Midwest Professional Planners LTD. Purchases New Stake in Cisco Systems, Inc. (NASDAQ:CSCO)

Midwest Professional Planners LTD. purchased a new stake in Cisco Systems, Inc. (NASDAQ:CSCO) in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 6,799 shares of the network equipment provider’s stock, valued at approximately $360,000.

Other hedge funds also recently bought and sold shares of the company. Franklin Resources Inc. raised its stake in Cisco Systems by 161.1% during 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 in the last quarter. Nuveen Asset Management LLC raised its stake in Cisco Systems by 35.7% during the first quarter. Nuveen Asset Management LLC now owns 44,857,692 shares of the network equipment provider’s stock worth $2,319,591,000 after acquiring an additional 11,791,493 shares in the last quarter. BlackRock Inc. raised its stake in Cisco Systems by 2.2% during the first quarter. BlackRock Inc. now owns 334,979,843 shares of the network equipment provider’s stock worth $17,321,808,000 after acquiring an additional 7,282,145 shares in the last quarter. Amundi Asset Management US Inc. raised its stake in Cisco Systems by 58.1% during 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 acquiring an additional 5,013,028 shares in the last quarter. Finally, Morgan Stanley raised 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 in the last quarter. 71.92% of the stock is owned by institutional investors and hedge funds.

In related news, SVP Prat Bhatt sold 3,518 shares of the stock in a transaction on Monday, August 23rd. The stock was sold at an average price of $58.40, for a total value of $205,451.20. 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 stock in a transaction on Wednesday, August 25th. The shares were sold at an average price of $59.69, for a total value of $390,551.67. The disclosure for this sale can be found here. Insiders sold a total of 64,529 shares of company stock valued at $3,827,391 over the last three months. 0.02% of the stock is currently owned by insiders.

Several research analysts have recently issued reports on the company. Piper Sandler upped their price objective on Cisco Systems from $49.00 to $53.00 and gave the company a “neutral” rating in a research note on Thursday, August 19th. Oppenheimer upped their price objective on Cisco Systems from $55.00 to $60.00 and gave the company an “outperform” rating in a research note on Thursday, August 19th. Deutsche Bank Aktiengesellschaft upped their price objective on Cisco Systems from $55.00 to $59.00 and gave the company a “hold” rating in a research note on Tuesday, August 24th. Zacks Investment Research raised Cisco Systems from a “sell” rating to a “hold” rating and set a $58.00 price objective for the company in a research note on Tuesday, July 27th. Finally, Wells Fargo & Company upped their price objective on Cisco Systems from $65.00 to $70.00 and gave the company an “overweight” rating in a research note on Thursday, September 9th. Eleven equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat, Cisco Systems currently has an average rating of “Buy” and an average price target of $56.19.

Shares of Cisco Systems stock traded down $0.01 on Wednesday, reaching $57.86. 115,265 shares of the company’s stock were exchanged, compared to its average volume of 18,916,217. The company has a market capitalization of $244.04 billion, a P/E ratio of 23.15, a price-to-earnings-growth ratio of 3.01 and a beta of 0.91. Cisco Systems, Inc. has a 52 week low of $35.28 and a 52 week high of $60.27. The firm’s 50-day moving average is $56.34 and its two-hundred day moving average is $53.33. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.43 and a current ratio of 1.49.

Cisco Systems (NASDAQ:CSCO) last posted its quarterly earnings results on Tuesday, August 17th. The network equipment provider reported $0.84 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.83 by $0.01. Cisco Systems had a return on equity of 30.82% and a net margin of 21.26%. The firm had revenue of $13.13 billion for the quarter, compared to analysts’ expectations of $13.04 billion. During the same period in the prior year, the business earned $0.80 EPS. The company’s revenue for the quarter was up 8.0% compared to the same quarter last year. On average, analysts expect that Cisco Systems, Inc. will post 3.08 EPS for the current fiscal year.

Cisco Systems Profile

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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Institutional Ownership by Quarter for Cisco Systems (NASDAQ:CSCO)

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