Cisco Systems, Inc. (NASDAQ:CSCO) Shares Acquired by Sara Bay Financial

Sara Bay Financial increased its holdings in Cisco Systems, Inc. (NASDAQ:CSCO - Free Report) by 72.7% in the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 25,926 shares of the network equipment provider's stock after buying an additional 10,911 shares during the quarter. Cisco Systems comprises approximately 0.7% of Sara Bay Financial's portfolio, making the stock its 16th biggest position. Sara Bay Financial's holdings in Cisco Systems were worth $1,578,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in CSCO. First Affirmative Financial Network grew its holdings in Cisco Systems by 12.1% during the first quarter. First Affirmative Financial Network now owns 23,514 shares of the network equipment provider's stock valued at $1,451,000 after purchasing an additional 2,544 shares during the period. Radnor Capital Management LLC lifted its position in shares of Cisco Systems by 2.7% during the 1st quarter. Radnor Capital Management LLC now owns 52,344 shares of the network equipment provider's stock valued at $3,230,000 after buying an additional 1,395 shares in the last quarter. Pines Wealth Management LLC grew its stake in shares of Cisco Systems by 5.3% during the 1st quarter. Pines Wealth Management LLC now owns 17,788 shares of the network equipment provider's stock valued at $1,098,000 after acquiring an additional 889 shares during the period. McNamara Financial Services Inc. purchased a new stake in Cisco Systems in the 1st quarter worth approximately $216,000. Finally, Procyon Advisors LLC raised its stake in Cisco Systems by 29.0% during the 1st quarter. Procyon Advisors LLC now owns 120,632 shares of the network equipment provider's stock worth $7,308,000 after acquiring an additional 27,104 shares during the period. 73.33% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on CSCO. UBS Group upped their target price on shares of Cisco Systems from $62.00 to $70.00 and gave the stock a "neutral" rating in a report on Thursday, February 13th. Wall Street Zen upgraded Cisco Systems from a "buy" rating to a "strong-buy" rating in a research report on Friday, May 16th. Evercore ISI increased 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. JPMorgan Chase & Co. boosted their price target on Cisco Systems from $70.00 to $73.00 and gave the stock an "overweight" rating in a report on Thursday, May 15th. Finally, Piper Sandler upped their target price 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. Eight analysts have rated the stock with a hold rating, twelve have issued a buy rating and three have given a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $68.00.

Cisco Systems Trading Down 1.1%

NASDAQ CSCO traded down $0.75 on Tuesday, hitting $65.15. 17,177,140 shares of the stock were exchanged, compared to its average volume of 20,142,917. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.79 and a current ratio of 0.87. Cisco Systems, Inc. has a 52-week low of $44.50 and a 52-week high of $66.50. The firm has a market capitalization of $257.99 billion, a P/E ratio of 28.45, a P/E/G ratio of 4.16 and a beta of 0.88. The stock has a fifty day moving average price of $59.85 and a two-hundred day moving average price of $60.46.

Cisco Systems (NASDAQ:CSCO - Get Free Report) last released its quarterly earnings results on Wednesday, May 14th. The network equipment provider reported $0.96 EPS for the quarter, topping analysts' consensus estimates of $0.92 by $0.04. Cisco Systems had a net margin of 16.96% and a return on equity of 26.08%. The firm had revenue of $14.15 billion during the quarter, compared to analysts' expectations of $14.05 billion. During the same period in the previous year, the company earned $0.88 EPS. The firm's revenue for the quarter was up 11.4% compared to the same quarter last year. Research analysts forecast that Cisco Systems, Inc. will post 3.04 EPS for the current fiscal year.

Cisco Systems Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 23rd. Investors of record on Thursday, July 3rd will be paid a $0.41 dividend. This represents a $1.64 dividend on an annualized basis and a yield of 2.52%. The ex-dividend date is Thursday, July 3rd. Cisco Systems's dividend payout ratio (DPR) is presently 66.94%.

Cisco Systems declared that its Board of Directors has approved a stock buyback plan on Wednesday, February 12th that authorizes the company to repurchase $15.00 billion in shares. This repurchase authorization authorizes the network equipment provider to repurchase up to 6% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's leadership believes its stock is undervalued.

Insiders Place Their Bets

In other news, EVP Thimaya K. Subaiya sold 2,065 shares of the company's stock in a transaction on Wednesday, March 12th. The stock was sold at an average price of $60.70, for a total transaction of $125,345.50. Following the transaction, the executive vice president now directly owns 191,184 shares of the company's stock, valued at approximately $11,604,868.80. This represents a 1.07% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Maria Victoria Wong sold 762 shares of the firm's stock in a transaction on Wednesday, March 12th. The stock was sold at an average price of $60.99, for a total value of $46,474.38. Following the completion of the sale, the senior vice president now directly owns 44,155 shares of the company's stock, valued at $2,693,013.45. The trade was a 1.70% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 71,400 shares of company stock worth $4,564,439 in the last three months. Corporate insiders own 0.01% of the company's stock.

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.