Cisco's stock plummeted 5.01% during intraday trading on Friday, marking a significant decline for the communication equipment giant. The drop comes as part of a broader market movement affecting the technology and communication sectors.

The decline appears to be driven by several factors, including widespread selling pressure across the communication equipment sector following a strong recent rally that had pushed Cisco's market capitalization above $500 billion for the first time. The stock had surged over 8% in the preceding sessions, driven by optimism around its cloud control platform launch and AI-driven network traffic expansion, potentially leading to profit-taking by investors.

Additionally, Cisco's decline coincided with the stock reaching the $125 target price set by Goldman Sachs, which maintained a neutral rating on the company. This stands in contrast to Bank of America's more bullish $135 target with a buy rating. The broader communication equipment sector also experienced declines, with peers like Nokia, Ciena, and Arista Networks all falling significantly during the same trading session.