Advisory Services Network LLC Has $16.01 Million Stock Position in Cisco Systems, Inc. (NASDAQ:CSCO)

Advisory Services Network LLC trimmed its position in shares of Cisco Systems, Inc. (NASDAQ:CSCO - Free Report) by 10.3% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 270,480 shares of the network equipment provider's stock after selling 31,150 shares during the quarter. Advisory Services Network LLC's holdings in Cisco Systems were worth $16,012,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently added to or reduced their stakes in the company. German American Bancorp Inc. grew its position in Cisco Systems by 1.4% in the fourth quarter. German American Bancorp Inc. now owns 108,660 shares of the network equipment provider's stock worth $6,433,000 after acquiring an additional 1,456 shares in the last quarter. Bank of Nova Scotia increased its position in Cisco Systems by 73.6% during the fourth quarter. Bank of Nova Scotia now owns 2,646,681 shares of the network equipment provider's stock worth $156,684,000 after buying an additional 1,121,857 shares during the last quarter. Canopy Partners LLC raised its holdings in Cisco Systems by 63.8% during the fourth quarter. Canopy Partners LLC now owns 15,171 shares of the network equipment provider's stock valued at $898,000 after buying an additional 5,909 shares in the last quarter. Twin Capital Management Inc. boosted its stake in shares of Cisco Systems by 19.8% during the 4th quarter. Twin Capital Management Inc. now owns 38,900 shares of the network equipment provider's stock worth $2,303,000 after acquiring an additional 6,432 shares in the last quarter. Finally, Sierra Summit Advisors LLC boosted its position in Cisco Systems by 26.6% during the fourth quarter. Sierra Summit Advisors LLC now owns 34,881 shares of the network equipment provider's stock worth $2,065,000 after purchasing an additional 7,326 shares during the period. Institutional investors and hedge funds own 73.33% of the company's stock.

Remove Ads

Cisco Systems Price Performance

CSCO stock traded up $0.74 during trading on Friday, hitting $57.33. The company had a trading volume of 23,031,744 shares, compared to its average volume of 20,100,346. The company has a fifty day moving average price of $61.30 and a two-hundred day moving average price of $59.01. Cisco Systems, Inc. has a fifty-two week low of $44.50 and a fifty-two week high of $66.50. The company has a market cap of $228.08 billion, a P/E ratio of 25.04, a P/E/G ratio of 4.16 and a beta of 0.86. The company has a current ratio of 0.87, a quick ratio of 0.79 and a debt-to-equity ratio of 0.43.

Cisco Systems (NASDAQ:CSCO - Get Free Report) last posted its earnings results on Wednesday, February 12th. The network equipment provider reported $0.77 earnings per share for the quarter, missing the consensus estimate of $0.91 by ($0.14). Cisco Systems had a return on equity of 26.08% and a net margin of 16.96%. Equities research analysts expect that Cisco Systems, Inc. will post 3.04 earnings per share for the current fiscal year.

Cisco Systems announced that its Board of Directors has authorized a share repurchase plan on Wednesday, February 12th that authorizes the company to repurchase $15.00 billion in shares. This repurchase authorization authorizes the network equipment provider to buy up to 6% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company's board of directors believes its stock is undervalued.

Cisco Systems Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 23rd. Stockholders of record on Thursday, April 3rd will be paid a $0.41 dividend. The ex-dividend date is Thursday, April 3rd. This represents a $1.64 dividend on an annualized basis and a dividend yield of 2.86%. This is a boost from Cisco Systems's previous quarterly dividend of $0.40. Cisco Systems's payout ratio is 71.62%.

Insider Buying and Selling

In other Cisco Systems news, EVP Thimaya K. Subaiya sold 2,065 shares of the business's stock in a transaction on Wednesday, March 12th. The stock was sold at an average price of $60.70, for a total value of $125,345.50. Following the transaction, the executive vice president now owns 191,184 shares of the company's stock, valued at approximately $11,604,868.80. The trade was a 1.07 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Richard Scott Herren sold 19,929 shares of Cisco Systems stock in a transaction dated Friday, February 14th. The shares were sold at an average price of $64.41, for a total value of $1,283,626.89. Following the completion of the transaction, the chief financial officer now directly owns 335,605 shares of the company's stock, valued at $21,616,318.05. This represents a 5.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 66,547 shares of company stock worth $4,275,553 in the last three months. Insiders own 0.01% of the company's stock.

Analyst Upgrades and Downgrades

CSCO has been the subject of several recent analyst reports. Piper Sandler decreased their price objective on shares of Cisco Systems from $72.00 to $60.00 and set a "neutral" rating for the company in a report on Tuesday. Barclays reiterated an "equal weight" rating on shares of Cisco Systems in a research note on Thursday, March 6th. Melius upgraded Cisco Systems from a "hold" rating to a "buy" rating and increased their target price for the company from $66.00 to $73.00 in a research note on Monday, January 6th. The Goldman Sachs Group lifted their price target on Cisco Systems from $56.00 to $63.00 and gave the stock a "neutral" rating in a research report on Thursday, February 13th. Finally, Wells Fargo & Company reissued an "equal weight" rating on shares of Cisco Systems in a research report on Thursday, March 6th. Seven research analysts have rated the stock with a hold rating, fifteen have given a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat, Cisco Systems has an average rating of "Moderate Buy" and a consensus target price of $66.00.

About Cisco Systems

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.