Jennison Associates LLC Sells 151,239 Shares of Cisco Systems, Inc. (NASDAQ:CSCO)

Jennison Associates LLC decreased its position in shares of Cisco Systems, Inc. (NASDAQ:CSCO - Free Report) by 4.4% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,289,994 shares of the network equipment provider's stock after selling 151,239 shares during the period. Jennison Associates LLC owned 0.08% of Cisco Systems worth $203,026,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of CSCO. Brighton Jones LLC increased its stake in Cisco Systems by 49.5% during the fourth quarter. Brighton Jones LLC now owns 74,187 shares of the network equipment provider's stock valued at $4,392,000 after acquiring an additional 24,562 shares during the period. Revolve Wealth Partners LLC boosted its holdings in Cisco Systems by 37.0% during the fourth quarter. Revolve Wealth Partners LLC now owns 9,156 shares of the network equipment provider's stock valued at $542,000 after purchasing an additional 2,474 shares in the last quarter. Proficio Capital Partners LLC boosted its holdings in Cisco Systems by 76.4% during the fourth quarter. Proficio Capital Partners LLC now owns 16,947 shares of the network equipment provider's stock valued at $1,003,000 after purchasing an additional 7,338 shares in the last quarter. OVERSEA CHINESE BANKING Corp Ltd boosted its holdings in Cisco Systems by 10.8% during the fourth quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 47,570 shares of the network equipment provider's stock valued at $2,825,000 after purchasing an additional 4,619 shares in the last quarter. Finally, VSM Wealth Advisory LLC acquired a new stake in Cisco Systems during the fourth quarter valued at approximately $76,000. Institutional investors and hedge funds own 73.33% of the company's stock.

Insider Activity at Cisco Systems

In related news, EVP Deborah L. Stahlkopf sold 9,643 shares of Cisco Systems stock in a transaction that occurred 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 transaction, the executive vice president directly owned 181,186 shares of the company's stock, valued at $11,505,311. This trade represents a 5.05% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Charles Robbins sold 29,784 shares of Cisco Systems stock in a transaction that occurred on Thursday, June 5th. The shares were sold at an average price of $64.61, for a total transaction of $1,924,344.24. Following the completion of the transaction, the chief executive officer directly owned 688,409 shares in the company, valued at $44,478,105.49. This trade represents a 4.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders 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

NASDAQ:CSCO traded down $0.25 during mid-day trading on Friday, hitting $68.05. The stock had a trading volume of 16,138,141 shares, compared to its average volume of 20,295,616. Cisco Systems, Inc. has a twelve month low of $44.50 and a twelve month high of $69.78. The stock has a market cap of $269.48 billion, a price-to-earnings ratio of 27.78, a PEG ratio of 4.09 and a beta of 0.90. The company's 50 day simple moving average is $65.84 and its 200 day simple moving average is $62.09. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.87 and a current ratio of 0.95.

Cisco Systems (NASDAQ:CSCO - Get Free Report) last released its quarterly earnings results on Wednesday, May 14th. The network equipment provider reported $0.96 earnings per share 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 analysts' expectations of $14.05 billion. Cisco Systems had a net margin of 17.60% and a return on equity of 26.48%. The business's revenue was up 11.4% on a year-over-year basis. During the same period in the prior year, the firm earned $0.88 EPS. On average, equities research analysts forecast that Cisco Systems, Inc. will post 3.04 earnings per share for the current year.

Cisco Systems Announces Dividend

The firm 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 dividend of $0.41 per share. The ex-dividend date of this dividend is Thursday, July 3rd. This represents a $1.64 annualized dividend and a dividend yield of 2.41%. Cisco Systems's dividend payout ratio is presently 66.94%.

Analyst Ratings Changes

Several research analysts have issued reports on the company. Wall Street Zen downgraded Cisco Systems from a "strong-buy" rating to a "buy" rating in a report on Saturday, July 12th. Evercore ISI upped their price objective on Cisco Systems from $67.00 to $72.00 and gave the stock an "outperform" rating in a report on Thursday, May 15th. Piper Sandler upped their target price on shares of Cisco Systems from $60.00 to $64.00 and gave the company a "neutral" rating in a research report on Thursday, May 15th. Wells Fargo & Company upgraded shares of Cisco Systems from an "equal weight" rating to an "overweight" rating and upped their target price for the company from $72.00 to $75.00 in a research report on Thursday, May 15th. Finally, CICC Research assumed coverage on shares of Cisco Systems in a research report on Monday, July 14th. They set an "outperform" rating and a $78.00 target price for the company. Seven equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $70.35.

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.