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Sycomore Asset Management Purchases Shares of 65,000 Cisco Systems, Inc. (NASDAQ:CSCO)

Financial News Live · Jan 26, 2023 16:55

Sycomore Asset Management purchased a new stake in shares of Cisco Systems, Inc. (NASDAQ:CSCO – Get Rating) in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 65,000 shares of the network equipment provider's stock, valued at approximately $2,638,000.

Several other institutional investors have also added to or reduced their stakes in CSCO. Great West Life Assurance Co. Can purchased a new position in Cisco Systems during the 3rd quarter valued at approximately $246,529,000. Renaissance Technologies LLC boosted its holdings in shares of Cisco Systems by 4,090.1% in the 2nd quarter. Renaissance Technologies LLC now owns 5,359,105 shares of the network equipment provider's stock worth $228,512,000 after purchasing an additional 5,231,205 shares during the period. Federated Hermes Inc. boosted its holdings in shares of Cisco Systems by 3,370.0% in the 2nd quarter. Federated Hermes Inc. now owns 5,371,625 shares of the network equipment provider's stock worth $229,047,000 after purchasing an additional 5,216,825 shares during the period. National Bank of Canada FI boosted its holdings in shares of Cisco Systems by 265.5% in the 3rd quarter. National Bank of Canada FI now owns 6,320,850 shares of the network equipment provider's stock worth $253,082,000 after purchasing an additional 4,591,715 shares during the period. Finally, Caisse DE Depot ET Placement DU Quebec boosted its holdings in shares of Cisco Systems by 50.3% in the 2nd quarter. Caisse DE Depot ET Placement DU Quebec now owns 13,295,855 shares of the network equipment provider's stock worth $566,935,000 after purchasing an additional 4,447,807 shares during the period. Hedge funds and other institutional investors own 71.10% of the company's stock.

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Cisco Systems Stock Up 0.3 %

Shares of CSCO traded up $0.15 during trading hours on Thursday, hitting $48.13. The company had a trading volume of 1,294,261 shares, compared to its average volume of 15,659,374. The company has a market capitalization of $197.76 billion, a PE ratio of 17.32, a price-to-earnings-growth ratio of 2.33 and a beta of 0.99. The company has a current ratio of 1.45, a quick ratio of 1.34 and a debt-to-equity ratio of 0.19. Cisco Systems, Inc. has a one year low of $38.60 and a one year high of $57.69. The company's fifty day moving average price is $48.14 and its two-hundred day moving average price is $45.43.

Cisco Systems (NASDAQ:CSCO – Get Rating) last released its quarterly earnings results on Wednesday, November 16th. The network equipment provider reported $0.77 EPS for the quarter, topping the consensus estimate of $0.73 by $0.04. The firm had revenue of $13.63 billion during the quarter, compared to analyst estimates of $13.29 billion. Cisco Systems had a return on equity of 31.68% and a net margin of 22.00%. The business's revenue for the quarter was up 5.7% compared to the same quarter last year. During the same period in the previous year, the company posted $0.73 EPS. As a group, equities analysts forecast that Cisco Systems, Inc. will post 3.16 earnings per share for the current fiscal year.

Cisco Systems Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, January 25th. Stockholders of record on Thursday, January 5th were given a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 3.16%. The ex-dividend date of this dividend was Wednesday, January 4th. Cisco Systems's payout ratio is 54.87%.

Analyst Ratings Changes

A number of brokerages have recently commented on CSCO. TheStreet upgraded Cisco Systems from a "c+" rating to a "b-" rating in a report on Monday, November 28th. Cowen raised their price target on Cisco Systems from $60.00 to $61.00 and gave the stock an "outperform" rating in a research note on Thursday, November 17th. Credit Suisse Group raised their price target on Cisco Systems from $65.00 to $67.00 and gave the stock an "outperform" rating in a research note on Thursday, November 17th. Oppenheimer reissued an "outperform" rating and set a $50.00 price target on shares of Cisco Systems in a research note on Friday, November 18th. Finally, Bank of America reissued a "buy" rating and set a $52.00 price target on shares of Cisco Systems in a research note on Wednesday, November 16th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $53.95.

Insider Transactions at Cisco Systems

In related news, EVP Jeffery S. Sharritts sold 637 shares of the business's stock in a transaction on Tuesday, December 13th. The stock was sold at an average price of $50.08, for a total transaction of $31,900.96. Following the transaction, the executive vice president now directly owns 276,589 shares in the company, valued at approximately $13,851,577.12. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, EVP Jeffery S. Sharritts sold 637 shares of the business's stock in a transaction on Tuesday, December 13th. The stock was sold at an average price of $50.08, for a total transaction of $31,900.96. Following the transaction, the executive vice president now directly owns 276,589 shares in the company, valued at approximately $13,851,577.12. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Jeffery S. Sharritts sold 14,830 shares of the business's stock in a transaction on Monday, November 21st. The stock was sold at an average price of $47.80, for a total value of $708,874.00. Following the transaction, the executive vice president now owns 277,751 shares in the company, valued at $13,276,497.80. The disclosure for this sale can be found here. In the last three months, insiders sold 243,098 shares of company stock valued at $11,939,277. Corporate insiders own 0.02% of the company's stock.

Cisco Systems Company Profile

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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 that are standalone, controller appliance-based, switch-converged, and Meraki cloud-managed offerings; and compute portfolio including the cisco unified computing system, hyperflex, and software management capabilities, which combine computing, networking, and storage infrastructure management and virtualization.