Cisco Systems, Inc. (NASDAQ:CSCO) Shares Sold by Aigen Investment Management LP

Key Points

• Aigen Investment Management LP reduced its stake in Cisco Systems, Inc. by 44.0% during the first quarter, ending with holdings valued at $2.09 million.
• Recent earnings reports show Cisco beating analyst estimates, with a reported $0.96 EPS and revenue of $14.15 billion, representing an 11.4% growth year-over-year.
• Analysts have a consensus rating of "Moderate Buy" for Cisco's stock, with a target price of approximately $70.55.

Aigen Investment Management LP trimmed its stake in shares of Cisco Systems, Inc. (NASDAQ:CSCO - Free Report) by 44.0% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 33,854 shares of the network equipment provider's stock after selling 26,616 shares during the quarter. Aigen Investment Management LP's holdings in Cisco Systems were worth $2,089,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Kornitzer Capital Management Inc. KS boosted its stake in shares of Cisco Systems by 0.7% during the 1st quarter. Kornitzer Capital Management Inc. KS now owns 892,064 shares of the network equipment provider's stock worth $55,049,000 after acquiring an additional 6,501 shares in the last quarter. Golden State Wealth Management LLC grew its holdings in Cisco Systems by 10.8% in the first quarter. Golden State Wealth Management LLC now owns 6,298 shares of the network equipment provider's stock valued at $389,000 after purchasing an additional 612 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its position in shares of Cisco Systems by 28.9% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 4,037,909 shares of the network equipment provider's stock valued at $249,180,000 after buying an additional 904,548 shares in the last quarter. 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 buying an additional 59,680 shares during the last quarter. Finally, IFP Advisors Inc boosted its position in shares of Cisco Systems by 2.6% in the 1st quarter. IFP Advisors Inc now owns 111,510 shares of the network equipment provider's stock worth $6,882,000 after buying an additional 2,839 shares in the last quarter. 73.33% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Cisco Systems

In other news, CFO Richard Scott Herren sold 15,678 shares of the stock in a transaction dated Tuesday, June 17th. The stock was sold at an average price of $65.52, for a total value of $1,027,222.56. Following the completion of the sale, the chief financial officer owned 309,543 shares in the company, valued at approximately $20,281,257.36. This trade represents a 4.82% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Thimaya K. Subaiya sold 8,726 shares of the business's stock in a transaction that occurred on Tuesday, June 17th. The stock was sold at an average price of $65.54, for a total value of $571,902.04. Following the transaction, the executive vice president directly owned 174,669 shares in the company, valued at $11,447,806.26. This trade represents a 4.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 97,335 shares of company stock worth $6,271,054 in the last quarter. 0.01% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on CSCO shares. Citigroup lifted their target price on shares of Cisco Systems from $68.00 to $71.00 and gave the stock a "buy" rating in a research report on Thursday, May 15th. CICC Research began coverage on Cisco Systems in a research note on Monday, July 14th. They issued an "outperform" rating and a $78.00 target price on the stock. KeyCorp initiated coverage on Cisco Systems in a report on Thursday, June 26th. They issued an "overweight" rating and a $77.00 price target for the company. Wall Street Zen lowered Cisco Systems from a "strong-buy" rating to a "buy" rating in a research note on Saturday, July 12th. Finally, Wells Fargo & Company raised shares of Cisco Systems from an "equal weight" rating to an "overweight" rating and boosted their target price for the company from $72.00 to $75.00 in a research note on Thursday, May 15th. Eight analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $70.55.

Cisco Systems Trading Up 2.7%

CSCO stock traded up $1.89 during trading on Friday, reaching $71.79. 31,389,613 shares of the stock traded hands, compared to its average volume of 17,540,942. The firm has a market capitalization of $284.29 billion, a PE ratio of 29.30, a P/E/G ratio of 3.98 and a beta of 0.91. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.95 and a quick ratio of 0.87. The business's 50 day moving average price is $67.49 and its 200-day moving average price is $63.05. Cisco Systems, Inc. has a 52-week low of $44.50 and a 52-week high of $72.02.

Cisco Systems (NASDAQ:CSCO - Get Free Report) last posted its earnings results on Wednesday, May 14th. The network equipment provider reported $0.96 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.92 by $0.04. The firm had revenue of $14.15 billion during the quarter, compared to the consensus estimate of $14.05 billion. Cisco Systems had a net margin of 17.60% and a return on equity of 26.48%. The company's revenue was up 11.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.88 EPS. As a group, sell-side analysts forecast that Cisco Systems, Inc. will post 3.04 earnings per share for the current year.

Cisco Systems Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 23rd. Investors of record on Thursday, July 3rd were issued a $0.41 dividend. This represents a $1.64 annualized dividend and a yield of 2.3%. The ex-dividend date was Thursday, July 3rd. Cisco Systems's dividend payout ratio is currently 66.94%.

Cisco Systems 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.