Sara Bay Financial Trims Holdings in Cisco Systems, Inc. (NASDAQ:CSCO)

Sara Bay Financial trimmed its stake in Cisco Systems, Inc. (NASDAQ:CSCO) by 6.8% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 15,366 shares of the network equipment provider’s stock after selling 1,124 shares during the period. Sara Bay Financial’s holdings in Cisco Systems were worth $818,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Gabelli Funds LLC increased its holdings in shares of Cisco Systems by 1.6% during the 4th quarter. Gabelli Funds LLC now owns 38,730 shares of the network equipment provider’s stock valued at $1,957,000 after purchasing an additional 620 shares in the last quarter. Waterloo Capital L.P. purchased a new stake in Cisco Systems during the 4th quarter worth approximately $554,000. Westwood Holdings Group Inc. raised its position in Cisco Systems by 8.1% in the 4th quarter. Westwood Holdings Group Inc. now owns 193,873 shares of the network equipment provider’s stock valued at $9,794,000 after purchasing an additional 14,479 shares in the last quarter. Elo Mutual Pension Insurance Co lifted its position in shares of Cisco Systems by 3.7% during the 4th quarter. Elo Mutual Pension Insurance Co now owns 353,637 shares of the network equipment provider’s stock worth $17,866,000 after purchasing an additional 12,571 shares during the last quarter. Finally, XML Financial LLC lifted its stake in Cisco Systems by 1.5% during the fourth quarter. XML Financial LLC now owns 202,792 shares of the network equipment provider’s stock worth $10,245,000 after purchasing an additional 2,910 shares during the last quarter. 73.33% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CSCO has been the topic of a number of research reports. Piper Sandler restated a “neutral” rating and set a $52.00 target price on shares of Cisco Systems in a research report on Thursday, August 15th. Needham & Company LLC reaffirmed a “hold” rating on shares of Cisco Systems in a research note on Thursday, August 15th. Rosenblatt Securities boosted their target price on shares of Cisco Systems from $56.00 to $58.00 and gave the company a “neutral” rating in a report on Thursday, August 15th. Barclays reduced their target price on shares of Cisco Systems from $50.00 to $49.00 and set an “equal weight” rating on the stock in a report on Thursday, August 15th. Finally, Jefferies Financial Group reduced their price objective on shares of Cisco Systems from $56.00 to $53.00 and set a “buy” rating on the stock in a research note on Thursday, August 15th. One investment analyst has rated the stock with a sell rating, fourteen have given a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Cisco Systems presently has an average rating of “Hold” and an average target price of $55.00.

Cisco Systems Price Performance

Shares of NASDAQ:CSCO traded down $0.24 on Monday, reaching $52.51. 10,938,731 shares of the company traded hands, compared to its average volume of 19,325,055. Cisco Systems, Inc. has a fifty-two week low of $44.50 and a fifty-two week high of $54.58. The stock has a market capitalization of $211.55 billion, a PE ratio of 17.67, a P/E/G ratio of 4.11 and a beta of 0.83. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.91 and a quick ratio of 0.83. The company’s 50 day moving average is $49.58 and its 200-day moving average is $48.26.

Cisco Systems (NASDAQ:CSCO) last released its earnings results on Wednesday, August 14th. The network equipment provider reported $0.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.85 by $0.02. Cisco Systems had a return on equity of 27.83% and a net margin of 19.18%. The company had revenue of $13.64 billion during the quarter, compared to analyst estimates of $13.53 billion. During the same quarter in the prior year, the company earned $1.01 earnings per share. The company’s revenue for the quarter was down 10.3% on a year-over-year basis. As a group, analysts anticipate that Cisco Systems, Inc. will post 2.9 earnings per share for the current fiscal year.

Cisco Systems Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 23rd. Investors of record on Wednesday, October 2nd will be given a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 3.05%. The ex-dividend date of this dividend is Wednesday, October 2nd. Cisco Systems’s dividend payout ratio (DPR) is presently 53.87%.

Insiders Place Their Bets

In other news, SVP Maria Victoria Wong sold 638 shares of the business’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $49.09, for a total transaction of $31,319.42. Following the completion of the sale, the senior vice president now owns 46,017 shares in the company, valued at $2,258,974.53. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In related news, CEO Charles Robbins sold 27,143 shares of the firm’s stock in a transaction on Friday, August 16th. The shares were sold at an average price of $49.45, for a total transaction of $1,342,221.35. Following the sale, the chief executive officer now directly owns 683,403 shares in the company, valued at $33,794,278.35. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, SVP Maria Victoria Wong sold 638 shares of Cisco Systems stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $49.09, for a total transaction of $31,319.42. Following the completion of the sale, the senior vice president now owns 46,017 shares in the company, valued at $2,258,974.53. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 70,529 shares of company stock valued at $3,509,049. 0.02% of the stock is currently owned by insiders.

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 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 and controllers; and compute portfolio including the cisco unified computing system, hyperflex, and software management capabilities, which combine computing, networking, and storage infrastructure management and virtualization.