Cisco Systems, Inc. (NASDAQ:CSCO) Shares Sold by Jennison Associates LLC

Jennison Associates LLC lessened its stake in Cisco Systems, Inc. (NASDAQ:CSCO) by 4.4% during the 1st quarter, HoldingsChannel.com reports. The fund owned 3,289,994 shares of the network equipment provider’s stock after selling 151,239 shares during the period. Jennison Associates LLC’s holdings in Cisco Systems were worth $203,026,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Transce3nd LLC increased its position in Cisco Systems by 103.1% during the 1st quarter. Transce3nd LLC now owns 3,300 shares of the network equipment provider’s stock worth $204,000 after purchasing an additional 1,675 shares during the period. Mystic Asset Management Inc. raised its stake in shares of Cisco Systems by 1.5% during the 1st quarter. Mystic Asset Management Inc. now owns 40,304 shares of the network equipment provider’s stock worth $2,487,000 after buying an additional 594 shares during the last quarter. Commerzbank Aktiengesellschaft FI raised its position in Cisco Systems by 1.2% during the first quarter. Commerzbank Aktiengesellschaft FI now owns 1,603,771 shares of the network equipment provider’s stock worth $98,969,000 after acquiring an additional 19,435 shares during the last quarter. Forum Financial Management LP raised its position in shares of Cisco Systems by 2.1% during the 1st quarter. Forum Financial Management LP now owns 42,037 shares of the network equipment provider’s stock worth $2,594,000 after purchasing an additional 869 shares during the last quarter. Finally, Members Trust Co lifted its stake in Cisco Systems by 19.4% in the 1st quarter. Members Trust Co now owns 11,118 shares of the network equipment provider’s stock valued at $686,000 after buying an additional 1,810 shares in the last quarter. Institutional investors and hedge funds own 73.33% of the company’s stock.

Insider Activity

In other Cisco Systems news, CFO Richard Scott Herren sold 15,678 shares of the firm’s stock in a transaction dated Tuesday, June 17th. The stock was sold at an average price of $65.52, for a total transaction of $1,027,222.56. Following the transaction, the chief financial officer directly owned 309,543 shares in the company, valued at $20,281,257.36. This trade represents a 4.82% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Thimaya K. Subaiya sold 8,726 shares of the firm’s stock in a transaction dated Tuesday, June 17th. The shares were sold at an average price of $65.54, for a total value of $571,902.04. Following the transaction, the executive vice president owned 174,669 shares in the company, valued at approximately $11,447,806.26. This trade represents a 4.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 97,335 shares of company stock valued at $6,271,054. 0.01% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

CSCO has been the topic of a number of recent research reports. Piper Sandler upped their target price on Cisco Systems from $60.00 to $64.00 and gave the company a “neutral” rating in a research note on Thursday, May 15th. Wall Street Zen cut shares of Cisco Systems from a “strong-buy” rating to a “buy” rating in a research note on Saturday, July 12th. New Street Research reissued a “neutral” rating and issued a $70.00 price objective on shares of Cisco Systems in a research report on Friday, May 16th. Rosenblatt Securities raised their target price on shares of Cisco Systems from $63.00 to $74.00 and gave the stock a “buy” rating in a research report on Thursday, May 15th. Finally, Evercore ISI increased their price objective on shares of Cisco Systems from $67.00 to $72.00 and gave the stock an “outperform” rating in a report on Thursday, May 15th. Seven research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $70.35.

Cisco Systems Stock Performance

CSCO opened at $68.59 on Friday. The firm has a market cap of $271.61 billion, a PE ratio of 28.01, a P/E/G ratio of 4.03 and a beta of 0.90. The business has a fifty day simple moving average of $65.67 and a 200-day simple moving average of $62.03. The company has a quick ratio of 0.87, a current ratio of 0.95 and a debt-to-equity ratio of 0.50. Cisco Systems, Inc. has a fifty-two week low of $44.50 and a fifty-two week high of $69.78.

Cisco Systems (NASDAQ:CSCO) last issued its earnings results on Wednesday, May 14th. The network equipment provider reported $0.96 EPS for the quarter, topping the consensus estimate of $0.92 by $0.04. The business had revenue of $14.15 billion during the quarter, compared to analysts’ expectations of $14.05 billion. Cisco Systems had a return on equity of 26.48% and a net margin of 17.60%. Cisco Systems’s revenue was up 11.4% compared to the same quarter last year. During the same quarter last year, the firm posted $0.88 earnings per share. As a group, equities analysts predict that Cisco Systems, Inc. will post 3.04 EPS for the current fiscal year.

Cisco Systems Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 23rd. Investors of record on Thursday, July 3rd will be given a dividend of $0.41 per share. The ex-dividend date of this dividend is Thursday, July 3rd. This represents a $1.64 dividend on an annualized basis and a yield of 2.39%. Cisco Systems’s payout ratio is 66.94%.

Cisco Systems Company Profile

Cisco Systems, Inc designs, manufactures, and sells Internet Protocol based networking and other products related to the communications and information technology industry in the Americas, Europe, the Middle East, Africa, the Asia Pacific, Japan, and China. The company also offers switching portfolio encompasses campus switching as well as data center switching; enterprise routing portfolio interconnects public and private wireline and mobile networks, delivering highly secure, and reliable connectivity to campus, data center and branch networks; wireless products include wireless access points and controllers; and compute portfolio including the cisco unified computing system, hyperflex, and software management capabilities, which combine computing, networking, and storage infrastructure management and virtualization.