Cisco Systems, Inc. (NASDAQ:CSCO) Shares Bought by Pinnacle Associates Ltd.

Pinnacle Associates Ltd. lifted its position in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 7.9% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 797,674 shares of the network equipment provider’s stock after buying an additional 58,561 shares during the period. Pinnacle Associates Ltd.’s holdings in Cisco Systems were worth $40,298,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. First Trust Direct Indexing L.P. increased its stake in Cisco Systems by 22.5% during the third quarter. First Trust Direct Indexing L.P. now owns 149,701 shares of the network equipment provider’s stock worth $7,967,000 after acquiring an additional 27,510 shares during the last quarter. Pathway Financial Advisers LLC increased its position in shares of Cisco Systems by 5,231.5% during the 3rd quarter. Pathway Financial Advisers LLC now owns 4,935,107 shares of the network equipment provider’s stock worth $262,646,000 after purchasing an additional 4,842,542 shares during the last quarter. Adell Harriman & Carpenter Inc. raised its holdings in Cisco Systems by 6.4% in the 3rd quarter. Adell Harriman & Carpenter Inc. now owns 193,806 shares of the network equipment provider’s stock valued at $10,314,000 after buying an additional 11,657 shares during the period. Avitas Wealth Management LLC lifted its position in Cisco Systems by 1.4% in the third quarter. Avitas Wealth Management LLC now owns 36,963 shares of the network equipment provider’s stock valued at $1,967,000 after buying an additional 518 shares during the last quarter. Finally, Nicholas Hoffman & Company LLC. boosted its stake in Cisco Systems by 2.6% during the third quarter. Nicholas Hoffman & Company LLC. now owns 33,858 shares of the network equipment provider’s stock worth $1,802,000 after buying an additional 847 shares during the period. Hedge funds and other institutional investors own 73.33% of the company’s stock.

Insider Buying and Selling at Cisco Systems

In other news, EVP Deborah L. Stahlkopf sold 7,462 shares of the business’s stock in a transaction that occurred 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 owns 165,580 shares of the company’s stock, valued at $8,181,307.80. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, EVP Deborah L. Stahlkopf sold 7,462 shares of the company’s stock in a transaction on Friday, August 16th. The stock was 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 approximately $8,181,307.80. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP Maria Victoria Wong sold 3,379 shares of the company’s stock in a transaction dated Wednesday, August 28th. The shares were sold at an average price of $50.36, for a total transaction of $170,166.44. Following the transaction, the senior vice president now directly owns 47,182 shares of the company’s stock, valued at approximately $2,376,085.52. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 70,529 shares of company stock worth $3,509,049. 0.01% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on CSCO. JPMorgan Chase & Co. upped their price objective on shares of Cisco Systems from $53.00 to $55.00 and gave the stock a “hold” rating in a report on Thursday, August 8th. Despite investors’ hopes for a rebound in Networking Equipment demand to boost Cisco’s fourth-quarter 2024 performance, the anticipation is tempered by limited indications of a significant recovery in demand. Jefferies Financial Group decreased their price target on Cisco Systems from $56.00 to $53.00 and set a “buy” rating on the stock in a research note on Thursday, August 15th. Citigroup raised Cisco Systems from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $52.00 to $62.00 in a research note on Wednesday, October 16th. Evercore ISI lifted their target price on Cisco Systems from $55.00 to $60.00 and gave the company an “outperform” rating in a research report on Friday, September 20th. Finally, HSBC raised shares of Cisco Systems from a “hold” rating to a “buy” rating and increased their price target for the stock from $46.00 to $58.00 in a research report on Friday, August 16th. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $56.74.

Cisco Systems Price Performance

Cisco Systems stock traded down $0.06 during mid-day trading on Wednesday, reaching $55.62. The company had a trading volume of 3,111,807 shares, compared to its average volume of 18,983,133. The stock’s 50-day simple moving average is $52.34 and its 200-day simple moving average is $48.95. Cisco Systems, Inc. has a 1 year low of $44.50 and a 1 year high of $57.06. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.91 and a quick ratio of 0.83. The company has a market capitalization of $221.96 billion, a P/E ratio of 21.92, a P/E/G ratio of 4.22 and a beta of 0.83.

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

Cisco Systems Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 23rd. Investors of record on Wednesday, October 2nd were given a dividend of $0.40 per share. The ex-dividend date of this dividend was Wednesday, October 2nd. This represents a $1.60 annualized dividend and a dividend yield of 2.88%. Cisco Systems’s dividend payout ratio is currently 62.99%.

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.