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

Bridges Investment Management Inc. cut its holdings in Cisco Systems, Inc. (NASDAQ:CSCO - Free Report) by 7.6% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 72,640 shares of the network equipment provider's stock after selling 5,943 shares during the quarter. Bridges Investment Management Inc.'s holdings in Cisco Systems were worth $4,483,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Golden State Wealth Management LLC raised its holdings in Cisco Systems by 10.8% during the first quarter. Golden State Wealth Management LLC now owns 6,298 shares of the network equipment provider's stock worth $389,000 after purchasing an additional 612 shares during the last quarter. Proficio Capital Partners LLC raised its holdings in Cisco Systems by 76.4% during the fourth 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 last quarter. Wealth Enhancement Advisory Services LLC raised its holdings in Cisco Systems by 28.9% during the first 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 last quarter. Investment Management Corp of Ontario raised its holdings in Cisco Systems by 44.6% during the fourth 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 last quarter. Finally, AlTi Global Inc. raised its holdings in Cisco Systems by 49.8% during the fourth 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 last quarter. 73.33% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, insider Jeetendra I. Patel sold 9,961 shares of the business's stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $63.97, for a total value of $637,205.17. Following the transaction, the insider owned 257,162 shares in the company, valued at approximately $16,450,653.14. The trade was a 3.73% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Richard Scott Herren sold 15,678 shares of the business's 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 transaction, 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 position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 97,335 shares of company stock valued at $6,271,054. Insiders own 0.01% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. New Street Research reaffirmed a "neutral" rating and set a $70.00 price objective on shares of Cisco Systems in a report on Friday, May 16th. Wall Street Zen raised Cisco Systems from a "buy" rating to a "strong-buy" rating in a report on Friday, May 16th. Barclays reissued an "equal weight" rating on shares of Cisco Systems in a report on Wednesday, May 21st. Deutsche Bank Aktiengesellschaft raised Cisco Systems from a "hold" rating to a "buy" rating and boosted their price target for the stock from $65.00 to $73.00 in a report on Monday, June 16th. Finally, Wells Fargo & Company raised Cisco Systems from an "equal weight" rating to an "overweight" rating and boosted their price target for the stock from $72.00 to $75.00 in a report on Thursday, May 15th. Eight equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and three have assigned a strong buy rating to the company's stock. According to MarketBeat, Cisco Systems currently has a consensus rating of "Moderate Buy" and an average target price of $69.53.

Cisco Systems Trading Down 0.6%

CSCO stock traded down $0.38 during trading on Friday, reaching $68.38. 1,710,394 shares of the stock traded hands, compared to its average volume of 20,310,603. The business's 50 day moving average price is $64.84 and its 200-day moving average price is $61.75. Cisco Systems, Inc. has a 52-week low of $44.50 and a 52-week high of $69.78. 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 firm has a market capitalization of $270.77 billion, a PE ratio of 27.90, a P/E/G ratio of 4.14 and a beta of 0.90.

Cisco Systems (NASDAQ:CSCO - Get Free Report) last issued its earnings results on Wednesday, May 14th. The network equipment provider reported $0.96 earnings per share for the quarter, topping the consensus estimate of $0.92 by $0.04. Cisco Systems had a return on equity of 26.48% and a net margin of 17.60%. The company had revenue of $14.15 billion during the quarter, compared to the consensus estimate of $14.05 billion. During the same quarter in the prior year, the business earned $0.88 earnings per share. The company's revenue was up 11.4% compared to the same quarter last year. 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 firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 23rd. Investors of record on Thursday, July 3rd will be paid a $0.41 dividend. This represents a $1.64 annualized dividend and a dividend yield of 2.40%. The ex-dividend date is Thursday, July 3rd. Cisco Systems's dividend payout ratio (DPR) is 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.