Essex LLC Trims Stock Position in Cisco Systems, Inc. (NASDAQ:CSCO)

Essex LLC decreased its position in Cisco Systems, Inc. (NASDAQ:CSCO - Free Report) by 9.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 48,730 shares of the network equipment provider's stock after selling 4,905 shares during the period. Essex LLC's holdings in Cisco Systems were worth $3,007,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Navigoe LLC acquired a new stake in Cisco Systems during the fourth quarter worth $26,000. Mpwm Advisory Solutions LLC acquired a new stake in shares of Cisco Systems during the 4th quarter worth about $26,000. JDM Financial Group LLC raised its holdings in Cisco Systems by 160.4% in the 4th quarter. JDM Financial Group LLC now owns 487 shares of the network equipment provider's stock valued at $29,000 after buying an additional 300 shares during the period. Runnymede Capital Advisors Inc. acquired a new position in Cisco Systems in the fourth quarter valued at about $30,000. Finally, Campbell Capital Management Inc. purchased a new position in Cisco Systems during the fourth quarter worth about $31,000. Hedge funds and other institutional investors own 73.33% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on CSCO. Piper Sandler boosted their price target on shares of Cisco Systems from $60.00 to $64.00 and gave the company a "neutral" rating in a research note on Thursday, May 15th. JPMorgan Chase & Co. boosted their target price on Cisco Systems from $70.00 to $73.00 and gave the company an "overweight" rating in a research report on Thursday, May 15th. Evercore ISI upped their price target on Cisco Systems from $67.00 to $72.00 and gave the stock an "outperform" rating in a research note on Thursday, May 15th. Citigroup lifted 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, New Street Research reissued a "neutral" rating and set a $70.00 target price on shares of Cisco Systems in a research note on Friday, May 16th. Seven analysts have rated the stock with a hold rating, fourteen have issued a buy rating and three have given a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $69.53.

Insider Activity at Cisco Systems

In other Cisco Systems news, EVP Deborah L. Stahlkopf sold 9,643 shares of the company's stock in a transaction 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 completion of the transaction, the executive vice president now owns 181,186 shares in the company, valued at $11,505,311. This represents a 5.05% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Thimaya K. Subaiya sold 8,726 shares of the firm's stock in a transaction dated 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 now directly owns 174,669 shares in the company, valued at approximately $11,447,806.26. The trade was a 4.76% decrease in their position. The disclosure for this sale can be found here. Insiders sold 97,335 shares of company stock valued at $6,271,054 over the last three months. 0.01% of the stock is owned by corporate insiders.

Cisco Systems Trading Down 0.4%

Shares of NASDAQ:CSCO opened at $68.65 on Monday. Cisco Systems, Inc. has a 52 week low of $44.50 and a 52 week high of $69.22. The company's 50 day moving average is $62.57 and its two-hundred day moving average is $61.12. The company has a market cap of $271.85 billion, a PE ratio of 28.02, a P/E/G ratio of 4.11 and a beta of 0.88. The company has a current ratio of 0.95, a quick ratio of 0.87 and a debt-to-equity ratio of 0.50.

Cisco Systems (NASDAQ:CSCO - Get Free Report) last posted its 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. Cisco Systems had a return on equity of 26.48% and a net margin of 17.60%. The firm had revenue of $14.15 billion for the quarter, compared to analyst estimates of $14.05 billion. During the same quarter in the prior year, the company posted $0.88 earnings per share. Cisco Systems's revenue for the quarter was up 11.4% compared to the same quarter last year. Equities analysts predict that Cisco Systems, Inc. will post 3.04 earnings per share for the current fiscal year.

Cisco Systems Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 23rd. Investors of record on Thursday, July 3rd will be paid a dividend of $0.41 per share. This represents a $1.64 annualized dividend and a yield of 2.39%. The ex-dividend date is Thursday, July 3rd. Cisco Systems's payout ratio is 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.

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