretch of 2025 with a rare combination investors don’t often associate with the mature networking giant: momentum and a fresh narrative. After finally surpassing its dot-com era peak earlier this month, Cisco stock is trading like a company that has found a new catalyst—one tied directly to the infrastructure buildout powering artificial intelligence. [1]
But today’s story isn’t just about an AI-driven rerating. As of Friday, Dec. 19, 2025, traders are also digesting a serious cybersecurity headline involving Cisco email security products, plus a cluster of routine-but-newsworthy insider and institutional filings that often surface after a stock hits multi-decade highs. [2]
Below is a complete, publication-ready roundup of the most current Cisco stock news, forecasts, and analysis as of 19.12.2025.
Cisco stock price today: Where CSCO is trading on Dec. 19, 2025
Cisco shares were trading around $78.43 on Friday, Dec. 19 (as of 17:36 UTC), up about 1.9% from the prior close, after opening near $76.97 and touching an intraday high around $78.49.
The broader tape matters today: U.S. equities were rising as a tech rebound gained momentum, with AI-linked sentiment improving after strong forecasts from major chip names—helping keep the market’s “AI infrastructure” theme front and center. [3]
The big milestone still driving the narrative: Cisco tops its dot-com peak after 25+ years
Cisco’s breakout headline in December was simple—and psychologically powerful: CSCO finally eclipsed its March 2000 dot-com-era high, closing at $80.25 earlier this month and clearing the long-standing record around $80.06. [4]
That milestone matters not because it changes Cisco’s fundamentals overnight, but because it’s reshaping how the market talks about the company:
- In 2000, Cisco was the emblem of internet infrastructure hype.
- In late 2025, it’s being reframed as a more reasonably valued “picks-and-shovels” provider to AI data centers—networking silicon, optics, switching, routing, and observability tooling that large-scale AI clusters require. [5]
Commentary in major financial outlets has also emphasized how different today’s valuation backdrop looks compared with the dot-com era—one reason the move is being treated as more than a nostalgia headline. [6]
What’s powering the rally: AI infrastructure orders, optics, and a campus refresh cycle
Cisco’s own messaging over the last quarter has been consistent: AI is no longer just a “future opportunity”—it’s hitting current orders, guidance, and deal flow.
1) Q1 FY2026 results and raised outlook
Cisco reported fiscal Q1 2026 results in November and raised full-year guidance, citing AI-driven demand for networking gear. The company guided FY2026 revenue to $60.2B–$61.0B and adjusted EPS to $4.08–$4.14. [7]
On the quarter itself, Cisco posted revenue of about $14.88B–$14.9B and non-GAAP EPS of $1.00, beating expectations cited in multiple reports. [8]
2) “AI orders” are becoming a recurring metric investors watch
Cisco has highlighted $1.3B of AI infrastructure orders from hyperscalers in Q1, and expectations of roughly $3B in AI-related infrastructure revenue in FY2026 in its investor materials. [9]
It has also flagged $200M+ of AI orders from neocloud, sovereign, and enterprise customers in Q1—important because it suggests AI networking demand is broadening beyond the biggest cloud players. [10]
3) The “campus refresh” angle is back
Alongside data center and AI, Cisco has leaned into a second tailwind: a multi-year campus networking refresh cycle (switching, routing, wireless, IoT) that management says is accelerating. [11]
For Cisco investors, that matters because campus refresh tends to be higher-volume and can stabilize growth if cloud capex cycles turn choppy.
Analyst forecasts on Dec. 19, 2025: Price targets rise, but selectivity is the new theme
After the record-high headlines, Wall Street has been actively adjusting its stance on Cisco—often framing CSCO as an AI infrastructure beneficiary outside the “usual suspects.”
Morgan Stanley raises Cisco price target to $91
One of the most-circulated updates this week: Morgan Stanley raised its Cisco price target to $91 (from $82) and maintained an Overweight rating, in a note that described the AI trade broadening beyond semiconductors into infrastructure names. [12]
Where the consensus sits
Analyst aggregation pages vary by methodology and coverage set, but a consistent picture emerges: mid-to-high $80s is a common “average” target region.
- MarketWatch’s analyst snapshot lists an average target price around $86.78 with an “Overweight” average recommendation. [13]
- Nasdaq coverage has referenced an average one-year price target around $86.20 in recent reporting on the Morgan Stanley reiteration. [14]
The bull case targets: $100 isn’t off the table
Some research shops have been more aggressive. For example, Melius Research raised its Cisco price target to $100 in the wake of Cisco’s Q1 report, pointing to networking execution. [15]
How to read this dispersion: after a multi-decade high is broken, targets tend to fan out quickly—especially when the market is trying to decide whether a mature mega-cap has entered a new growth regime or is simply enjoying a late-cycle multiple expansion.
The new risk headline: Cisco’s AsyncOS zero-day (CVE-2025-20393) is being exploited
While the AI narrative is supporting the stock, Cisco is also in the news for a very different reason: a maximum-severity security vulnerability impacting certain Cisco Secure Email products.
What Cisco disclosed
Cisco published an advisory describing a cyberattack campaign it became aware of on Dec. 10 targeting a limited subset of appliances running Cisco AsyncOS for Cisco Secure Email Gateway and Cisco Secure Email and Web Manager—particularly where Spam Quarantine is enabled and exposed to the internet. [16]
Why the market pays attention
- The vulnerability is tracked as CVE-2025-20393 and has a CVSS vector indicating maximum severity characteristics. [17]
- Cisco Talos reported activity tied to a threat actor it tracks as UAT-9686, including tooling it calls “AquaShell” used for persistence. [18]
- Multiple cybersecurity outlets report there was no patch immediately available at the time of initial disclosures, with mitigations and rebuild guidance emphasized. [19]
What it could mean for Cisco stock (near-term vs. long-term)
In the near term, security incidents can create headline risk—especially if customers face downtime or costly remediation.
