Tiedemann Advisors LLC lowered its stake in Cisco Systems, Inc. (NASDAQ:CSCO) by 20.0% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 91,842 shares of the network equipment provider’s stock after selling 22,948 shares during the quarter. Tiedemann Advisors LLC’s holdings in Cisco Systems were worth $5,028,000 as of its most recent SEC filing.
Other hedge funds also recently made changes to their positions in the company. Evolution Wealth Advisors LLC purchased a new stake in shares of Cisco Systems during the 2nd quarter valued at about $33,000. Lowe Wealth Advisors LLC purchased a new stake in shares of Cisco Systems during the 2nd quarter valued at about $38,000. Personal Wealth Partners purchased a new stake in shares of Cisco Systems during the 2nd quarter valued at about $44,000. Ashburton Jersey Ltd purchased a new stake in shares of Cisco Systems during the 2nd quarter valued at about $49,000. Finally, Cohen & Steers Inc. purchased a new stake in shares of Cisco Systems during the 4th quarter valued at about $51,000. Institutional investors and hedge funds own 72.89% of the company’s stock.
CSCO stock traded up $0.20 during mid-day trading on Friday, reaching $50.13. The company had a trading volume of 874,449 shares, compared to its average volume of 20,611,740. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.51 and a quick ratio of 1.46. The company has a market capitalization of $212.43 billion, a PE ratio of 17.59, a price-to-earnings-growth ratio of 2.29 and a beta of 1.26. The firm has a 50 day moving average of $50.44 and a 200 day moving average of $53.70. Cisco Systems, Inc. has a 12 month low of $40.25 and a 12 month high of $58.26.
Cisco Systems (NASDAQ:CSCO) last issued its earnings results on Wednesday, August 14th. The network equipment provider reported $0.83 EPS for the quarter, topping the Zacks’ consensus estimate of $0.82 by $0.01. The business had revenue of $13.43 billion for the quarter, compared to the consensus estimate of $13.39 billion. Cisco Systems had a net margin of 22.39% and a return on equity of 32.43%. The company’s revenue for the quarter was up 4.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.70 EPS. Analysts anticipate that Cisco Systems, Inc. will post 3.06 EPS for the current year.
In other news, EVP Mark D. Chandler sold 546 shares of the stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $47.92, for a total transaction of $26,164.32. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Kelly A. Kramer sold 70,000 shares of the stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $46.72, for a total transaction of $3,270,400.00. Following the transaction, the chief financial officer now owns 277,548 shares in the company, valued at $12,967,042.56. The disclosure for this sale can be found here. 0.03% of the stock is owned by corporate insiders.
A number of analysts recently weighed in on the stock. KeyCorp reduced their price objective on shares of Cisco Systems from $60.00 to $56.00 and set an “overweight” rating on the stock in a research report on Thursday, August 15th. Robert W. Baird reissued a “buy” rating and issued a $57.00 price objective on shares of Cisco Systems in a research report on Monday, August 12th. Tigress Financial reissued a “buy” rating on shares of Cisco Systems in a research report on Thursday, June 27th. Morgan Stanley reduced their price objective on shares of Cisco Systems from $51.00 to $49.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 15th. Finally, Credit Suisse Group set a $50.00 price objective on shares of Cisco Systems and gave the stock a “neutral” rating in a research report on Tuesday, August 27th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty-one have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $56.72.
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 worldwide. The company offers switching products; routing products that interconnect public and private wireline and mobile networks; data center products; and wireless access points for use in voice, video, and data applications.
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