The trouble may not be over for Cisco.
The tech stock fell sharply after Wednesday's earnings report, and Miller Tabak equity strategist trader Matt Maley thinks it can go even lower.
"Every time they report, the stock goes bonkers," Maley said on CNBC's "Trading Nation" on Thursday. "This is the 13th quarter in a row where it has seen a big gap — sometimes up, sometimes down. This time, it's down. I think it can go a little bit lower."
The California-based computer networking equipment company reported weaker-than-expected guidance and said its China revenue was down 25% in its fiscal fourth quarter. Shares fell nearly 9% during Thursday's session.
"It also broke a key support level, its 52-[week] level, which was the low for May and June, so that lower low tells me it could go a little bit lower."
Cisco is down nearly 17% this month, tracking for its worst month since 2012 when it fell more than 18%.
But Maley isn't letting the drop keep him from getting into the tech name.
"I'm looking at the $44.50 level as a great spot to buy, that's a Fibonacci 38.2 retracement of the rally from 2016, and where the trend line from the summer of 2017 comes in. If the broad market sees another flush move, another washout, I think $44.50 would be a great spot to buy," he said.
Cisco, which was trading at $46.59 in Friday's premarket, would need to drop 4.4% to reach Maley's target.
Mark Tepper, CEO of Strategic Wealth Partners, agrees Cisco could bounce back.
"At the end of the day, it's a great large-cap company to own," Tepper said Thursday. "It's got a strong balance sheet, and that's really important when you're late cycle."
Tepper also doesn't think the headwinds facing the company are enough to keep him out of the stock.
"Here's a stock that's cheaper than the S&P 500 with a higher yield, and they're in a position where margins are likely to expand because they're going to continue to generate more and more sales from software and services. So I still think it's a great long time buy," said Tepper.
Disclosure: Tepper and Strategic Wealth Partners have a position in Cisco.