In the medium term, however, Cisco’s broader strategic bet is that security becomes more embedded in networking and observability (particularly after the Splunk deal). Security crises can sometimes accelerate product upgrades and spending—though that’s not guaranteed and depends heavily on incident scope and customer trust.
Insider and institutional updates hitting the tape this week
After a stock tags record highs, routine filings often get amplified. Cisco is no exception this week.
Director filings: Form 144 and Form 4 activity
- A filing dated Dec. 18 shows director Michael D. Capellas filed a Form 144 notice indicating a proposed sale of 27,000 shares. [20]
- A separate SEC Form 4 shows director Kristina M. Johnson reported sales of 13,481 shares at a weighted average price in the $77.13–$77.15 range (with standard footnote language about multiple transactions within that price band). [21]
It’s important context that insider selling—especially after vesting events—can be routine. Markets typically react more to patterns of selling across executives and timeframes than to any single transaction.
Institutional ownership headlines
A MarketBeat report dated Dec. 19 noted an institutional buyer adding Cisco shares (one of many such periodic filings). [22]
Cisco + Splunk: the integration story and the shift toward recurring revenue
Cisco’s AI thesis is not just “sell more boxes.” It’s increasingly positioned as a platform play across networking, security, and observability—where software and subscriptions lift margins and smooth revenue.
Cisco’s 2025 annual report materials underscore that recurring revenue streams now make up more than half of total revenue, and the company emphasizes Splunk as part of that mix. [23]
Cisco also highlighted large capital returns to shareholders (dividends and repurchases) in FY2025, returning $12.4B—a figure presented as 94% of free cash flow in its report materials. [24]
For investors, the strategic question is whether Splunk becomes:
- a durable growth lever in security/observability, and
- a “data gravity” asset that ties Cisco’s networking footprint more tightly to operations workflows.
Cisco has also publicly discussed integrations between Splunk and ThousandEyes for end-to-end assurance and resilience, reinforcing this “network + observability” positioning. [25]
Valuation and expectations: Why the “dot-com comparison” is resurfacing
As Cisco revisits historic highs, the dot-com comparison naturally returns—but today’s debate is more nuanced.
A Barron’s analysis noted that Cisco’s valuation today is far below the extreme multiples seen around 1999–2000, even as the market wrestles with whether AI enthusiasm is creating pockets of froth. [26]
The Financial Times also framed Cisco’s milestone as a reminder that “great company” does not always equal “great investment at any price”—a caution that resonates in an AI-driven market where narratives can move faster than fundamentals. [27]
What to watch next for Cisco stock: The checklist going into early 2026
Here are the upcoming catalysts and risk markers investors are monitoring as of Dec. 19:
1) Next earnings date window
Yahoo Finance’s earnings calendar lists Cisco’s next report around Feb. 11, 2026 (after market close), though companies sometimes update schedules. [28]
2) AI infrastructure conversion: orders → revenue
Cisco is increasingly quoting AI order figures and FY2026 AI revenue expectations; investors will want to see:
- conversion timing,
- sustainability across hyperscalers,
- and expansion beyond hyperscalers (neocloud/enterprise). [29]
3) Campus refresh durability
If campus refresh is truly multi-year, it can reduce reliance on hyperscaler timing. Cisco’s commentary suggests momentum, but this will be watched closely through booking trends. [30]
4) Cybersecurity response and customer confidence
The AsyncOS zero-day will remain a story until patching and remediation stabilize and the scope is clearer. Cisco’s advisory and Talos reporting suggest the company is taking it seriously; the market will watch whether this stays contained or expands into a larger trust issue. [31]
Bottom line on Dec. 19, 2025: Cisco has momentum—but it’s being tested
Cisco stock’s late-2025 surge is being powered by something concrete—AI networking demand showing up in orders, guidance, and analyst models, not just investor imagination. [32]
At the same time, security risk is not theoretical for a company selling secure infrastructure. A high-profile zero-day being exploited in the wild is the kind of event that can inject volatility into a stock that has just revisited historic highs. [33]
References
1. www.bloomberg.com, 2. sec.cloudapps.cisco.com, 3. www.reuters.com, 4. www.bloomberg.com, 5. www.barrons.com, 6. www.barrons.com, 7. www.reuters.com, 8. www.wsj.com, 9. s2.q4cdn.com, 10. s2.q4cdn.com, 11. s2.q4cdn.com, 12. www.tipranks.com, 13. www.marketwatch.com, 14. www.nasdaq.com, 15. www.investing.com, 16. sec.cloudapps.cisco.com, 17. nvd.nist.gov, 18. blog.talosintelligence.com, 19. www.itpro.com, 20. www.sec.gov, 21. www.sec.gov, 22. www.marketbeat.com, 23. www.cisco.com, 24. www.cisco.com, 25. blogs.cisco.com, 26. www.barrons.com, 27. www.ft.com, 28. finance.yahoo.com, 29. s2.q4cdn.com, 30. s2.q4cdn.com, 31. sec.cloudapps.cisco.com, 32. www.reuters.com, 33. sec.cloudapps.cisco.com
