In the latest trading session, Cisco Systems (CSCO) closed at $56.20, marking a +0.83% move from the previous day. This change outpaced the S&P 500's 0.37% gain on the day.Heading into today, shares of the seller of routers, switches, software and services had gained 0.87% over the past month, outpacing the Computer and Technology sector's gain of 0.04% and lagging the S&P 500's gain of 2.13% in that time.CSCO will be looking to display strength as it nears its next earnings release, which is expected to be November 17, 2021. On that day, CSCO is projected to report earnings of $0.81 per share, which would represent year-over-year growth of 6.58%. Our most recent consensus estimate is calling for quarterly revenue of $12.98 billion, up 8.79% from the year-ago period.Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of $3.43 per share and revenue of $52.8 billion. These totals would mark changes of +6.52% and +5.99%, respectively, from last year.It is also important to note the recent changes to analyst estimates for CSCO. These recent revisions tend to reflect the evolving nature of short-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. CSCO is currently sporting a Zacks Rank of #2 (Buy).Looking at its valuation, CSCO is holding a Forward P/E ratio of 16.26. This represents a premium compared to its industry's average Forward P/E of 16.04.Meanwhile, CSCO's PEG ratio is currently 2.32. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. The Computer - Networking was holding an average PEG ratio of 2.27 at yesterday's closing price.The Computer - Networking industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 65, putting it in the top 26% of all 250+ industries.The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.You can find more information on all of these metrics, and much more, on Zacks.com. Zacks’ Top Picks to Cash in on Artificial Intelligence This world-changing technology is projected to generate $100S of billions by 2025. From self-driving cars to consumer data analysis, people are relying on machines more than we ever have before. Now is the time to capitalize on the 4th Industrial Revolution. Zacks’ urgent special report reveals 6 AI picks investors need to know about today.See 6 Artificial Intelligence Stocks With Extreme Upside Potential>>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Cisco Systems, Inc. (CSCO): Free Stock Analysis Report To read this article on Zacks.com click here.