Allspring Global Investments Holdings LLC Sells 443,296 Shares of Cisco Systems, Inc. (NASDAQ:CSCO)

Allspring Global Investments Holdings LLC lessened its stake in shares of Cisco Systems, Inc. (NASDAQ:CSCO - Free Report) by 25.7% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 1,284,259 shares of the network equipment provider's stock after selling 443,296 shares during the period. Allspring Global Investments Holdings LLC's holdings in Cisco Systems were worth $79,367,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of CSCO. Glass Jacobson Investment Advisors llc grew its position in shares of Cisco Systems by 8.7% in the fourth quarter. Glass Jacobson Investment Advisors llc now owns 2,070 shares of the network equipment provider's stock valued at $123,000 after purchasing an additional 166 shares during the last quarter. BlackDiamond Wealth Management LLC increased its position in Cisco Systems by 3.1% in the 4th quarter. BlackDiamond Wealth Management LLC now owns 5,656 shares of the network equipment provider's stock valued at $335,000 after acquiring an additional 168 shares during the period. Legacy Financial Group Inc. grew its position in shares of Cisco Systems by 3.4% in the 4th quarter. Legacy Financial Group Inc. now owns 5,100 shares of the network equipment provider's stock valued at $302,000 after buying an additional 169 shares during the last quarter. Maple Capital Management Inc. boosted its holdings in Cisco Systems by 1.4% in the fourth quarter. Maple Capital Management Inc. now owns 11,984 shares of the network equipment provider's stock valued at $709,000 after acquiring an additional 170 shares during the last quarter. Finally, Capital Advantage Inc. lifted its holdings in Cisco Systems by 1.0% in the fourth quarter. Capital Advantage Inc. now owns 17,361 shares of the network equipment provider's stock valued at $1,028,000 after buying an additional 172 shares during the period. 73.33% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. Wells Fargo & Company upgraded shares of Cisco Systems from an "equal weight" rating to an "overweight" rating and upped their target price for the stock from $72.00 to $75.00 in a report on Thursday, May 15th. New Street Research reaffirmed a "neutral" rating and issued a $70.00 price objective on shares of Cisco Systems in a research report on Friday, May 16th. KeyCorp began coverage on Cisco Systems in a research note on Thursday. They issued an "overweight" rating and a $77.00 target price on the stock. Evercore ISI lifted their price target on Cisco Systems from $67.00 to $72.00 and gave the stock an "outperform" rating in a report on Thursday, May 15th. Finally, Wall Street Zen raised Cisco Systems from a "buy" rating to a "strong-buy" rating in a research report on Friday, May 16th. Seven equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $69.53.

Insider Activity at Cisco Systems

In other news, SVP Maria Victoria Wong sold 762 shares of Cisco Systems stock in a transaction that occurred on Wednesday, June 11th. The shares were sold at an average price of $64.07, for a total transaction of $48,821.34. Following the completion of the transaction, the senior vice president now directly owns 36,937 shares in the company, valued at approximately $2,366,553.59. This trade represents a 2.02% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Thimaya K. Subaiya sold 8,726 shares of the firm's stock in a transaction that occurred on Tuesday, June 17th. The shares were sold at an average price of $65.54, for a total value of $571,902.04. Following the transaction, the executive vice president now directly owns 174,669 shares of the company's stock, valued at approximately $11,447,806.26. This trade represents a 4.76% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 97,335 shares of company stock worth $6,271,054 over the last ninety days. 0.01% of the stock is owned by corporate insiders.

Cisco Systems Trading Up 0.7%

Shares of CSCO traded up $0.46 during trading hours on Monday, hitting $69.11. The company had a trading volume of 10,331,448 shares, compared to its average volume of 21,787,111. The company has a quick ratio of 0.87, a current ratio of 0.95 and a debt-to-equity ratio of 0.50. Cisco Systems, Inc. has a 52-week low of $44.50 and a 52-week high of $69.39. The stock's 50 day moving average price is $62.57 and its 200 day moving average price is $61.12. The firm has a market cap of $273.66 billion, a P/E ratio of 28.21, a P/E/G ratio of 4.11 and a beta of 0.88.

Cisco Systems (NASDAQ:CSCO - Get Free Report) last released its quarterly earnings results on Wednesday, May 14th. The network equipment provider reported $0.96 earnings per share for the quarter, beating the consensus estimate of $0.92 by $0.04. Cisco Systems had a net margin of 17.60% and a return on equity of 26.48%. The business had revenue of $14.15 billion for the quarter, compared to analysts' expectations of $14.05 billion. During the same quarter in the previous year, the business posted $0.88 earnings per share. The firm's revenue for the quarter was up 11.4% compared to the same quarter last year. On average, research analysts predict that Cisco Systems, Inc. will post 3.04 EPS for the current year.

Cisco Systems Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 23rd. Stockholders of record on Thursday, July 3rd will be paid a $0.41 dividend. This represents a $1.64 dividend on an annualized basis and a dividend yield of 2.37%. The ex-dividend date is Thursday, July 3rd. Cisco Systems's payout ratio is presently 66.94%.

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.