Blume Capital Management Inc. Purchases 6,975 Shares of Cisco Systems, Inc. (NASDAQ:CSCO)

Blume Capital Management Inc. boosted its position in Cisco Systems, Inc. (NASDAQ:CSCO) by 17.0% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 47,963 shares of the network equipment provider’s stock after acquiring an additional 6,975 shares during the quarter. Blume Capital Management Inc.’s holdings in Cisco Systems were worth $2,542,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Burke & Herbert Bank & Trust Co. boosted its position in Cisco Systems by 0.7% in the 2nd quarter. Burke & Herbert Bank & Trust Co. now owns 27,764 shares of the network equipment provider’s stock valued at $1,471,000 after buying an additional 183 shares during the period. Calamos Wealth Management LLC boosted its position in Cisco Systems by 0.8% in the 2nd quarter. Calamos Wealth Management LLC now owns 24,197 shares of the network equipment provider’s stock valued at $1,282,000 after buying an additional 190 shares during the period. Corundum Group Inc. boosted its position in Cisco Systems by 2.9% in the 1st quarter. Corundum Group Inc. now owns 7,073 shares of the network equipment provider’s stock valued at $366,000 after buying an additional 196 shares during the period. Breiter Capital Management Inc. boosted its position in Cisco Systems by 1.0% in the 2nd quarter. Breiter Capital Management Inc. now owns 21,020 shares of the network equipment provider’s stock valued at $1,114,000 after buying an additional 199 shares during the period. Finally, Essex Financial Services Inc. boosted its position in Cisco Systems by 0.3% in the 1st quarter. Essex Financial Services Inc. now owns 74,769 shares of the network equipment provider’s stock valued at $3,866,000 after buying an additional 200 shares during the period. 71.92% of the stock is currently owned by institutional investors and hedge funds.

Several equities research analysts have recently weighed in on the stock. Citigroup upped their price target on shares of Cisco Systems from $50.00 to $55.00 and gave the stock a “neutral” rating in a research report on Thursday, August 19th. Raymond James upped their price target on shares of Cisco Systems from $55.00 to $57.00 and gave the stock an “outperform” rating in a research report on Thursday, August 19th. JPMorgan Chase & Co. upped their price target on shares of Cisco Systems from $62.00 to $67.00 and gave the stock an “overweight” rating in a research report on Tuesday. They noted that the move was a valuation call. William Blair reaffirmed a “market perform” rating on shares of Cisco Systems in a research report on Thursday, May 20th. Finally, Piper Sandler boosted their price objective on shares of Cisco Systems from $49.00 to $53.00 and gave the stock a “neutral” rating in a research note on Thursday, August 19th. Eleven analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, Cisco Systems has an average rating of “Buy” and a consensus price target of $56.19.

Shares of NASDAQ:CSCO traded down $0.22 during midday trading on Wednesday, reaching $57.65. The company’s stock had a trading volume of 188,189 shares, compared to its average volume of 18,916,217. The firm has a market capitalization of $243.15 billion, a PE ratio of 23.15, a P/E/G ratio of 3.01 and a beta of 0.91. Cisco Systems, Inc. has a twelve month low of $35.28 and a twelve month high of $60.27. The stock has a fifty day moving average of $56.34 and a 200 day moving average of $53.33. The company has a quick ratio of 1.43, a current ratio of 1.49 and a debt-to-equity ratio of 0.22.

Cisco Systems (NASDAQ:CSCO) last released its quarterly earnings data on Tuesday, August 17th. The network equipment provider reported $0.84 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.83 by $0.01. The firm had revenue of $13.13 billion for the quarter, compared to analyst estimates of $13.04 billion. Cisco Systems had a net margin of 21.26% and a return on equity of 30.82%. The business’s quarterly revenue was up 8.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.80 earnings per share. Sell-side analysts anticipate that Cisco Systems, Inc. will post 3.08 earnings per share for the current fiscal year.

In related news, CEO Charles Robbins sold 6,543 shares of the stock in a transaction on Wednesday, August 25th. The shares were sold at an average price of $59.69, for a total transaction of $390,551.67. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Prat Bhatt sold 468 shares of the stock in a transaction on Monday, September 13th. The shares were sold at an average price of $58.35, for a total transaction of $27,307.80. The disclosure for this sale can be found here. Insiders have sold 64,529 shares of company stock worth $3,827,391 over the last three months. 0.02% of the stock is currently owned by insiders.

Cisco Systems Company Profile

Cisco Systems, Inc engages in the design, manufacture, and sale of Internet Protocol based networking products and services related to the communications and information technology industry. The firm operates through the following geographical segments: the Americas, EMEA, and APJC. Its product comprises of the following categories: Switches, Routers, Wireless, Network Management Interfaces and Modules, Optical Networking, Access Points, Outdoor and Industrial Access Points, Next-Generation Firewalls, Advanced Malware Protection, VPN Security Clients, Email, and Web Security.

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Institutional Ownership by Quarter for Cisco Systems (NASDAQ:CSCO)

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