"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