Covestor Ltd Has $289,000 Stake in Cisco Systems, Inc. (NASDAQ:CSCO)

Covestor Ltd lessened its holdings in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 13.3% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 5,428 shares of the network equipment provider’s stock after selling 833 shares during the period. Covestor Ltd’s holdings in Cisco Systems were worth $289,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the business. Waypoint Capital Advisors LLC raised its holdings in Cisco Systems by 2.9% in the 3rd quarter. Waypoint Capital Advisors LLC now owns 6,497 shares of the network equipment provider’s stock valued at $346,000 after acquiring an additional 182 shares in the last quarter. Andina Capital Management LLC grew its stake in Cisco Systems by 3.6% during the third quarter. Andina Capital Management LLC now owns 5,249 shares of the network equipment provider’s stock worth $279,000 after buying an additional 182 shares in the last quarter. Meridian Financial Partners LLC increased its holdings in Cisco Systems by 3.8% in the 3rd quarter. Meridian Financial Partners LLC now owns 5,020 shares of the network equipment provider’s stock valued at $267,000 after buying an additional 185 shares during the period. Gleason Group Inc. raised its position in shares of Cisco Systems by 0.9% in the 3rd quarter. Gleason Group Inc. now owns 22,683 shares of the network equipment provider’s stock valued at $1,207,000 after buying an additional 193 shares in the last quarter. Finally, Cassia Capital Partners LLC lifted its holdings in shares of Cisco Systems by 1.5% during the 3rd quarter. Cassia Capital Partners LLC now owns 13,083 shares of the network equipment provider’s stock worth $696,000 after acquiring an additional 195 shares during the period. 73.33% of the stock is owned by institutional investors.

Cisco Systems Stock Performance

Shares of CSCO opened at $58.06 on Friday. The firm’s fifty day simple moving average is $53.30 and its two-hundred day simple moving average is $49.40. Cisco Systems, Inc. has a 12 month low of $44.50 and a 12 month high of $58.30. The company has a current ratio of 0.91, a quick ratio of 0.83 and a debt-to-equity ratio of 0.43. The stock has a market capitalization of $231.70 billion, a P/E ratio of 22.86, a price-to-earnings-growth ratio of 4.79 and a beta of 0.83.

Cisco Systems (NASDAQ:CSCO) last released its earnings results on Wednesday, August 14th. The network equipment provider reported $0.87 EPS for the quarter, topping the consensus estimate of $0.85 by $0.02. The business had revenue of $13.64 billion during the quarter, compared to analysts’ expectations of $13.53 billion. Cisco Systems had a return on equity of 27.83% and a net margin of 19.18%. The firm’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 2.89 EPS for the current year.

Cisco Systems Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 23rd. Stockholders of record on Wednesday, October 2nd were issued a dividend of $0.40 per share. The ex-dividend date of this dividend was Wednesday, October 2nd. This represents a $1.60 annualized dividend and a dividend yield of 2.76%. Cisco Systems’s dividend payout ratio is currently 62.99%.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on CSCO. Hsbc Global Res upgraded Cisco Systems to a “strong-buy” rating in a research report on Friday, August 16th. Needham & Company LLC reaffirmed a “hold” rating on shares of Cisco Systems in a research note on Thursday, August 15th. Piper Sandler reiterated a “neutral” rating and set a $52.00 price target on shares of Cisco Systems in a report on Thursday, August 15th. JPMorgan Chase & Co. raised their price objective on Cisco Systems from $53.00 to $55.00 and gave the company a “hold” rating in a report on Thursday, August 8th. Despite investors’ hopes for a rebound in Networking Equipment demand to boost Cisco’s fourth-quarter 2024 performance, the anticipation is tempered by limited indications of a significant recovery in demand. Finally, Rosenblatt Securities upped their target price on Cisco Systems from $56.00 to $58.00 and gave the stock a “neutral” rating in a report on Thursday, August 15th. Thirteen equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $56.74.

Insider Activity

In related news, CEO Charles Robbins sold 27,143 shares of the business’s stock in a transaction dated Friday, August 16th. The stock was 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 directly owns 683,403 shares of the company’s stock, valued at $33,794,278.35. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, SVP Maria Victoria Wong sold 638 shares of the stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $49.09, for a total value of $31,319.42. Following the transaction, the senior vice president now directly owns 46,017 shares in the company, valued at $2,258,974.53. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Charles Robbins sold 27,143 shares of the business’s stock in a transaction on Friday, August 16th. The shares were sold at an average price of $49.45, for a total transaction of $1,342,221.35. Following the sale, the chief executive officer now owns 683,403 shares of the company’s stock, valued at $33,794,278.35. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 70,529 shares of company stock worth $3,509,049. Company insiders own 0.01% of the company’s stock.

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.