Summit X LLC increased its position in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 2.0% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 57,052 shares of the network equipment provider’s stock after acquiring an additional 1,142 shares during the quarter. Cisco Systems comprises approximately 1.1% of Summit X LLC’s investment portfolio, making the stock its 17th biggest holding. Summit X LLC’s holdings in Cisco Systems were worth $2,822,000 at the end of the most recent reporting period.
Other institutional investors have also recently added to or reduced their stakes in the company. Evolution Wealth Advisors LLC acquired a new stake in Cisco Systems during the 2nd quarter worth approximately $33,000. Lowe Wealth Advisors LLC acquired a new stake in shares of Cisco Systems in the second quarter valued at approximately $38,000. Personal Wealth Partners acquired a new stake in shares of Cisco Systems in the second quarter valued at approximately $44,000. Ashburton Jersey Ltd acquired a new stake in shares of Cisco Systems in the second quarter valued at approximately $49,000. Finally, Lucia Wealth Services LLC raised its holdings in shares of Cisco Systems by 72.3% in the second quarter. Lucia Wealth Services LLC now owns 1,144 shares of the network equipment provider’s stock valued at $63,000 after purchasing an additional 480 shares during the last quarter. 73.34% of the stock is currently owned by institutional investors and hedge funds.
CSCO traded up $0.37 during trading on Wednesday, reaching $46.73. 10,526,343 shares of the stock were exchanged, compared to its average volume of 20,780,738. The stock has a market cap of $197.66 billion, a P/E ratio of 16.39, a price-to-earnings-growth ratio of 2.24 and a beta of 1.28. Cisco Systems, Inc. has a twelve month low of $40.25 and a twelve month high of $58.26. The stock’s 50 day moving average price is $48.07 and its two-hundred day moving average price is $53.07. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.46 and a current ratio of 1.51.
Cisco Systems (NASDAQ:CSCO) last issued its earnings results on Wednesday, August 14th. The network equipment provider reported $0.83 earnings per share 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 firm’s revenue for the quarter was up 4.5% on a year-over-year basis. During the same period in the previous year, the company earned $0.70 earnings per share. Equities research analysts predict that Cisco Systems, Inc. will post 3.04 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 23rd. Investors of record on Friday, October 4th will be issued a dividend of $0.35 per share. The ex-dividend date of this dividend is Thursday, October 3rd. This represents a $1.40 dividend on an annualized basis and a yield of 3.00%. Cisco Systems’s payout ratio is 49.12%.
In other Cisco Systems news, CFO Kelly A. Kramer sold 70,000 shares of Cisco Systems stock in a transaction 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 completion of the transaction, the chief financial officer now directly owns 277,548 shares of the company’s stock, valued at $12,967,042.56. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Irving Tan sold 22,896 shares of Cisco Systems stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $49.42, for a total transaction of $1,131,520.32. Following the transaction, the senior vice president now directly owns 154,819 shares of the company’s stock, valued at $7,651,154.98. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 193,130 shares of company stock worth $9,359,179. 0.03% of the stock is owned by corporate insiders.
A number of research firms have recently issued reports on CSCO. Cowen lowered their price objective on shares of Cisco Systems from $65.00 to $61.00 and set an “outperform” rating on the stock in a report on Thursday, August 15th. JPMorgan Chase & Co. set a $62.00 price objective on shares of Cisco Systems and gave the company a “buy” rating in a report on Monday, August 12th. Evercore ISI began coverage on shares of Cisco Systems in a report on Wednesday, September 11th. They issued an “outperform” rating and a $60.00 price objective on the stock. UBS Group set a $58.00 price objective on shares of Cisco Systems and gave the company a “buy” rating in a report on Thursday, August 15th. Finally, Bank of America reiterated a “buy” rating and issued a $62.00 price objective on shares of Cisco Systems in a report on Wednesday, July 10th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and twenty have issued a buy rating to the company’s stock. Cisco Systems presently has an average rating of “Buy” and an average target price of $56.04.
Cisco Systems Profile
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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