Townsquare Capital LLC Trims Stock Position in Cisco Systems, Inc. (NASDAQ:CSCO)

Townsquare Capital LLC reduced its stake in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 4.8% during the 3rd quarter, Holdings Channel.com reports. The firm owned 543,890 shares of the network equipment provider’s stock after selling 27,231 shares during the quarter. Townsquare Capital LLC’s holdings in Cisco Systems were worth $28,946,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of the stock. China Universal Asset Management Co. Ltd. increased its holdings in shares of Cisco Systems by 226.9% during the 1st quarter. China Universal Asset Management Co. Ltd. now owns 26,423 shares of the network equipment provider’s stock valued at $1,319,000 after purchasing an additional 18,339 shares in the last quarter. Coppell Advisory Solutions Corp. purchased a new position in shares of Cisco Systems in the 1st quarter valued at about $233,000. New Covenant Trust Company N.A. acquired a new position in Cisco Systems in the 1st quarter worth about $149,000. Montchanin Asset Management LLC purchased a new position in Cisco Systems during the first quarter worth approximately $258,000. Finally, Advisory Resource Group grew its holdings in Cisco Systems by 20.3% in the first quarter. Advisory Resource Group now owns 84,530 shares of the network equipment provider’s stock valued at $4,219,000 after purchasing an additional 14,283 shares during the period. Hedge funds and other institutional investors own 73.33% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on CSCO shares. Piper Sandler increased their target price on Cisco Systems from $52.00 to $57.00 and gave the company a “neutral” rating in a research report on Thursday, November 14th. Evercore ISI lifted their target price on shares of Cisco Systems from $55.00 to $60.00 and gave the company an “outperform” rating in a research report on Friday, September 20th. JPMorgan Chase & Co. upgraded shares of Cisco Systems from a “neutral” rating to an “overweight” rating and upped their price target for the stock from $55.00 to $66.00 in a research report on Monday, November 11th. Rosenblatt Securities lifted their price objective on Cisco Systems from $56.00 to $58.00 and gave the stock a “neutral” rating in a report on Thursday, August 15th. Finally, Citigroup increased their target price on Cisco Systems from $62.00 to $64.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Ten equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Cisco Systems presently has an average rating of “Moderate Buy” and a consensus price target of $59.94.

Insiders Place Their Bets

In other Cisco Systems news, EVP Thimaya K. Subaiya sold 21,230 shares of the business’s stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $57.07, for a total transaction of $1,211,596.10. Following the sale, the executive vice president now directly owns 213,834 shares in the company, valued at $12,203,506.38. This represents a 9.03 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Charles Robbins sold 171,744 shares of Cisco Systems 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 completion of the transaction, 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 position. The disclosure for this sale can be found here. Insiders have sold 339,479 shares of company stock worth $19,490,991 over the last ninety days. Corporate insiders own 0.01% of the company’s stock.

Cisco Systems Stock Performance

Shares of Cisco Systems stock opened at $59.59 on Wednesday. The business’s fifty day simple moving average is $55.35 and its 200-day simple moving average is $50.32. The company has a quick ratio of 0.80, a current ratio of 0.88 and a debt-to-equity ratio of 0.43. The firm has a market cap of $237.33 billion, a PE ratio of 25.58, a price-to-earnings-growth ratio of 4.38 and a beta of 0.83. Cisco Systems, Inc. has a 52 week low of $44.50 and a 52 week high of $59.64.

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

Cisco Systems Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 22nd. Shareholders of record on Friday, January 3rd will be given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 2.69%. The ex-dividend date is Friday, January 3rd. Cisco Systems’s payout ratio is 68.67%.

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.