First Foundation Advisors Sells 36,822 Shares of Cisco Systems, Inc. (NASDAQ:CSCO)

Key Points

• First Foundation Advisors reduced its stake in Cisco Systems by 34.6%, selling 36,822 shares and holding 69,620 shares valued at approximately $4.3 million.
• Cisco reported a better-than-expected earnings of $0.96 per share for the last quarter, exceeding consensus estimates of $0.92, alongside a year-over-year revenue growth of 11.4%.
• The company announced a quarterly dividend of $0.41 per share, with a current dividend yield of 2.41% and a payout ratio of 66.94%.

First Foundation Advisors trimmed its stake in shares of Cisco Systems, Inc. (NASDAQ:CSCO - Free Report) by 34.6% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 69,620 shares of the network equipment provider's stock after selling 36,822 shares during the quarter. First Foundation Advisors' holdings in Cisco Systems were worth $4,296,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in the stock. Banque Cantonale Vaudoise bought a new position in shares of Cisco Systems during the first quarter worth about $15,667,000. FSA Advisors Inc. bought a new position in shares of Cisco Systems during the first quarter worth about $212,000. Premier Fund Managers Ltd bought a new position in shares of Cisco Systems during the first quarter worth about $6,693,000. Federated Hermes Inc. raised its position in shares of Cisco Systems by 61.3% during the first quarter. Federated Hermes Inc. now owns 317,827 shares of the network equipment provider's stock worth $19,613,000 after acquiring an additional 120,819 shares during the last quarter. Finally, Geneos Wealth Management Inc. raised its position in shares of Cisco Systems by 87.5% during the first quarter. Geneos Wealth Management Inc. now owns 57,236 shares of the network equipment provider's stock worth $3,532,000 after acquiring an additional 26,703 shares during the last quarter. 73.33% of the stock is currently owned by institutional investors.

Cisco Systems Stock Down 1.1%

CSCO stock opened at $67.92 on Tuesday. The stock's fifty day simple moving average is $66.51 and its two-hundred day simple moving average is $62.52. 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, Inc. has a 1-year low of $44.50 and a 1-year high of $69.78. The stock has a market cap of $268.96 billion, a P/E ratio of 27.72, a P/E/G ratio of 4.11 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 (EPS) for the quarter, beating the consensus estimate of $0.92 by $0.04. The firm had revenue of $14.15 billion for the quarter, compared to analyst estimates of $14.05 billion. Cisco Systems had a return on equity of 26.48% and a net margin of 17.60%. The business's revenue was up 11.4% on a year-over-year basis. During the same period in the previous year, the company posted $0.88 earnings per share. Analysts expect 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 was paid on Wednesday, July 23rd. Shareholders of record on Thursday, July 3rd were paid a $0.41 dividend. The ex-dividend date of this dividend was Thursday, July 3rd. This represents a $1.64 annualized dividend and a dividend yield of 2.41%. Cisco Systems's payout ratio is presently 66.94%.

Insider Transactions at Cisco Systems

In related news, SVP Maria Victoria Wong sold 762 shares of the business's stock in a transaction 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 sale, the senior vice president directly owned 36,937 shares in the company, valued at approximately $2,366,553.59. The trade was a 2.02% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Jeetendra I. Patel sold 899 shares of the business's stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $64.27, for a total value of $57,778.73. Following the sale, the insider owned 255,377 shares in the company, valued at approximately $16,413,079.79. The trade was a 0.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 97,335 shares of company stock valued at $6,271,054. 0.01% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on CSCO. Evercore ISI restated an "in-line" rating and set a $72.00 price objective on shares of Cisco Systems in a research report on Monday. New Street Research reiterated a "neutral" rating and issued a $70.00 target price on shares of Cisco Systems in a report on Friday, May 16th. Piper Sandler lifted their target price on Cisco Systems from $60.00 to $64.00 and gave the stock a "neutral" rating in a report on Thursday, May 15th. Rosenblatt Securities lifted their target price on Cisco Systems from $63.00 to $74.00 and gave the stock a "buy" rating in a report on Thursday, May 15th. Finally, JPMorgan Chase & Co. lifted their target price on Cisco Systems from $73.00 to $78.00 and gave the stock an "overweight" rating in a report on Thursday, July 17th. Eight investment analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat.com, Cisco Systems has an average rating of "Moderate Buy" and an average price target of $70.35.

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.

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