Jupiter Asset Management Ltd. decreased its holdings in Cisco Systems, Inc. (NASDAQ:CSCO) by 98.3% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,672 shares of the network equipment provider’s stock after selling 263,306 shares during the period. Jupiter Asset Management Ltd.’s holdings in Cisco Systems were worth $248,000 as of its most recent SEC filing.
Other institutional investors have also bought and sold shares of the company. Franklin Resources Inc. grew its holdings in shares of Cisco Systems by 161.1% in the first quarter. Franklin Resources Inc. now owns 21,162,770 shares of the network equipment provider’s stock worth $1,094,329,000 after acquiring an additional 13,057,642 shares during the period. Nuveen Asset Management LLC lifted its position in shares of Cisco Systems by 35.7% in the first quarter. Nuveen Asset Management LLC now owns 44,857,692 shares of the network equipment provider’s stock valued at $2,319,591,000 after acquiring an additional 11,791,493 shares in the last quarter. BlackRock Inc. lifted its position in shares of Cisco Systems by 2.2% in the first quarter. BlackRock Inc. now owns 334,979,843 shares of the network equipment provider’s stock worth $17,321,808,000 after buying an additional 7,282,145 shares in the last quarter. Amundi Asset Management US Inc. lifted its position in shares of Cisco Systems by 58.1% in the first quarter. Amundi Asset Management US Inc. now owns 13,637,100 shares of the network equipment provider’s stock worth $705,174,000 after buying an additional 5,013,028 shares in the last quarter. Finally, Morgan Stanley increased its stake in Cisco Systems by 9.9% during the first quarter. Morgan Stanley now owns 42,815,350 shares of the network equipment provider’s stock worth $2,213,982,000 after acquiring an additional 3,867,546 shares during the last quarter. 71.92% of the stock is owned by institutional investors and hedge funds.
CSCO has been the topic of several research analyst reports. Deutsche Bank Aktiengesellschaft increased their price objective on Cisco Systems from $55.00 to $59.00 and gave the stock a “hold” rating in a research note on Tuesday, August 24th. Barclays increased their price objective on Cisco Systems from $55.00 to $62.00 and gave the company an “overweight” rating in a report on Thursday, August 19th. They noted that the move was a valuation call. Piper Sandler upped their target price on Cisco Systems from $49.00 to $53.00 and gave the company a “neutral” rating in a research report on Thursday, August 19th. Morgan Stanley downgraded Cisco Systems from an “overweight” rating to an “equal weight” rating and increased their price target for the stock from $57.00 to $59.00 in a research report on Thursday, September 9th. Finally, Raymond James raised their target price on Cisco Systems from $55.00 to $57.00 and gave the company an “outperform” rating in a research report on Thursday, August 19th. Eleven investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat, Cisco Systems currently has an average rating of “Buy” and an average price target of $56.19.
Cisco Systems (NASDAQ:CSCO) last announced its quarterly earnings data on Tuesday, August 17th. The network equipment provider reported $0.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.83 by $0.01. The business had revenue of $13.13 billion for the quarter, compared to the consensus estimate of $13.04 billion. Cisco Systems had a net margin of 21.26% and a return on equity of 30.82%. The company’s quarterly revenue was up 8.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.80 earnings per share. As a group, sell-side analysts anticipate that Cisco Systems, Inc. will post 3.08 earnings per share for the current year.
In related news, EVP Geraldine Elliott sold 50,000 shares of the firm’s stock in a transaction on Wednesday, August 25th. The shares were sold at an average price of $59.40, for a total transaction of $2,970,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Charles Robbins sold 6,543 shares of the firm’s stock in a transaction on Wednesday, August 25th. The stock was sold at an average price of $59.69, for a total transaction of $390,551.67. The disclosure for this sale can be found here. Insiders sold 64,529 shares of company stock valued at $3,827,391 in the last three months. Company insiders own 0.02% of the company’s stock.
About Cisco Systems
Cisco Systems, Inc engages in the design, manufacture, and sale of Internet Protocol based networking products and services related to the communications and information technology industry. The firm operates through the following geographical segments: the Americas, EMEA, and APJC. Its product comprises of the following categories: Switches, Routers, Wireless, Network Management Interfaces and Modules, Optical Networking, Access Points, Outdoor and Industrial Access Points, Next-Generation Firewalls, Advanced Malware Protection, VPN Security Clients, Email, and Web Security.
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