SP Asset Management LLC Sells 352 Shares of Cisco Systems, Inc. (NASDAQ:CSCO)

SP Asset Management LLC decreased its position in Cisco Systems, Inc. (NASDAQ:CSCO) by 8.3% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 3,904 shares of the network equipment provider’s stock after selling 352 shares during the period. SP Asset Management LLC’s holdings in Cisco Systems were worth $231,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Mainstream Capital Management LLC bought a new stake in Cisco Systems in the fourth quarter valued at $132,000. Morse Asset Management Inc purchased a new position in shares of Cisco Systems in the 3rd quarter worth about $798,000. HighVista Strategies LLC purchased a new position in shares of Cisco Systems in the 3rd quarter worth about $1,698,000. GAMMA Investing LLC lifted its stake in Cisco Systems by 13.1% during the 4th quarter. GAMMA Investing LLC now owns 93,357 shares of the network equipment provider’s stock valued at $5,527,000 after acquiring an additional 10,813 shares during the period. Finally, Oddo BHF Asset Management Sas bought a new position in Cisco Systems during the 3rd quarter valued at about $502,000. Institutional investors own 73.33% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on CSCO. Piper Sandler increased their price objective on shares of Cisco Systems from $57.00 to $72.00 and gave the stock a “neutral” rating in a research note on Thursday, February 13th. Citigroup increased their target price on shares of Cisco Systems from $71.00 to $73.00 and gave the stock a “buy” rating in a report on Thursday, February 27th. Bank of America increased their target price on shares of Cisco Systems from $60.00 to $72.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. Morgan Stanley increased their target price on shares of Cisco Systems from $62.00 to $68.00 and gave the stock an “overweight” rating in a report on Tuesday, December 17th. Finally, Melius raised shares of Cisco Systems from a “hold” rating to a “buy” rating and increased their target price for the stock from $66.00 to $73.00 in a report on Monday, January 6th. Seven equities research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $66.63.

Cisco Systems Trading Up 1.1 %

Shares of NASDAQ:CSCO opened at $63.96 on Thursday. Cisco Systems, Inc. has a 12-month low of $44.50 and a 12-month high of $66.50. The company has a market capitalization of $254.45 billion, a PE ratio of 27.93, a PEG ratio of 4.16 and a beta of 0.79. The business has a 50 day moving average of $61.47 and a two-hundred day moving average of $57.20. The company has a current ratio of 0.87, a quick ratio of 0.79 and a debt-to-equity ratio of 0.43.

Cisco Systems (NASDAQ:CSCO) last announced its earnings results on Wednesday, February 12th. The network equipment provider reported $0.77 earnings per share for the quarter, missing the consensus estimate of $0.91 by ($0.14). Cisco Systems had a return on equity of 26.08% and a net margin of 16.96%. As a group, analysts forecast that Cisco Systems, Inc. will post 3.04 EPS for the current year.

Cisco Systems Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 23rd. Shareholders of record on Thursday, April 3rd will be issued a $0.41 dividend. This is a boost from Cisco Systems’s previous quarterly dividend of $0.40. This represents a $1.64 annualized dividend and a yield of 2.56%. The ex-dividend date is Thursday, April 3rd. Cisco Systems’s dividend payout ratio is presently 71.62%.

Cisco Systems declared that its board has authorized a stock repurchase program on Wednesday, February 12th that authorizes the company to buyback $15.00 billion in shares. This buyback authorization authorizes the network equipment provider to reacquire up to 6% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.

Insider Buying and Selling at Cisco Systems

In related news, SVP Maria Victoria Wong sold 586 shares of the firm’s stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $58.69, for a total transaction of $34,392.34. Following the transaction, the senior vice president now owns 50,767 shares in the company, valued at $2,979,515.23. This trade represents a 1.14 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Kristina M. Johnson sold 7,500 shares of Cisco Systems stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $59.87, for a total value of $449,025.00. Following the completion of the transaction, the director now owns 65,915 shares in the company, valued at $3,946,331.05. This trade represents a 10.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 74,848 shares of company stock worth $4,767,206 in the last three months. 0.01% of the stock is owned by corporate insiders.

Cisco Systems Company 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.