Sunpointe LLC Lowers Position in Cisco Systems, Inc. (NASDAQ:CSCO)

Sunpointe LLC trimmed its stake in Cisco Systems, Inc. (NASDAQ:CSCO) by 10.8% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 5,462 shares of the network equipment provider’s stock after selling 662 shares during the quarter. Sunpointe LLC’s holdings in Cisco Systems were worth $291,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of CSCO. Gleason Group Inc. lifted its position in Cisco Systems by 0.9% during the third quarter. Gleason Group Inc. now owns 22,683 shares of the network equipment provider’s stock valued at $1,207,000 after buying an additional 193 shares in the last quarter. Braun Bostich & Associates Inc. lifted its position in Cisco Systems by 4.6% during the third quarter. Braun Bostich & Associates Inc. now owns 6,325 shares of the network equipment provider’s stock valued at $337,000 after buying an additional 276 shares in the last quarter. 626 Financial LLC acquired a new position in Cisco Systems during the third quarter valued at approximately $217,000. EdgeRock Capital LLC lifted its position in Cisco Systems by 5.3% during the third quarter. EdgeRock Capital LLC now owns 4,529 shares of the network equipment provider’s stock valued at $241,000 after buying an additional 226 shares in the last quarter. Finally, Lynch & Associates IN lifted its position in Cisco Systems by 0.9% during the third quarter. Lynch & Associates IN now owns 148,990 shares of the network equipment provider’s stock valued at $7,929,000 after buying an additional 1,343 shares in the last quarter. 73.33% of the stock is currently owned by hedge funds and other institutional investors.

Cisco Systems Stock Performance

CSCO stock traded up $1.45 during midday trading on Wednesday, reaching $55.53. The company had a trading volume of 4,227,762 shares, compared to its average volume of 19,052,473. The company has a quick ratio of 0.83, a current ratio of 0.91 and a debt-to-equity ratio of 0.43. The stock has a 50 day moving average price of $50.51 and a 200 day moving average price of $48.45. Cisco Systems, Inc. has a fifty-two week low of $44.50 and a fifty-two week high of $55.73. The firm has a market capitalization of $223.72 billion, a PE ratio of 18.21, a P/E/G ratio of 4.22 and a beta of 0.83.

Cisco Systems (NASDAQ:CSCO) last issued its quarterly earnings data on Wednesday, August 14th. The network equipment provider reported $0.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.85 by $0.02. The business had revenue of $13.64 billion during the quarter, compared to the consensus estimate of $13.53 billion. Cisco Systems had a return on equity of 27.83% and a net margin of 19.18%. The business’s revenue was down 10.3% on a year-over-year basis. During the same period in the previous year, the firm posted $1.01 earnings per share. Analysts anticipate that Cisco Systems, Inc. will post 2.9 earnings per share for the current year.

Cisco Systems Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 23rd. Stockholders of record on Wednesday, October 2nd will be given a dividend of $0.40 per share. The ex-dividend date of this dividend is Wednesday, October 2nd. This represents a $1.60 annualized dividend and a dividend yield of 2.88%. Cisco Systems’s dividend payout ratio is presently 53.87%.

Insider Transactions at Cisco Systems

In other Cisco Systems news, CEO Charles Robbins sold 27,143 shares of the company’s stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $49.45, for a total value of $1,342,221.35. Following the completion of the sale, the chief executive officer now directly owns 683,403 shares in the company, valued at $33,794,278.35. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Cisco Systems news, CEO Charles Robbins sold 27,143 shares of the company’s stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $49.45, for a total value of $1,342,221.35. Following the completion of the sale, the chief executive officer now directly owns 683,403 shares in the company, valued at $33,794,278.35. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Deborah L. Stahlkopf sold 7,462 shares of the company’s stock in a transaction on Friday, August 16th. The shares were sold at an average price of $49.41, for a total value of $368,697.42. Following the completion of the transaction, the executive vice president now directly owns 165,580 shares in the company, valued at $8,181,307.80. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 70,529 shares of company stock worth $3,509,049. Company insiders own 0.02% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on CSCO. Citigroup raised shares of Cisco Systems from a “neutral” rating to a “buy” rating and lifted their price target for the company from $52.00 to $62.00 in a research report on Wednesday. Jefferies Financial Group reduced their target price on shares of Cisco Systems from $56.00 to $53.00 and set a “buy” rating on the stock in a research report on Thursday, August 15th. New Street Research raised shares of Cisco Systems from a “neutral” rating to a “buy” rating and set a $57.00 target price on the stock in a research report on Thursday, August 15th. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Cisco Systems from $52.00 to $53.00 and gave the stock a “hold” rating in a research report on Thursday, August 15th. Finally, Piper Sandler reissued a “neutral” rating and set a $52.00 target price on shares of Cisco Systems in a research report on Thursday, August 15th. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $56.74.

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 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.