Chemung Canal Trust Co. Purchases 36,322 Shares of Cisco Systems, Inc. (NASDAQ:CSCO)

Chemung Canal Trust Co. raised its holdings in shares of Cisco Systems, Inc. (NASDAQ:CSCO - Free Report) by 193.3% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 55,115 shares of the network equipment provider's stock after acquiring an additional 36,322 shares during the period. Chemung Canal Trust Co.'s holdings in Cisco Systems were worth $3,401,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the business. Norges Bank bought a new position in Cisco Systems in the 4th quarter valued at about $3,297,905,000. FMR LLC boosted its holdings in shares of Cisco Systems by 20.8% in the fourth quarter. FMR LLC now owns 77,216,513 shares of the network equipment provider's stock valued at $4,571,218,000 after acquiring an additional 13,285,052 shares in the last quarter. Alyeska Investment Group L.P. acquired a new position in shares of Cisco Systems during the fourth quarter valued at approximately $413,491,000. GAMMA Investing LLC raised its holdings in Cisco Systems by 7,096.5% during the first quarter. GAMMA Investing LLC now owns 6,718,402 shares of the network equipment provider's stock worth $414,593,000 after purchasing an additional 6,625,045 shares in the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec lifted its position in Cisco Systems by 187.9% in the fourth quarter. Caisse DE Depot ET Placement DU Quebec now owns 7,478,872 shares of the network equipment provider's stock worth $442,749,000 after purchasing an additional 4,880,747 shares during the period. Institutional investors and hedge funds own 73.33% of the company's stock.

Insider Transactions at Cisco Systems

In other news, SVP Maria Victoria Wong sold 762 shares of the company's stock in a transaction that occurred on Wednesday, June 11th. The stock was 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 directly owned 36,937 shares in the company, valued at $2,366,553.59. The trade was a 2.02% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jeetendra I. Patel sold 899 shares of the firm's stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $64.27, for a total transaction of $57,778.73. Following the completion of the sale, the insider owned 255,377 shares in the company, valued at $16,413,079.79. This represents a 0.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 97,335 shares of company stock worth $6,271,054. 0.01% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. Wolfe Research assumed coverage on Cisco Systems in a research report on Tuesday. They issued a "peer perform" rating for the company. JPMorgan Chase & Co. upped their target price on Cisco Systems from $70.00 to $73.00 and gave the stock an "overweight" rating in a research report on Thursday, May 15th. Citigroup upped their target price on Cisco Systems from $68.00 to $71.00 and gave the stock a "buy" rating in a research report on Thursday, May 15th. Rosenblatt Securities upped their target price on Cisco Systems from $63.00 to $74.00 and gave the stock a "buy" rating in a research report on Thursday, May 15th. Finally, Wells Fargo & Company upgraded 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 research report on Thursday, May 15th. Eight research analysts have rated the stock with a hold rating, fourteen have given a buy rating and three have given a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $69.53.

Cisco Systems Stock Up 1.0%

Shares of Cisco Systems stock traded up $0.68 on Wednesday, hitting $69.27. 23,762,244 shares of the company traded hands, compared to its average volume of 20,386,182. The company has a 50-day moving average price of $64.40 and a 200 day moving average price of $61.63. 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 12-month low of $44.50 and a 12-month high of $69.78. The company has a market cap of $274.31 billion, a PE ratio of 28.27, a PEG ratio of 4.12 and a beta of 0.90.

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

Cisco Systems Announces Dividend

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