Jim Cramer Discussed These 29 Stocks Ahead Of Major AI Event

16. Cisco Systems, Inc. (NASDAQ:CSCO)

Number of Hedge Fund Holders In Q3 2024: 60

Cisco Systems, Inc. (NASDAQ:CSCO) is an IT hardware company that sells products such as networking switches and hardware. Over the past year, its shares have gained a modest 18.6% due to the firm’s exposure to broader non-AI IT spending which has struggled in today’s high interest rate era. However, Cisco Systems, Inc. (NASDAQ:CSCO)’s fourth quarter marked the beginning of a turnaround of sorts after it guided Q1 revenue at $13.75 billion which was above analyst estimates of $13.71 billion. Cisco Systems, Inc. (NASDAQ:CSCO)’s stock has accelerated recently as it is up 29% over the past six months. Here’s what Cramer said about an upgrade from Melius Research:

“Going back and forth with Ben today, Ben Reitzes, and I’m [inaudible] friends with his dad. I am friends with his dad, he was a great chemical analyst at one time. And I think that Melius has got a beat on this. And I think there are a lot of people that realize that Ben is not a cynic. That Ben is looking for [an] opportunity. I think Chuck Robbins has so many things going in Cisco, in part because they’re kind of reformulating their whole business. But the Splunk acquisition is proving to be good!”