Spire Wealth Management Boosts Stock Holdings in Cisco Systems, Inc. (NASDAQ:CSCO)

Spire Wealth Management grew its position in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 6.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 45,961 shares of the network equipment provider’s stock after acquiring an additional 2,972 shares during the quarter. Spire Wealth Management’s holdings in Cisco Systems were worth $2,836,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently bought and sold shares of the company. Mainstream Capital Management LLC bought a new stake in shares of Cisco Systems during the 4th quarter worth $132,000. Proficio Capital Partners LLC raised its stake in shares of Cisco Systems by 76.4% during the 4th quarter. Proficio Capital Partners LLC now owns 16,947 shares of the network equipment provider’s stock worth $1,003,000 after purchasing an additional 7,338 shares during the period. Wealth Enhancement Advisory Services LLC raised its stake in shares of Cisco Systems by 28.9% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 4,037,909 shares of the network equipment provider’s stock worth $249,180,000 after purchasing an additional 904,548 shares during the period. Investment Management Corp of Ontario raised its stake in shares of Cisco Systems by 44.6% during the 4th quarter. Investment Management Corp of Ontario now owns 193,478 shares of the network equipment provider’s stock worth $11,454,000 after purchasing an additional 59,680 shares during the period. Finally, AlTi Global Inc. raised its stake in shares of Cisco Systems by 49.8% during the 4th quarter. AlTi Global Inc. now owns 20,483 shares of the network equipment provider’s stock worth $1,217,000 after purchasing an additional 6,811 shares during the period. 73.33% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

CSCO has been the topic of a number of recent analyst reports. Wells Fargo & Company upgraded Cisco Systems from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $72.00 to $75.00 in a research note on Thursday, May 15th. Piper Sandler boosted their price objective on Cisco Systems from $60.00 to $64.00 and gave the company a “neutral” rating in a research note on Thursday, May 15th. New Street Research restated a “neutral” rating and issued a $70.00 price objective on shares of Cisco Systems in a research note on Friday, May 16th. Citigroup boosted their price objective on Cisco Systems from $68.00 to $71.00 and gave the company a “buy” rating in a research note on Thursday, May 15th. Finally, Wall Street Zen upgraded Cisco Systems from a “buy” rating to a “strong-buy” rating in a research note on Friday, May 16th. Seven research analysts have rated the stock with a hold rating, thirteen have given a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat.com, Cisco Systems currently has a consensus rating of “Moderate Buy” and a consensus price target of $69.11.

Insiders Place Their Bets

In other Cisco Systems news, insider Jeetendra I. Patel sold 9,961 shares of the company’s stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $63.97, for a total value of $637,205.17. Following the completion of the sale, the insider now owns 257,162 shares of the company’s stock, valued at $16,450,653.14. This represents a 3.73% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Deborah L. Stahlkopf sold 9,643 shares of the stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $63.50, for a total value of $612,330.50. Following the sale, the executive vice president now directly owns 181,186 shares of the company’s stock, valued at approximately $11,505,311. This trade represents a 5.05% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 97,335 shares of company stock valued at $6,271,054 over the last quarter. 0.01% of the stock is owned by corporate insiders.

Cisco Systems Stock Up 0.4%

Shares of NASDAQ CSCO opened at $68.19 on Thursday. Cisco Systems, Inc. has a 12 month low of $44.50 and a 12 month high of $68.60. The company has a current ratio of 0.95, a quick ratio of 0.87 and a debt-to-equity ratio of 0.50. The firm has a market capitalization of $270.03 billion, a price-to-earnings ratio of 27.83, a PEG ratio of 4.06 and a beta of 0.88. The business has a 50-day moving average of $62.04 and a 200-day moving average of $60.95.

Cisco Systems (NASDAQ:CSCO) last issued its quarterly earnings data on Wednesday, May 14th. The network equipment provider reported $0.96 EPS for the quarter, topping the consensus estimate of $0.92 by $0.04. The company had revenue of $14.15 billion during the quarter, compared to analyst estimates of $14.05 billion. Cisco Systems had a return on equity of 26.48% and a net margin of 17.60%. Cisco Systems’s revenue was up 11.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.88 earnings per share. Sell-side analysts expect that Cisco Systems, Inc. will post 3.04 earnings per share for the current fiscal year.

Cisco Systems Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 23rd. Shareholders of record on Thursday, July 3rd will be paid a $0.41 dividend. This represents a $1.64 annualized dividend and a yield of 2.41%. The ex-dividend date of this dividend is Thursday, July 3rd. Cisco Systems’s dividend payout ratio is currently 66.94%.

Cisco Systems Company Profile

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.