Gries Financial LLC Cuts Holdings in Cisco Systems, Inc. (NASDAQ:CSCO)

Gries Financial LLC trimmed its holdings in Cisco Systems, Inc. (NASDAQ:CSCO - Free Report) by 11.7% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 39,975 shares of the network equipment provider's stock after selling 5,311 shares during the quarter. Gries Financial LLC's holdings in Cisco Systems were worth $2,467,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Glass Jacobson Investment Advisors llc lifted its position in shares of Cisco Systems by 8.7% during the fourth quarter. Glass Jacobson Investment Advisors llc now owns 2,070 shares of the network equipment provider's stock worth $123,000 after purchasing an additional 166 shares in the last quarter. Legacy Financial Group Inc. lifted its position in shares of Cisco Systems by 3.4% during the fourth quarter. Legacy Financial Group Inc. now owns 5,100 shares of the network equipment provider's stock worth $302,000 after purchasing an additional 169 shares in the last quarter. Capital Advantage Inc. lifted its position in shares of Cisco Systems by 1.0% during the fourth quarter. Capital Advantage Inc. now owns 17,361 shares of the network equipment provider's stock worth $1,028,000 after purchasing an additional 172 shares in the last quarter. Lynx Investment Advisory raised its holdings in Cisco Systems by 3.9% in the fourth quarter. Lynx Investment Advisory now owns 4,593 shares of the network equipment provider's stock valued at $272,000 after acquiring an additional 174 shares in the last quarter. Finally, Meridian Wealth Advisors LLC raised its holdings in Cisco Systems by 1.7% in the fourth quarter. Meridian Wealth Advisors LLC now owns 11,593 shares of the network equipment provider's stock valued at $686,000 after acquiring an additional 192 shares in the last quarter. Institutional investors and hedge funds own 73.33% of the company's stock.

Insider Buying and Selling

In other news, CFO Richard Scott Herren sold 15,678 shares of Cisco Systems stock in a transaction on Tuesday, June 17th. The stock was sold at an average price of $65.52, for a total value of $1,027,222.56. Following the completion of the transaction, the chief financial officer directly owned 309,543 shares in the company, valued at approximately $20,281,257.36. The trade was a 4.82% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Charles Robbins sold 29,784 shares of the business's stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $64.61, for a total value of $1,924,344.24. Following the transaction, the chief executive officer owned 688,409 shares of the company's stock, valued at approximately $44,478,105.49. The trade was a 4.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 97,335 shares of company stock valued at $6,271,054. 0.01% of the stock is currently owned by company insiders.

Cisco Systems Stock Performance

Shares of CSCO stock traded down $0.18 during trading on Tuesday, reaching $68.16. 14,523,252 shares of the company's stock were exchanged, compared to its average volume of 20,258,213. 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 stock has a market capitalization of $269.91 billion, a PE ratio of 27.82, a PEG ratio of 4.07 and a beta of 0.90. Cisco Systems, Inc. has a twelve month low of $44.50 and a twelve month high of $69.78. The firm's fifty day moving average price is $65.84 and its 200-day moving average price is $62.13.

Cisco Systems (NASDAQ:CSCO - Get Free Report) last released its earnings results 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. The firm had revenue of $14.15 billion during the quarter, compared to the consensus estimate 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 was up 11.4% compared to the same quarter last year. During the same period in the prior year, the company posted $0.88 EPS. As a group, sell-side analysts anticipate that Cisco Systems, Inc. will post 3.04 EPS for the current year.

Cisco Systems Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 23rd. Shareholders of record on Thursday, July 3rd will be issued a $0.41 dividend. The ex-dividend date is Thursday, July 3rd. This represents a $1.64 annualized dividend and a yield of 2.41%. Cisco Systems's payout ratio is currently 66.94%.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on CSCO. 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 for the company. Deutsche Bank Aktiengesellschaft raised shares of Cisco Systems from a "hold" rating to a "buy" rating and upped their price objective for the company from $65.00 to $73.00 in a research note on Monday, June 16th. Wells Fargo & Company raised shares of Cisco Systems from an "equal weight" rating to an "overweight" rating and increased their price target for the stock from $72.00 to $75.00 in a research report on Thursday, May 15th. Wall Street Zen lowered shares of Cisco Systems from a "strong-buy" rating to a "buy" rating in a research report on Saturday, July 12th. Finally, Piper Sandler increased their price target on shares of Cisco Systems from $60.00 to $64.00 and gave the stock a "neutral" rating in a research report on Thursday, May 15th. Seven analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, Cisco Systems presently has an average rating of "Moderate Buy" and an average target price of $70.35.

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.