Zions Bancorporation National Association UT Purchases New Stake in Cisco Systems, Inc. (NASDAQ:CSCO)

Key Points

• Zions Bancorporation National Association UT has acquired 11,331 shares of Cisco Systems, Inc., valued at approximately $699,000, indicating increased institutional interest in the company.
• Analysts have set target prices for Cisco Systems, with Morgan Stanley raising its target to $70.00 and UBS Group boosting it to $74.00, reflecting a generally positive outlook for the stock.
• Cisco Systems reported a quarterly earnings per share (EPS) of $0.96, exceeding estimates and showing a revenue increase of 11.4% compared to the previous year.

Zions Bancorporation National Association UT acquired a new stake in Cisco Systems, Inc. (NASDAQ:CSCO - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 11,331 shares of the network equipment provider's stock, valued at approximately $699,000.

Other large investors have also added to or reduced their stakes in the company. Brighton Jones LLC raised its holdings in Cisco Systems by 49.5% in the 4th quarter. Brighton Jones LLC now owns 74,187 shares of the network equipment provider's stock worth $4,392,000 after purchasing an additional 24,562 shares during the period. Revolve Wealth Partners LLC increased its stake 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 worth $542,000 after acquiring an additional 2,474 shares during the last quarter. Glass Jacobson Investment Advisors llc raised its holdings in Cisco Systems by 8.7% in the 4th quarter. Glass Jacobson Investment Advisors llc now owns 2,070 shares of the network equipment provider's stock valued at $123,000 after buying an additional 166 shares during the period. Sterling Capital Management LLC raised its holdings in Cisco Systems by 151.8% in the 4th quarter. Sterling Capital Management LLC now owns 118,014 shares of the network equipment provider's stock valued at $6,986,000 after buying an additional 71,155 shares during the period. Finally, Petros Family Wealth LLC acquired a new stake in shares of Cisco Systems in the fourth quarter valued at $1,703,000. Hedge funds and other institutional investors own 73.33% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. KeyCorp assumed coverage on Cisco Systems in a report on Thursday, June 26th. They set an "overweight" rating and a $77.00 price target for the company. New Street Research reaffirmed a "neutral" rating and set a $70.00 price objective on shares of Cisco Systems in a research note on Friday, May 16th. Rosenblatt Securities increased their price objective on Cisco Systems from $63.00 to $74.00 and gave the stock a "buy" rating in a research report on Thursday, May 15th. Wells Fargo & Company upgraded Cisco Systems from an "equal weight" rating to an "overweight" rating and increased their price objective for the stock from $72.00 to $75.00 in a research report on Thursday, May 15th. Finally, Deutsche Bank Aktiengesellschaft upgraded Cisco Systems from a "hold" rating to a "buy" rating and upped their price target for the stock from $65.00 to $73.00 in a report on Monday, June 16th. Eight analysts have rated the stock with a hold rating, sixteen have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $70.55.

Insiders Place Their Bets

In related news, EVP Deborah L. Stahlkopf sold 2,407 shares of the stock in a transaction that occurred on Wednesday, June 11th. The stock was sold at an average price of $64.01, for a total value of $154,072.07. Following the completion of the transaction, the executive vice president directly owned 177,027 shares of the company's stock, valued at $11,331,498.27. This represents a 1.34% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Thimaya K. Subaiya sold 8,726 shares of the stock in a transaction on Tuesday, June 17th. The shares were sold at an average price of $65.54, for a total value of $571,902.04. Following the sale, the executive vice president owned 174,669 shares of the company's stock, valued at $11,447,806.26. This trade represents a 4.76% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 97,335 shares of company stock worth $6,271,054. 0.01% of the stock is owned by company insiders.

Cisco Systems Trading Up 1.0%

Shares of Cisco Systems stock traded up $0.71 during trading hours on Tuesday, reaching $71.38. The stock had a trading volume of 21,677,845 shares, compared to its average volume of 21,299,121. The firm has a 50 day simple moving average of $67.63 and a two-hundred day simple moving average of $63.11. The firm has a market capitalization of $282.66 billion, a price-to-earnings ratio of 29.13, a P/E/G ratio of 3.98 and a beta of 0.91. 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, Inc. has a 1 year low of $44.89 and a 1 year high of $72.55.

Cisco Systems (NASDAQ:CSCO - Get Free Report) last issued its quarterly earnings data 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. The company had revenue of $14.15 billion for the quarter, compared to analysts' expectations of $14.05 billion. Cisco Systems had a return on equity of 26.48% and a net margin of 17.60%. The firm's quarterly revenue was up 11.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.88 earnings per share. As a group, equities research analysts anticipate that Cisco Systems, Inc. will post 3.04 earnings per share for the current year.

Cisco Systems Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 23rd. Investors of record on Thursday, July 3rd were issued a $0.41 dividend. This represents a $1.64 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date of this dividend was Thursday, July 3rd. Cisco Systems's dividend payout ratio (DPR) is 66.94%.

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.