Ingalls & Snyder LLC Cuts Stake in Cisco Systems, Inc. (NASDAQ:CSCO)

Ingalls & Snyder LLC lowered its holdings in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 10.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 78,406 shares of the network equipment provider’s stock after selling 8,733 shares during the quarter. Ingalls & Snyder LLC’s holdings in Cisco Systems were worth $4,642,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Hidden Cove Wealth Management LLC purchased a new position in Cisco Systems during the 4th quarter valued at approximately $1,085,000. Naples Global Advisors LLC grew its holdings in Cisco Systems by 0.5% during the 4th quarter. Naples Global Advisors LLC now owns 145,117 shares of the network equipment provider’s stock valued at $8,591,000 after buying an additional 739 shares in the last quarter. Allspring Global Investments Holdings LLC grew its holdings in Cisco Systems by 52.4% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 1,727,555 shares of the network equipment provider’s stock valued at $102,099,000 after buying an additional 594,146 shares in the last quarter. Lester Murray Antman dba SimplyRich grew its holdings in Cisco Systems by 1.9% during the 4th quarter. Lester Murray Antman dba SimplyRich now owns 35,175 shares of the network equipment provider’s stock valued at $2,082,000 after buying an additional 659 shares in the last quarter. Finally, Great Lakes Retirement Inc. grew its holdings in Cisco Systems by 1.1% during the 4th quarter. Great Lakes Retirement Inc. now owns 21,080 shares of the network equipment provider’s stock valued at $1,248,000 after buying an additional 235 shares in the last quarter. Hedge funds and other institutional investors own 73.33% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on CSCO. UBS Group raised their price objective on Cisco Systems from $55.00 to $62.00 and gave the company a “neutral” rating in a research note on Thursday, November 14th. Piper Sandler raised their price target on Cisco Systems from $52.00 to $57.00 and gave the stock a “neutral” rating in a research note on Thursday, November 14th. JPMorgan Chase & Co. upgraded Cisco Systems from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $55.00 to $66.00 in a report on Monday, November 11th. StockNews.com upgraded Cisco Systems from a “hold” rating to a “buy” rating in a report on Thursday, November 14th. Finally, Citigroup lifted their price target on Cisco Systems from $64.00 to $68.00 and gave the company a “buy” rating in a report on Friday, January 17th. Seven equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $62.72.

Cisco Systems Trading Up 0.2 %

Shares of CSCO opened at $62.53 on Thursday. The stock has a fifty day moving average of $59.84 and a two-hundred day moving average of $55.31. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.80 and a current ratio of 0.88. The company has a market capitalization of $249.04 billion, a PE ratio of 26.84, a price-to-earnings-growth ratio of 4.63 and a beta of 0.84. Cisco Systems, Inc. has a fifty-two week low of $44.50 and a fifty-two week high of $63.25.

Cisco Systems (NASDAQ:CSCO) last released its quarterly earnings data on Wednesday, February 12th. The network equipment provider reported $0.77 EPS for the quarter, missing analysts’ consensus estimates of $0.91 by ($0.14). Cisco Systems had a return on equity of 25.70% and a net margin of 17.73%. As a group, analysts forecast that Cisco Systems, Inc. will post 2.97 EPS for the current year.

Cisco Systems Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 23rd. Shareholders of record on Thursday, April 3rd will be given a $0.41 dividend. This is a boost from Cisco Systems’s previous quarterly dividend of $0.40. This represents a $1.64 dividend on an annualized basis and a yield of 2.62%. Cisco Systems’s dividend payout ratio is presently 68.67%.

Cisco Systems announced that its board has initiated a share repurchase program on Wednesday, February 12th that authorizes the company to repurchase $15.00 billion in shares. This repurchase authorization authorizes the network equipment provider to buy up to 6% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.

Insider Transactions at Cisco Systems

In other Cisco Systems news, CEO Charles Robbins sold 171,744 shares of the firm’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 value of $9,873,562.56. Following the sale, the chief executive officer now owns 783,786 shares in the company, valued at approximately $45,059,857.14. This trade represents a 17.97 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Richard Scott Herren sold 86,351 shares of the firm’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 $4,964,318.99. Following the completion of the sale, the chief financial officer now owns 365,314 shares in the company, valued at $21,001,901.86. The trade was a 19.12 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 353,522 shares of company stock valued at $20,349,721. Insiders own 0.01% of the company’s stock.

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.