Cisco Systems Inc is trading 5.6% down at $117.23 as investors lock in gains following an extended AI-fueled run that left shares in technically overbought territory.
- The pullback follows a period where the stock nearly doubled in value, reaching levels near record highs.
- Analysts attribute the decline to a broader weakness in the technology sector and a reassessment of rich valuations rather than negative company-specific news.
- The move aligns with recent market calls for investors to secure profits following the significant year-to-date rally.