Jolley Asset Management LLC increased its position in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 5.0% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 105,819 shares of the network equipment provider’s stock after purchasing an additional 5,052 shares during the period. Cisco Systems makes up 3.5% of Jolley Asset Management LLC’s portfolio, making the stock its 6th largest holding. Jolley Asset Management LLC’s holdings in Cisco Systems were worth $4,585,000 at the end of the most recent quarter.
Several other hedge funds have also recently added to or reduced their stakes in CSCO. Holderness Investments Co. raised its holdings in shares of Cisco Systems by 2.3% in the 3rd quarter. Holderness Investments Co. now owns 68,710 shares of the network equipment provider’s stock valued at $3,343,000 after purchasing an additional 1,576 shares in the last quarter. Johnson Financial Group Inc. raised its holdings in shares of Cisco Systems by 12.1% in the 3rd quarter. Johnson Financial Group Inc. now owns 142,844 shares of the network equipment provider’s stock valued at $6,950,000 after purchasing an additional 15,389 shares in the last quarter. PDS Planning Inc raised its holdings in shares of Cisco Systems by 35.6% in the 3rd quarter. PDS Planning Inc now owns 5,085 shares of the network equipment provider’s stock valued at $247,000 after purchasing an additional 1,336 shares in the last quarter. Oakwood Capital Management LLC CA raised its stake in shares of Cisco Systems by 7.1% during the 3rd quarter. Oakwood Capital Management LLC CA now owns 166,375 shares of the network equipment provider’s stock worth $8,094,000 after acquiring an additional 11,043 shares in the last quarter. Finally, Truewealth LLC raised its stake in shares of Cisco Systems by 6.7% during the 4th quarter. Truewealth LLC now owns 14,170 shares of the network equipment provider’s stock worth $614,000 after acquiring an additional 890 shares in the last quarter. 69.04% of the stock is owned by hedge funds and other institutional investors.
Several research analysts recently commented on the stock. Credit Suisse Group reiterated a “neutral” rating and set a $52.00 price objective (up previously from $47.00) on shares of Cisco Systems in a research note on Thursday, May 16th. Zacks Investment Research upgraded shares of Cisco Systems from a “hold” rating to a “buy” rating and set a $63.00 price target on the stock in a research note on Tuesday. Morgan Stanley upped their price target on shares of Cisco Systems from $49.00 to $51.00 and gave the company an “equal weight” rating in a research note on Thursday, May 16th. Piper Jaffray Companies upped their price target on shares of Cisco Systems from $52.00 to $58.00 and gave the company an “overweight” rating in a research note on Thursday, May 16th. Finally, William Blair restated an “outperform” rating on shares of Cisco Systems in a research note on Thursday, May 16th. Five research analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $55.87.
NASDAQ CSCO traded down $0.83 during mid-day trading on Wednesday, reaching $55.69. 17,733,787 shares of the stock were exchanged, compared to its average volume of 20,893,713. Cisco Systems, Inc. has a 1 year low of $40.25 and a 1 year high of $57.53. The company has a market capitalization of $272.14 billion, a PE ratio of 23.80, a price-to-earnings-growth ratio of 2.93 and a beta of 1.21. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.74 and a current ratio of 1.69.
Cisco Systems (NASDAQ:CSCO) last announced its quarterly earnings results on Wednesday, May 15th. The network equipment provider reported $0.78 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.77 by $0.01. The firm had revenue of $12.96 billion for the quarter, compared to the consensus estimate of $12.89 billion. Cisco Systems had a net margin of 25.76% and a return on equity of 29.88%. The firm’s quarterly revenue was up 4.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.66 earnings per share. On average, equities analysts expect that Cisco Systems, Inc. will post 2.76 EPS for the current year.
Cisco Systems announced that its Board of Directors has approved a share buyback plan on Wednesday, February 13th that allows the company to repurchase $15.00 billion in shares. This repurchase authorization allows the network equipment provider to repurchase up to 6.5% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.
In other Cisco Systems news, EVP David Goeckeler sold 30,000 shares of the stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $52.07, for a total transaction of $1,562,100.00. Following the transaction, the executive vice president now directly owns 419,439 shares of the company’s stock, valued at $21,840,188.73. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO Kelly A. Kramer sold 70,000 shares of the stock in a transaction dated Thursday, February 28th. The shares were sold at an average price of $51.70, for a total transaction of $3,619,000.00. Following the completion of the sale, the chief financial officer now owns 420,696 shares of the company’s stock, valued at $21,749,983.20. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 103,750 shares of company stock worth $5,390,313. Insiders own 0.03% of the company’s stock.
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 worldwide. The company offers switching products; routing products that interconnect public and private wireline and mobile networks; data center products; and wireless access points for use in voice, video, and data applications.
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