Summit Global Investments Sells 25,707 Shares of Cisco Systems, Inc. (NASDAQ:CSCO)

Summit Global Investments lessened its position in Cisco Systems, Inc. (NASDAQ:CSCO - Free Report) by 78.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,917 shares of the network equipment provider's stock after selling 25,707 shares during the period. Summit Global Investments' holdings in Cisco Systems were worth $427,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of CSCO. FPC Investment Advisory Inc. purchased a new position in shares of Cisco Systems in the fourth quarter valued at $26,000. Navigoe LLC bought a new position in shares of Cisco Systems in the 4th quarter worth about $26,000. Mpwm Advisory Solutions LLC bought a new position in shares of Cisco Systems in the 4th quarter worth about $26,000. JDM Financial Group LLC lifted its position in shares of Cisco Systems by 160.4% in the 4th quarter. JDM Financial Group LLC now owns 487 shares of the network equipment provider's stock worth $29,000 after buying an additional 300 shares during the last quarter. Finally, Runnymede Capital Advisors Inc. bought a new stake in Cisco Systems in the 4th quarter valued at about $30,000. Institutional investors and hedge funds own 73.33% of the company's stock.

Analyst Ratings Changes

CSCO has been the topic of several research analyst reports. Wells Fargo & Company raised shares of Cisco Systems from an "equal weight" rating to an "overweight" rating and raised their target price for the company from $72.00 to $75.00 in a research note on Thursday, May 15th. Morgan Stanley reiterated a "hold" rating on shares of Cisco Systems in a report on Wednesday, May 21st. Rosenblatt Securities raised their price target on shares of Cisco Systems from $63.00 to $74.00 and gave the stock a "buy" rating in a report on Thursday, May 15th. Citigroup lifted 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. Finally, Wall Street Zen raised shares of Cisco Systems from a "buy" rating to a "strong-buy" rating in a research report on Friday, May 16th. Eight analysts have rated the stock with a hold rating, twelve have given a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $68.00.

Insider Buying and Selling

In other Cisco Systems news, SVP Maria Victoria Wong sold 762 shares of the business's stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $60.99, for a total transaction 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 approximately $2,693,013.45. The trade was a 1.70% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Thimaya K. Subaiya sold 2,065 shares of the business's stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $60.70, for a total value of $125,345.50. Following the sale, the executive vice president now directly owns 191,184 shares of the company's stock, valued at $11,604,868.80. This represents a 1.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 41,616 shares of company stock worth $2,640,095 in the last 90 days. Corporate insiders own 0.01% of the company's stock.

Cisco Systems Stock Performance

Cisco Systems stock traded up $0.23 on Thursday, hitting $64.62. The company's stock had a trading volume of 17,001,251 shares, compared to its average volume of 20,113,465. Cisco Systems, Inc. has a one year low of $44.50 and a one year high of $66.50. The company has a quick ratio of 0.79, a current ratio of 0.87 and a debt-to-equity ratio of 0.43. The company has a fifty day moving average price of $59.52 and a 200-day moving average price of $60.27. The firm has a market cap of $255.90 billion, a P/E ratio of 28.22, a price-to-earnings-growth ratio of 4.16 and a beta of 0.88.

Cisco Systems (NASDAQ:CSCO - Get Free Report) last issued its earnings results on Wednesday, May 14th. The network equipment provider reported $0.96 EPS for the quarter, beating the consensus estimate of $0.92 by $0.04. The company had revenue of $14.15 billion for the quarter, compared to the consensus estimate of $14.05 billion. Cisco Systems had a net margin of 16.96% and a return on equity of 26.08%. The firm's revenue for the quarter was up 11.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.88 EPS. On average, equities analysts anticipate that Cisco Systems, Inc. will post 3.04 earnings per share for the current year.

Cisco Systems Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 23rd. Investors of record on Thursday, July 3rd will be given 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 yield of 2.54%. Cisco Systems's dividend payout ratio (DPR) is 66.94%.

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

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.