Cisco drops 6% to $104.94 while tech sector gains

Cisco Systems dropped 6% to $104.94 on Tuesday, September 22, 2026, diverging sharply from the broader technology sector. The Technology Select Sector SPDR Fund gained 0.38% to $195.60, while the Invesco QQQ Trust advanced 0.52% to $745.32, pointing to an isolated selloff rather than market-wide pressure.

Networking competitors showed little movement during the session. Arista Networks slipped 0.5% to $204.33, while Ciena rose 0.4% to $367.29. The muted reaction among direct peers suggests that the drop in Cisco does not stem from broad concerns over artificial intelligence networking demand.

The company issued no fresh announcements to explain Tuesday's decline. The most recent analyst action came in the previous session, when Piper Sandler maintained a Hold rating on the stock and lowered its price target to $125. Even with the cut, that target remains above current trading levels.

Cisco shares remain up 38% year to date, leaving room for profit-taking in the absence of a new catalyst. On September 15, the company had introduced new Splunk capabilities at the Splunk.conf event in Denver, including Cisco AI POD for Splunk built within its Cisco Secure AI Factory alongside Nvidia.