Trader Dan Nathan called the results "decent," noting that Cisco's outlook was in line with Wall Street's expectations. While he said the stock looks "cheap," he added that it may trade in a range below $30 per share.
While the company has shown improvement, the stock does not have many strong catalysts, yet, noted trader Tim Seymour.
"This is a story that's better, and there's no real surprise," he said.
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Trader Guy Adami showed more optimism for the stock, contending that it could climb through $30 per share.
Nathan also gave his outlook on Intel, another sluggish legacy technology company. Its shares have plunged nearly 19 percent this year.
While Intel looks "oversold" and has "a lot of bad news" priced in, investors may want to see if goes lower before buying, Nathan said.
Tim Seymour is long AAPL, T, BAC, DIS, F, GE, GM, GOOGL, INTC, JPM, Tim's firm is long BABA, BIDU, MCD, NKE, NOK, SBUX, YHOO.
Dan is long QQQ sept put, JOY sept calls, TWTR, TWTR sept call spreads, BA sept put spread, COST aug put spread, TJX aug put, SLB aug 28th put spread, MSFT Aug / Nov put spread, GOOGL Sept put spread. Today he sold SO.
Brian Kelly is long BBRY, BTC=; ITB, TAN, TSL, the VIX, TWTR call spread, US dollar; he is short AUDJPY, GBPJPY, Yuan, Yen, and US 5-Year Notes. Today he sold TLT. Today he closed GDX call spread, DAX short. Today he shorted US 5-year Notes.
Guy Adami is long CELG, EXAS, INTC, Guy Adami's wife, Linda Snow, works at Merck.