Gotham Asset Management LLC lessened its holdings in shares of Cisco Systems, Inc. (NASDAQ:CSCO - Free Report) by 21.9% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 260,334 shares of the network equipment provider's stock after selling 72,844 shares during the period. Gotham Asset Management LLC's holdings in Cisco Systems were worth $15,412,000 at the end of the most recent reporting period.
Several other institutional investors have also recently added to or reduced their stakes in the business. FPC Investment Advisory Inc. acquired a new position in Cisco Systems in the fourth quarter valued at $26,000. Navigoe LLC purchased a new position in Cisco Systems during the 4th quarter worth approximately $26,000. Runnymede Capital Advisors Inc. acquired a new position in Cisco Systems during the fourth quarter worth approximately $30,000. Campbell Capital Management Inc. purchased a new stake in Cisco Systems in the fourth quarter valued at approximately $31,000. Finally, Synergy Investment Management LLC purchased a new position in shares of Cisco Systems during the fourth quarter worth approximately $36,000. Hedge funds and other institutional investors own 73.33% of the company's stock.
Analyst Ratings Changes
CSCO has been the subject of several recent research reports. DZ Bank upgraded shares of Cisco Systems from a "hold" rating to a "buy" rating in a research note on Tuesday, February 18th. Evercore ISI lowered their target price on Cisco Systems from $75.00 to $67.00 and set an "outperform" rating on the stock in a research note on Monday, April 28th. Wells Fargo & Company restated an "equal weight" rating on shares of Cisco Systems in a research note on Thursday, March 6th. The Goldman Sachs Group lifted their price objective on shares of Cisco Systems from $56.00 to $63.00 and gave the company a "neutral" rating in a research report on Thursday, February 13th. Finally, Piper Sandler cut their price objective on shares of Cisco Systems from $72.00 to $60.00 and set a "neutral" rating for the company in a research report on Tuesday, April 8th. Seven investment analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, Cisco Systems has a consensus rating of "Moderate Buy" and an average target price of $65.05.
Check Out Our Latest Report on CSCO
Insider Buying and Selling at Cisco Systems
In related news, CFO Richard Scott Herren sold 19,929 shares of the stock in a transaction that occurred on Friday, February 14th. The shares were sold at an average price of $64.41, for a total transaction of $1,283,626.89. Following the completion of the sale, the chief financial officer now owns 335,605 shares of the company's stock, valued at approximately $21,616,318.05. This represents a 5.61 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Charles Robbins sold 31,983 shares of the stock in a transaction on Friday, February 14th. The shares were sold at an average price of $64.41, for a total value of $2,060,025.03. Following the completion of the sale, the chief executive officer now owns 736,120 shares of the company's stock, valued at approximately $47,413,489.20. This represents a 4.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 66,547 shares of company stock worth $4,275,553 in the last quarter. 0.01% of the stock is owned by insiders.
Cisco Systems Stock Performance
Shares of CSCO opened at $59.77 on Friday. The company has a market capitalization of $237.78 billion, a price-to-earnings ratio of 26.10, a PEG ratio of 4.16 and a beta of 0.89. 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 1 year low of $44.50 and a 1 year high of $66.50. The company's 50 day simple moving average is $58.78 and its 200 day simple moving average is $59.45.
Cisco Systems (NASDAQ:CSCO - Get Free Report) last announced its quarterly earnings data on Wednesday, February 12th. The network equipment provider reported $0.77 EPS for the quarter, missing analysts' consensus estimates of $0.91 by ($0.14). Cisco Systems had a net margin of 16.96% and a return on equity of 26.08%. On average, sell-side analysts predict that Cisco Systems, Inc. will post 3.04 EPS for the current year.
Cisco Systems Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Wednesday, April 23rd. Investors of record on Thursday, April 3rd were given a dividend of $0.41 per share. This is a positive change from Cisco Systems's previous quarterly dividend of $0.40. The ex-dividend date was Thursday, April 3rd. This represents a $1.64 annualized dividend and a yield of 2.74%. Cisco Systems's dividend payout ratio is 71.62%.
Cisco Systems announced that its board has initiated a share repurchase plan on Wednesday, February 12th that permits the company to buyback $15.00 billion in outstanding shares. This buyback authorization permits the network equipment provider to reacquire up to 6% of its stock through open market purchases. Stock buyback plans are typically a sign that the company's leadership believes its stock is undervalued.
About Cisco Systems
(
Free Report)
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.
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