Berkshire Bank Sells 834 Shares of Cisco Systems, Inc. (NASDAQ:CSCO)

Berkshire Bank lessened its holdings in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 0.8% during the 4th quarter, Holdings Channel.com reports. The firm owned 98,310 shares of the network equipment provider’s stock after selling 834 shares during the period. Cisco Systems comprises 1.4% of Berkshire Bank’s portfolio, making the stock its 15th largest holding. Berkshire Bank’s holdings in Cisco Systems were worth $5,820,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in CSCO. Lebenthal Global Advisors LLC lifted its holdings in Cisco Systems by 28.6% during the 4th quarter. Lebenthal Global Advisors LLC now owns 11,212 shares of the network equipment provider’s stock worth $664,000 after buying an additional 2,493 shares in the last quarter. Foundations Investment Advisors LLC lifted its stake in shares of Cisco Systems by 5.4% during the fourth quarter. Foundations Investment Advisors LLC now owns 27,086 shares of the network equipment provider’s stock valued at $1,604,000 after acquiring an additional 1,387 shares during the period. Parsons Capital Management Inc. RI boosted its holdings in Cisco Systems by 59.3% in the fourth quarter. Parsons Capital Management Inc. RI now owns 177,534 shares of the network equipment provider’s stock valued at $10,510,000 after acquiring an additional 66,084 shares during the last quarter. Heartland Bank & Trust Co acquired a new stake in Cisco Systems in the fourth quarter worth about $276,000. Finally, Ridgecrest Wealth Partners LLC raised its holdings in Cisco Systems by 1.9% during the 4th quarter. Ridgecrest Wealth Partners LLC now owns 26,887 shares of the network equipment provider’s stock worth $1,592,000 after purchasing an additional 496 shares during the last quarter. 73.33% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

CSCO has been the subject of several analyst reports. Wells Fargo & Company lifted their price target on shares of Cisco Systems from $57.00 to $60.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 14th. UBS Group lifted their target price on shares of Cisco Systems from $55.00 to $62.00 and gave the stock a “neutral” rating in a report on Thursday, November 14th. Tigress Financial raised their price target on Cisco Systems from $76.00 to $78.00 and gave the stock a “buy” rating in a research report on Monday, October 14th. Morgan Stanley upped their price objective on Cisco Systems from $62.00 to $68.00 and gave the company an “overweight” rating in a report on Tuesday, December 17th. Finally, Bank of America raised their target price on Cisco Systems from $60.00 to $72.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. Eight analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $61.50.

Cisco Systems Trading Down 5.0 %

NASDAQ:CSCO opened at $59.09 on Tuesday. The company has a market cap of $235.35 billion, a P/E ratio of 25.36, a price-to-earnings-growth ratio of 4.59 and a beta of 0.84. Cisco Systems, Inc. has a twelve month low of $44.50 and a twelve month high of $62.31. The business has a 50 day moving average price of $59.22 and a two-hundred day moving average price of $54.14. The company has a quick ratio of 0.80, a current ratio of 0.88 and a debt-to-equity ratio of 0.43.

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

Cisco Systems Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, January 22nd. Investors of record on Friday, January 3rd were issued a dividend of $0.40 per share. The ex-dividend date was Friday, January 3rd. This represents a $1.60 annualized dividend and a yield of 2.71%. Cisco Systems’s payout ratio is presently 68.67%.

Insider Activity at Cisco Systems

In related news, EVP Thimaya K. Subaiya sold 21,230 shares of Cisco Systems stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $57.07, for a total transaction of $1,211,596.10. Following the completion of the transaction, the executive vice president now owns 213,834 shares in the company, valued at approximately $12,203,506.38. This trade represents a 9.03 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Charles Robbins sold 171,744 shares of Cisco Systems stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $57.49, for a total value of $9,873,562.56. Following the transaction, the chief executive officer now owns 783,786 shares of the company’s stock, valued at $45,059,857.14. This represents a 17.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders 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.