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Look for opportunity in Cisco earnings: Pros

Cisco's quarterly earnings, which topped Wall Street expectations, provide a clue to the tech sector's health and might offer an opportunity for investors, the CNBC "Fast Money" traders said Wednesday.

The technology company posted fiscal fourth-quarter earnings of 55 cents per share, up from 52 cents a share in the year-earlier period. Meanwhile, revenue decreased to $12.36 billion from $12.42 billion a year ago.

Read MoreCisco cutting 8% of workforce, or 6,000 jobs, in restructuring plan

Brian Kelly of Brian Kelly Capital said that the earnings beat was a lukewarm signal for the sector.

"In terms of a read-across to the rest of the market and the rest of the economy, I think it probably just says, 'Eh, we're OK,'" he said. "It's a little concerning, though, because everybody has been talking about this capex expenditure, this big wave of capex. Everybody's got to upgrade their computer systems and their networking systems. It doesn't seem to be happening yet."

OptionMonster's Jon Najarian said he liked what he saw on the company's top and bottom lines.

Cisco reported revenue at $9.53 billion, beating expectations of $9.34 billion.

"That's a pretty big beat in the tech space these days," he said. "And that's with the emerging markets basically just decimated as they have been."

Pete Najarian noted that the company repurchased 61 million shares of outstanding stock in the past quarter.

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"The company seems to be executing," he said. "This is another one of these giant tech names that continues to produce. You look at the XLK. You look at names like Hewlett-Packard, Microsoft, the leadership there. The one difference now between Cisco and those names is: They don't have the same type of growth structure that you're seeing right now, out of Hewlett-Packard under Meg Whitman, what you're seeing out of Microsoft, obviously, Satya Nadella and the way he's now focused that company like a laser right on the cloud into services."

Najarian said that Cisco was a "buy" if it opened down on Thursday, despite its 10 percent run year to date.

Guy Adami, chief market strategist and director of advisor advocacy for Private Advisor Group, said that Cisco stock could offer an opportunity.

"Although I think the quarter's fine, at 12 times forward earnings it's not expensive," he said. "But the price action suggests that potentially for the short term we've put in a bit of a double-top here. So, can it trade lower than everybody thinks? Possibly, because things do overshoot to the downside. But if this gets down to that 22½ level that it's held a number of times, I think then that's your opportunity to get in."

By CNBC's Bruno J. Navarro. Follow him on Twitter @Bruno_J_Navarro.

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