Cisco Systems, Inc. (NASDAQ:CSCO) Shares Sold by First Interstate Bank

First Interstate Bank trimmed its stake in Cisco Systems, Inc. (NASDAQ:CSCO - Free Report) by 4.9% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 142,636 shares of the network equipment provider's stock after selling 7,354 shares during the period. Cisco Systems accounts for 0.5% of First Interstate Bank's portfolio, making the stock its 27th largest position. First Interstate Bank's holdings in Cisco Systems were worth $8,802,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in the stock. Navigoe LLC acquired a new stake in Cisco Systems during the 4th quarter worth about $26,000. Mpwm Advisory Solutions LLC acquired a new stake in shares of Cisco Systems during the fourth quarter worth about $26,000. JDM Financial Group LLC boosted its position in Cisco Systems by 160.4% in the fourth 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 last quarter. Runnymede Capital Advisors Inc. acquired a new position in Cisco Systems in the 4th quarter worth approximately $30,000. Finally, Campbell Capital Management Inc. acquired a new stake in Cisco Systems during the 4th quarter valued at approximately $31,000. 73.33% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on CSCO. JPMorgan Chase & Co. raised their target price on shares of Cisco Systems from $70.00 to $73.00 and gave the stock an "overweight" rating in a report on Thursday, May 15th. New Street Research restated a "neutral" rating and issued a $70.00 target price on shares of Cisco Systems in a research note on Friday, May 16th. Citigroup boosted their target price on shares of Cisco Systems from $68.00 to $71.00 and gave the company a "buy" rating in a research note on Thursday, May 15th. Rosenblatt Securities lifted their price target on Cisco Systems from $63.00 to $74.00 and gave the company a "buy" rating in a research note on Thursday, May 15th. Finally, KeyCorp began coverage on shares of Cisco Systems in a research report on Thursday, June 26th. They issued an "overweight" rating and a $77.00 target price on the stock. Eight analysts have rated the stock with a hold rating, fourteen have assigned 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 target price of $69.53.

Insider Activity

In other Cisco Systems news, CFO Richard Scott Herren sold 15,678 shares of the business's stock in a transaction that occurred on Tuesday, June 17th. The stock was sold at an average price of $65.52, for a total transaction of $1,027,222.56. Following the transaction, the chief financial officer owned 309,543 shares in the company, valued at approximately $20,281,257.36. The trade was a 4.82% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Jeetendra I. Patel sold 9,961 shares of the firm's stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $63.97, for a total value of $637,205.17. Following the completion of the sale, the insider directly owned 257,162 shares of the company's stock, valued at $16,450,653.14. This represents a 3.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over 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.

Cisco Systems Trading Up 1.0%

CSCO traded up $0.68 during mid-day trading on Wednesday, hitting $69.27. 23,762,244 shares of the stock were exchanged, compared to its average volume of 20,398,351. The firm's fifty day moving average is $64.40 and its two-hundred day moving average is $61.63. Cisco Systems, Inc. has a 1-year low of $44.50 and a 1-year high of $69.78. The company has a market cap of $274.31 billion, a PE ratio of 28.27, a PEG ratio of 4.10 and a beta of 0.90. 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 announced its quarterly earnings data on Wednesday, May 14th. The network equipment provider reported $0.96 earnings per share for the quarter, beating analysts' consensus estimates of $0.92 by $0.04. Cisco Systems had a net margin of 17.60% and a return on equity of 26.48%. The business had revenue of $14.15 billion for the quarter, compared to analyst estimates of $14.05 billion. During the same period last year, the business earned $0.88 EPS. The company's revenue was up 11.4% on a year-over-year basis. Equities analysts forecast that Cisco Systems, Inc. will post 3.04 earnings per share for the current fiscal year.

Cisco Systems Announces Dividend

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