Exchange Bank Cuts Stake in Cisco Systems, Inc. (NASDAQ:CSCO)

Exchange Bank cut its holdings in Cisco Systems, Inc. (NASDAQ:CSCO) by 23.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 8,618 shares of the network equipment provider’s stock after selling 2,621 shares during the period. Exchange Bank’s holdings in Cisco Systems were worth $510,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in CSCO. Seven Eight Capital LP bought a new position in Cisco Systems during the 2nd quarter worth approximately $242,000. Kayne Anderson Rudnick Investment Management LLC grew its holdings in shares of Cisco Systems by 27.5% in the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 220,894 shares of the network equipment provider’s stock worth $10,495,000 after purchasing an additional 47,590 shares during the last quarter. EverSource Wealth Advisors LLC increased its stake in shares of Cisco Systems by 3.8% in the second quarter. EverSource Wealth Advisors LLC now owns 14,811 shares of the network equipment provider’s stock worth $718,000 after buying an additional 540 shares during the period. DRW Securities LLC raised its holdings in Cisco Systems by 90.2% during the 2nd quarter. DRW Securities LLC now owns 22,283 shares of the network equipment provider’s stock valued at $1,059,000 after buying an additional 10,567 shares during the last quarter. Finally, Certified Advisory Corp boosted its position in Cisco Systems by 9.7% during the 2nd quarter. Certified Advisory Corp now owns 6,075 shares of the network equipment provider’s stock valued at $289,000 after buying an additional 538 shares during the period. 73.33% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Cisco Systems

In other news, SVP Maria Victoria Wong sold 4,881 shares of the company’s stock in a transaction dated Wednesday, November 27th. The shares were sold at an average price of $59.73, for a total transaction of $291,542.13. Following the completion of the sale, the senior vice president now owns 51,931 shares of the company’s stock, valued at $3,101,838.63. This represents a 8.59 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Charles Robbins sold 171,744 shares of the business’s stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $57.49, for a total transaction of $9,873,562.56. Following the sale, the chief executive officer now owns 783,786 shares of the company’s stock, valued at $45,059,857.14. This trade represents a 17.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 353,522 shares of company stock worth $20,349,721 over the last quarter. Company insiders own 0.01% of the company’s stock.

Cisco Systems Stock Performance

CSCO stock opened at $60.23 on Tuesday. The stock’s 50 day simple moving average is $58.94 and its 200 day simple moving average is $53.70. The company has a current ratio of 0.88, a quick ratio of 0.80 and a debt-to-equity ratio of 0.43. Cisco Systems, Inc. has a 12-month low of $44.50 and a 12-month high of $60.95. The stock has a market capitalization of $239.88 billion, a PE ratio of 25.85, a price-to-earnings-growth ratio of 4.48 and a beta of 0.84.

Cisco Systems (NASDAQ:CSCO) last announced its quarterly earnings results on Wednesday, November 13th. The network equipment provider reported $0.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.87 by $0.04. Cisco Systems had a return on equity of 25.70% and a net margin of 17.73%. The firm had revenue of $13.84 billion for the quarter, compared to the consensus estimate of $13.78 billion. During the same period in the prior year, the company posted $0.98 earnings per share. The company’s quarterly revenue was down 5.6% on a year-over-year basis. As a group, research analysts forecast that Cisco Systems, Inc. will post 2.97 earnings per share for the current fiscal year.

Cisco Systems Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 22nd. Stockholders of record on Friday, January 3rd will be issued a dividend of $0.40 per share. The ex-dividend date of this dividend is Friday, January 3rd. This represents a $1.60 annualized dividend and a dividend yield of 2.66%. Cisco Systems’s payout ratio is 68.67%.

Analyst Upgrades and Downgrades

CSCO has been the subject of several recent analyst reports. Citigroup upped their price objective on shares of Cisco Systems from $64.00 to $68.00 and gave the company a “buy” rating in a research note on Friday. Bank of America increased their price objective on Cisco Systems from $60.00 to $72.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. UBS Group upped their target price on Cisco Systems from $55.00 to $62.00 and gave the company a “neutral” rating in a report on Thursday, November 14th. Melius Research upgraded shares of Cisco Systems from a “hold” rating to a “strong-buy” rating in a report on Monday, January 6th. Finally, Piper Sandler raised their target price on shares of Cisco Systems from $52.00 to $57.00 and gave the stock a “neutral” rating in a research report on Thursday, November 14th. Eight equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $61.50.

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 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.