First Interstate Bank Sells 7,354 Shares of Cisco Systems, Inc. (NASDAQ:CSCO)

First Interstate Bank decreased its holdings in Cisco Systems, Inc. (NASDAQ:CSCO - Free Report) by 4.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 142,636 shares of the network equipment provider's stock after selling 7,354 shares during the period. Cisco Systems comprises 0.5% of First Interstate Bank's portfolio, making the stock its 27th largest holding. First Interstate Bank's holdings in Cisco Systems were worth $8,802,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Norges Bank bought a new stake in shares of Cisco Systems during the 4th quarter worth about $3,297,905,000. FMR LLC increased its position in Cisco Systems by 20.8% in the 4th quarter. FMR LLC now owns 77,216,513 shares of the network equipment provider's stock worth $4,571,218,000 after buying an additional 13,285,052 shares during the period. Alyeska Investment Group L.P. bought a new position in Cisco Systems in the 4th quarter worth approximately $413,491,000. GAMMA Investing LLC increased its position in Cisco Systems by 7,096.5% in the 1st quarter. GAMMA Investing LLC now owns 6,718,402 shares of the network equipment provider's stock worth $414,593,000 after buying an additional 6,625,045 shares during the period. Finally, Caisse DE Depot ET Placement DU Quebec increased its position in Cisco Systems by 187.9% in the 4th 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 buying an additional 4,880,747 shares during the period. 73.33% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, EVP Thimaya K. Subaiya sold 8,726 shares of the business'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 sale, the executive vice president directly owned 174,669 shares in the company, valued at $11,447,806.26. The trade was a 4.76% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Maria Victoria Wong sold 762 shares of the business's stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $64.07, for a total value of $48,821.34. Following the completion of the sale, the senior vice president owned 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 disclosure for this sale can be found here. Insiders have sold 97,335 shares of company stock worth $6,271,054 over the last 90 days. 0.01% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

CSCO has been the subject of a number of research analyst reports. KeyCorp initiated coverage on shares of Cisco Systems in a research report on Thursday, June 26th. They set an "overweight" rating and a $77.00 price objective for the company. Wells Fargo & Company raised Cisco Systems from an "equal weight" rating to an "overweight" rating and raised their target price for the stock from $72.00 to $75.00 in a research report on Thursday, May 15th. Evercore ISI raised their target price on Cisco Systems from $67.00 to $72.00 and gave the stock an "outperform" rating in a research report on Thursday, May 15th. Deutsche Bank Aktiengesellschaft raised Cisco Systems from a "hold" rating to a "buy" rating and lifted their price objective for the company from $65.00 to $73.00 in a report on Monday, June 16th. Finally, Citigroup lifted their price objective on Cisco Systems from $68.00 to $71.00 and gave the company a "buy" rating in a report on Thursday, May 15th. Eight research 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 data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $69.53.

Cisco Systems Trading Down 0.6%

CSCO stock traded down $0.43 during midday trading on Thursday, reaching $68.85. The company's stock had a trading volume of 6,008,276 shares, compared to its average volume of 20,341,625. Cisco Systems, Inc. has a 52 week low of $44.50 and a 52 week high of $69.78. The stock has a market cap of $272.63 billion, a PE ratio of 28.10, a price-to-earnings-growth ratio of 4.10 and a beta of 0.90. The company has a quick ratio of 0.87, a current ratio of 0.95 and a debt-to-equity ratio of 0.50. The business's 50-day simple moving average is $64.63 and its 200-day simple moving average is $61.68.

Cisco Systems (NASDAQ:CSCO - Get Free Report) last posted its earnings results on Wednesday, May 14th. The network equipment provider reported $0.96 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.92 by $0.04. The company had revenue of $14.15 billion during 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 company's revenue for the quarter was up 11.4% compared to the same quarter last year. During the same period in the previous year, the company earned $0.88 EPS. As a group, sell-side analysts expect that Cisco Systems, Inc. will post 3.04 EPS for the current year.

Cisco Systems Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 23rd. Investors of record on Thursday, July 3rd will be given a $0.41 dividend. This represents a $1.64 dividend on an annualized basis and a dividend yield of 2.38%. The ex-dividend date is Thursday, July 3rd. Cisco Systems's dividend payout ratio is currently 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.