L & S Advisors Inc trimmed its holdings in Cisco Systems, Inc. (NASDAQ:CSCO) by 24.0% in the second quarter, Holdings Channel.com reports. The fund owned 106,664 shares of the network equipment provider’s stock after selling 33,600 shares during the period. L & S Advisors Inc’s holdings in Cisco Systems were worth $5,838,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also modified their holdings of CSCO. Evolution Wealth Advisors LLC acquired a new stake in Cisco Systems during the 2nd quarter worth about $33,000. Lowe Wealth Advisors LLC acquired a new stake in Cisco Systems during the 2nd quarter worth about $38,000. Personal Wealth Partners acquired a new stake in Cisco Systems during the 2nd quarter worth about $44,000. Ashburton Jersey Ltd acquired a new stake in Cisco Systems during the 2nd quarter worth about $49,000. Finally, Cohen & Steers Inc. acquired a new stake in Cisco Systems during the 4th quarter worth about $51,000. 72.89% of the stock is owned by institutional investors.
In related news, CFO Kelly A. Kramer sold 70,000 shares of the stock in a transaction that occurred on Wednesday, August 28th. The stock was sold at an average price of $46.72, for a total value of $3,270,400.00. Following the transaction, the chief financial officer now owns 277,548 shares in the company, valued at $12,967,042.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Mark D. Chandler sold 546 shares of the stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $47.92, for a total value of $26,164.32. The disclosure for this sale can be found here. Corporate insiders own 0.03% of the company’s stock.
Several research firms have issued reports on CSCO. Nomura boosted their price objective on Cisco Systems from $50.00 to $53.00 and gave the stock a “neutral” rating in a report on Tuesday, July 30th. Morgan Stanley dropped their target price on Cisco Systems from $51.00 to $49.00 and set an “equal weight” rating on the stock in a report on Thursday, August 15th. Jefferies Financial Group upped their target price on Cisco Systems from $55.00 to $62.00 and gave the company a “buy” rating in a report on Thursday, May 16th. They noted that the move was a valuation call. Barclays initiated coverage on Cisco Systems in a report on Wednesday, August 7th. They issued an “equal weight” rating and a $52.00 target price on the stock. Finally, Raymond James reiterated an “overweight” rating on shares of Cisco Systems in a report on Friday, August 16th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and twenty-one have issued a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $56.72.
NASDAQ:CSCO opened at $50.03 on Friday. The stock’s 50 day moving average price is $50.44 and its 200 day moving average price is $53.70. Cisco Systems, Inc. has a 52 week low of $40.25 and a 52 week high of $58.26. The company has a market capitalization of $212.43 billion, a P/E ratio of 17.55, a P/E/G ratio of 2.29 and a beta of 1.26. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.46 and a current ratio of 1.51.
Cisco Systems (NASDAQ:CSCO) last released its quarterly earnings data on Wednesday, August 14th. The network equipment provider reported $0.83 EPS for the quarter, topping analysts’ consensus estimates of $0.82 by $0.01. Cisco Systems had a return on equity of 32.43% and a net margin of 22.39%. The firm had revenue of $13.43 billion for the quarter, compared to the consensus estimate of $13.39 billion. During the same quarter in the prior year, the company posted $0.70 earnings per share. The firm’s revenue was up 4.5% on a year-over-year basis. As a group, sell-side analysts forecast that Cisco Systems, Inc. will post 3.06 earnings per share for the current fiscal year.
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 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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