NEW YORK ( F.A.S.T. Graphs) -- Cisco ( CSCO) reported earnings and revenue that slightly exceeded analyst estimates while simultaneously offered guidance which was a little lighter than previous expectations.Nevertheless, the stock is up by double-digits, which hardly seems justified by the news. Therefore, my logical mind tells me that the rise in Cisco's stock price has something other than a mild earnings and revenue beat behind it. Simple fundamental analysis of the company and its current valuation reveal what I believe to be the primary driving force behind today's price increase. Let's start by looking at a F.A.S.T. Graphs, which plots earnings and dividends since calendar year 2003, the past decade. The orange line represents a PE ratio of 19.1, which is equal to the company's operating earnings growth rate. Moreover, it represents the earnings justified valuation based on applying a P/E ratio that is equal to the company's growth rate. The light blue shaded area shows dividends, which Cisco has been paying since 2011. Although there is some cyclicality in this record, long-term average defined Cisco as a growth stock.