Financial Gravity Companies Inc. purchased a new stake in Cisco Systems, Inc. (NASDAQ:CSCO) in the 4th quarter, HoldingsChannel reports. The fund purchased 8,844 shares of the network equipment provider’s stock, valued at approximately $367,000.
A number of other hedge funds and other institutional investors also recently made changes to their positions in CSCO. Mitchell Capital Management Co. acquired a new stake in shares of Cisco Systems during the fourth quarter valued at about $368,000. Burney Co. grew its stake in shares of Cisco Systems by 15.6% during the fourth quarter. Burney Co. now owns 150,141 shares of the network equipment provider’s stock valued at $5,750,000 after acquiring an additional 20,270 shares in the last quarter. Icon Wealth Partners LLC acquired a new stake in shares of Cisco Systems during the fourth quarter valued at about $1,951,000. Lazard Asset Management LLC grew its stake in shares of Cisco Systems by 0.6% during the fourth quarter. Lazard Asset Management LLC now owns 31,640,136 shares of the network equipment provider’s stock valued at $1,211,815,000 after acquiring an additional 187,711 shares in the last quarter. Finally, Harwood Advisory Group LLC grew its stake in shares of Cisco Systems by 22.2% during the fourth quarter. Harwood Advisory Group LLC now owns 42,563 shares of the network equipment provider’s stock valued at $1,633,000 after acquiring an additional 7,724 shares in the last quarter. Hedge funds and other institutional investors own 73.89% of the company’s stock.
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In other Cisco Systems news, Director M Michele Burns sold 12,126 shares of the firm’s stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $45.37, for a total value of $550,156.62. Following the sale, the director now owns 74,479 shares in the company, valued at $3,379,112.23. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP David Goeckeler sold 20,671 shares of the firm’s stock in a transaction that occurred on Thursday, March 15th. The shares were sold at an average price of $45.50, for a total transaction of $940,530.50. The disclosure for this sale can be found here. 0.05% of the stock is currently owned by company insiders.
Several analysts have recently weighed in on the company. Argus raised their target price on Cisco Systems to $55.00 and gave the company a “buy” rating in a research note on Friday, May 18th. Credit Suisse Group set a $41.00 target price on Cisco Systems and gave the company a “hold” rating in a research note on Thursday, May 17th. BidaskClub downgraded Cisco Systems from a “strong-buy” rating to a “buy” rating in a research note on Saturday, May 19th. Zacks Investment Research downgraded Cisco Systems from a “buy” rating to a “hold” rating in a research note on Tuesday. Finally, Royal Bank of Canada restated a “buy” rating and set a $44.00 target price on shares of Cisco Systems in a research note on Monday, February 12th. Eleven analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the company. Cisco Systems has a consensus rating of “Buy” and a consensus target price of $46.11.
Shares of NASDAQ CSCO opened at $43.68 on Thursday. The company has a current ratio of 2.34, a quick ratio of 2.28 and a debt-to-equity ratio of 0.44. Cisco Systems, Inc. has a 52-week low of $30.36 and a 52-week high of $46.37. The stock has a market capitalization of $210.28 billion, a price-to-earnings ratio of 20.32, a price-to-earnings-growth ratio of 3.11 and a beta of 1.14.
Cisco Systems (NASDAQ:CSCO) last issued its earnings results on Wednesday, May 16th. The network equipment provider reported $0.66 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.65 by $0.01. Cisco Systems had a negative net margin of 2.61% and a positive return on equity of 19.48%. The firm had revenue of $12.46 billion for the quarter, compared to analysts’ expectations of $12.42 billion. During the same quarter last year, the company posted $0.60 earnings per share. analysts anticipate that Cisco Systems, Inc. will post 2.34 EPS for the current fiscal year.
Cisco Systems announced that its Board of Directors has approved a stock repurchase plan on Wednesday, February 14th that permits the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization permits the network equipment provider to reacquire shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.
Cisco Systems Company Profile
Cisco Systems, Inc designs, manufactures, and sells Internet Protocol (IP) based networking and other products related to the communications and information technology industry worldwide. The company offers switching products, including fixed-configuration and modular switches, and storage products that provide connectivity to end users, workstations, IP phones, wireless access points, and servers; and next-generation network routing products that interconnect public and private wireline and mobile networks for mobile, data, voice, and video applications.
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