Main Street Financial Solutions LLC Boosts Stake in Cisco Systems, Inc. (NASDAQ:CSCO)

Main Street Financial Solutions LLC boosted its holdings in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 3.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 27,085 shares of the network equipment provider’s stock after purchasing an additional 785 shares during the quarter. Main Street Financial Solutions LLC’s holdings in Cisco Systems were worth $1,436,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. McCarthy Asset Management Inc. raised its stake in Cisco Systems by 87.8% in the 2nd quarter. McCarthy Asset Management Inc. now owns 494 shares of the network equipment provider’s stock valued at $26,000 after purchasing an additional 231 shares during the last quarter. Lake Point Wealth Management purchased a new stake in Cisco Systems in the second quarter valued at $36,000. Arcadia Investment Management Corp MI lifted its position in Cisco Systems by 48.4% in the second quarter. Arcadia Investment Management Corp MI now owns 705 shares of the network equipment provider’s stock valued at $37,000 after buying an additional 230 shares during the last quarter. Stuart Chaussee & Associates Inc. boosted its position in shares of Cisco Systems by 43.2% during the 1st quarter. Stuart Chaussee & Associates Inc. now owns 716 shares of the network equipment provider’s stock worth $37,000 after purchasing an additional 216 shares during the period. Finally, IAG Wealth Partners LLC acquired a new stake in shares of Cisco Systems in the second quarter valued at $40,000. 71.92% of the stock is owned by institutional investors and hedge funds.

In related news, SVP Prat Bhatt sold 3,518 shares of Cisco Systems stock in a transaction dated Monday, August 23rd. The stock was sold at an average price of $58.40, for a total value of $205,451.20. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP Geraldine Elliott sold 50,000 shares of the business’s stock in a transaction dated Wednesday, August 25th. The stock was sold at an average price of $59.40, for a total transaction of $2,970,000.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 64,529 shares of company stock valued at $3,827,391. 0.02% of the stock is currently owned by insiders.

Shares of CSCO stock traded up $0.45 during mid-day trading on Wednesday, reaching $58.32. The stock had a trading volume of 1,134,794 shares, compared to its average volume of 18,916,217. Cisco Systems, Inc. has a one year low of $35.28 and a one year high of $60.27. The company has a quick ratio of 1.43, a current ratio of 1.49 and a debt-to-equity ratio of 0.22. The firm’s 50 day simple moving average is $56.34 and its 200 day simple moving average is $53.33. The firm has a market cap of $245.98 billion, a PE ratio of 23.15, a P/E/G ratio of 3.01 and a beta of 0.91.

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

A number of equities research analysts have commented on CSCO shares. Piper Sandler increased their price objective on shares of Cisco Systems from $49.00 to $53.00 and gave the company a “neutral” rating in a research report on Thursday, August 19th. Wells Fargo & Company increased their price target on shares of Cisco Systems from $65.00 to $70.00 and gave the stock an “overweight” rating in a research note on Thursday, September 9th. Raymond James lifted their price objective on shares of Cisco Systems from $55.00 to $57.00 and gave the company an “outperform” rating in a research report on Thursday, August 19th. JPMorgan Chase & Co. upped their price objective on Cisco Systems from $62.00 to $67.00 and gave the stock an “overweight” rating in a report on Tuesday. They noted that the move was a valuation call. Finally, Citigroup boosted their price target on Cisco Systems from $50.00 to $55.00 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 given a buy rating to the stock. According to MarketBeat.com, Cisco Systems has an average rating of “Buy” and an average price target of $56.19.

Cisco Systems 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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