Connors Investor Services Inc. reduced its position in Cisco Systems, Inc. (NASDAQ:CSCO) by 29.4% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 215,740 shares of the network equipment provider’s stock after selling 89,805 shares during the period. Cisco Systems comprises 1.6% of Connors Investor Services Inc.’s holdings, making the stock its 26th largest position. Connors Investor Services Inc.’s holdings in Cisco Systems were worth $11,807,000 at the end of the most recent quarter.
A number of other large investors have also recently modified their holdings of CSCO. Essex Savings Bank purchased a new stake in Cisco Systems in the fourth quarter valued at approximately $928,000. TD Asset Management Inc. lifted its stake in Cisco Systems by 2.6% in the fourth quarter. TD Asset Management Inc. now owns 3,922,288 shares of the network equipment provider’s stock valued at $169,953,000 after buying an additional 99,069 shares during the last quarter. CFO4Life Group LLC lifted its stake in Cisco Systems by 8.9% in the fourth quarter. CFO4Life Group LLC now owns 35,394 shares of the network equipment provider’s stock valued at $1,534,000 after buying an additional 2,881 shares during the last quarter. State Treasurer State of Michigan lifted its stake in Cisco Systems by 39.9% in the fourth quarter. State Treasurer State of Michigan now owns 1,904,891 shares of the network equipment provider’s stock valued at $82,539,000 after buying an additional 542,800 shares during the last quarter. Finally, Janney Montgomery Scott LLC lifted its stake in Cisco Systems by 5.6% in the fourth quarter. Janney Montgomery Scott LLC now owns 1,414,658 shares of the network equipment provider’s stock valued at $61,297,000 after buying an additional 75,199 shares during the last quarter. Institutional investors and hedge funds own 73.31% of the company’s stock.
CSCO stock traded up $0.31 on Thursday, reaching $49.65. 1,784,865 shares of the company’s stock were exchanged, compared to its average volume of 16,666,221. The stock has a fifty day moving average of $49.61 and a 200-day moving average of $53.66. Cisco Systems, Inc. has a twelve month low of $40.25 and a twelve month high of $58.26. The firm has a market cap of $212.09 billion, a PE ratio of 17.42, a P/E/G ratio of 2.33 and a beta of 1.26. The company has a quick ratio of 1.46, a current ratio of 1.51 and a debt-to-equity ratio of 0.43.
Cisco Systems (NASDAQ:CSCO) last announced its quarterly earnings data on Wednesday, August 14th. The network equipment provider reported $0.83 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.82 by $0.01. Cisco Systems had a return on equity of 32.43% and a net margin of 22.39%. The firm had revenue of $13.43 billion for the quarter, compared to analyst estimates of $13.39 billion. During the same quarter in the prior year, the company posted $0.70 earnings per share. Cisco Systems’s quarterly revenue was up 4.5% on a year-over-year basis. On average, equities research analysts predict that Cisco Systems, Inc. will post 3.06 EPS for the current fiscal year.
Several equities research analysts have recently commented on CSCO shares. JPMorgan Chase & Co. set a $62.00 price target on Cisco Systems and gave the stock a “buy” rating in a research note on Monday, August 12th. Barclays started coverage on Cisco Systems in a research note on Wednesday, August 7th. They set an “equal weight” rating and a $52.00 price target for the company. Credit Suisse Group set a $50.00 price target on Cisco Systems and gave the stock a “neutral” rating in a research note on Tuesday, August 27th. Raymond James restated an “overweight” rating on shares of Cisco Systems in a research note on Friday, August 16th. Finally, Morgan Stanley cut their price target on Cisco Systems from $51.00 to $49.00 and set an “equal weight” rating for the company in a research note on Thursday, August 15th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty-one have assigned a buy rating to the company. Cisco Systems has an average rating of “Buy” and an average target price of $56.60.
In other Cisco Systems news, CEO Charles Robbins sold 18,955 shares of the company’s stock in a transaction on Friday, September 13th. The stock was sold at an average price of $50.04, for a total value of $948,508.20. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Mark D. Chandler sold 10,733 shares of the company’s stock in a transaction on Friday, September 13th. The shares were sold at an average price of $50.05, for a total value of $537,186.65. The disclosure for this sale can be found here. Insiders sold 100,234 shares of company stock worth $4,782,259 in the last three months. 0.03% of the stock is owned by corporate insiders.
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 worldwide. The company offers switching products; routing products that interconnect public and private wireline and mobile networks; data center products; and wireless access points for use in voice, video, and data applications.
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