Cisco Systems, Inc. (NASDAQ:CSCO) Shares Sold by State of Alaska Department of Revenue

State of Alaska Department of Revenue trimmed its position in shares of Cisco Systems, Inc. (NASDAQ:CSCO - Free Report) by 12.9% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 800,868 shares of the network equipment provider's stock after selling 118,835 shares during the quarter. State of Alaska Department of Revenue's holdings in Cisco Systems were worth $42,621,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in CSCO. Bank of New York Mellon Corp grew its position in Cisco Systems by 2.7% during the second quarter. Bank of New York Mellon Corp now owns 70,317,061 shares of the network equipment provider's stock worth $3,340,764,000 after buying an additional 1,853,598 shares during the period. Legal & General Group Plc grew its position in Cisco Systems by 3.3% during the second quarter. Legal & General Group Plc now owns 47,593,944 shares of the network equipment provider's stock worth $2,261,185,000 after buying an additional 1,530,468 shares during the period. Dimensional Fund Advisors LP grew its position in Cisco Systems by 22.5% during the second quarter. Dimensional Fund Advisors LP now owns 26,409,843 shares of the network equipment provider's stock worth $1,254,739,000 after buying an additional 4,843,146 shares during the period. Swedbank AB acquired a new position in Cisco Systems during the first quarter worth about $840,538,000. Finally, Price T Rowe Associates Inc. MD grew its position in Cisco Systems by 26.5% during the first quarter. Price T Rowe Associates Inc. MD now owns 13,858,505 shares of the network equipment provider's stock worth $691,678,000 after buying an additional 2,906,357 shares during the period. 73.33% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have weighed in on CSCO shares. HSBC upgraded shares of Cisco Systems from a "hold" rating to a "buy" rating and upped their target price for the stock from $46.00 to $58.00 in a research report on Friday, August 16th. Rosenblatt Securities upped their price target on shares of Cisco Systems from $56.00 to $58.00 and gave the company a "neutral" rating in a report on Thursday, August 15th. Jefferies Financial Group reduced their price target on shares of Cisco Systems from $56.00 to $53.00 and set a "buy" rating on the stock in a report on Thursday, August 15th. Needham & Company LLC reaffirmed a "hold" rating on shares of Cisco Systems in a report on Thursday, August 15th. Finally, Piper Sandler reaffirmed a "neutral" rating and issued a $52.00 price target on shares of Cisco Systems in a report on Thursday, August 15th. One investment analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Cisco Systems currently has an average rating of "Hold" and an average target price of $56.74.

Insider Transactions at Cisco Systems

In other news, CEO Charles Robbins sold 27,143 shares of the stock in a transaction on Friday, August 16th. The shares were sold at an average price of $49.45, for a total value of $1,342,221.35. Following the completion of the sale, the chief executive officer now owns 683,403 shares of the company's stock, valued at $33,794,278.35. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CEO Charles Robbins sold 27,143 shares of the stock in a transaction on Friday, August 16th. The shares were sold at an average price of $49.45, for a total value of $1,342,221.35. Following the completion of the sale, the chief executive officer now owns 683,403 shares of the company's stock, valued at $33,794,278.35. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Deborah L. Stahlkopf sold 7,462 shares of the stock in a transaction on Friday, August 16th. The stock was sold at an average price of $49.41, for a total transaction of $368,697.42. Following the completion of the sale, the executive vice president now directly owns 165,580 shares of the company's stock, valued at $8,181,307.80. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 70,529 shares of company stock valued at $3,509,049 over the last 90 days. Corporate insiders own 0.02% of the company's stock.

Cisco Systems Trading Down 0.4 %

NASDAQ:CSCO traded down $0.22 during trading hours on Friday, reaching $55.74. 14,680,466 shares of the company were exchanged, compared to its average volume of 19,091,068. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.91 and a quick ratio of 0.83. The firm has a market cap of $224.57 billion, a price-to-earnings ratio of 18.77, a PEG ratio of 4.22 and a beta of 0.83. Cisco Systems, Inc. has a 52-week low of $44.50 and a 52-week high of $57.06. The stock has a 50 day simple moving average of $52.12 and a 200 day simple moving average of $48.86.

Cisco Systems (NASDAQ:CSCO - Get Free Report) last posted its quarterly earnings results on Wednesday, August 14th. The network equipment provider reported $0.87 earnings per share for the quarter, topping analysts' consensus estimates of $0.85 by $0.02. The company had revenue of $13.64 billion for the quarter, compared to the consensus estimate of $13.53 billion. Cisco Systems had a net margin of 19.18% and a return on equity of 27.83%. Cisco Systems's revenue was down 10.3% on a year-over-year basis. During the same quarter last year, the firm posted $1.01 earnings per share. As a group, analysts predict that Cisco Systems, Inc. will post 2.9 EPS for the current year.

Cisco Systems Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, October 23rd. Stockholders of record on Wednesday, October 2nd were given a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 2.87%. The ex-dividend date of this dividend was Wednesday, October 2nd. Cisco Systems's payout ratio is currently 53.87%.

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.