Richard Scott Herren Sells 86,351 Shares of Cisco Systems, Inc. (NASDAQ:CSCO) Stock

Cisco Systems, Inc. (NASDAQ:CSCO) CFO Richard Scott Herren sold 86,351 shares of the stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $57.49, for a total transaction of $4,964,318.99. Following the completion of the transaction, the chief financial officer now directly owns 365,314 shares of the company’s stock, valued at $21,001,901.86. The trade was a 19.12 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

Cisco Systems Price Performance

CSCO stock opened at $57.50 on Thursday. The company has a quick ratio of 0.80, a current ratio of 0.88 and a debt-to-equity ratio of 0.43. Cisco Systems, Inc. has a fifty-two week low of $44.50 and a fifty-two week high of $59.38. The business has a 50 day moving average price of $54.68 and a 200 day moving average price of $50.00. The stock has a market cap of $229.47 billion, a price-to-earnings ratio of 24.68, a PEG ratio of 4.67 and a beta of 0.83.

Cisco Systems (NASDAQ:CSCO) last released its quarterly earnings results on Wednesday, November 13th. The network equipment provider reported $0.91 EPS for the quarter, topping the consensus estimate of $0.87 by $0.04. Cisco Systems had a return on equity of 25.70% and a net margin of 17.73%. The business had revenue of $13.84 billion during the quarter, compared to analysts’ expectations of $13.78 billion. During the same quarter in the prior year, the business earned $0.98 earnings per share. The company’s quarterly revenue was down 5.6% compared to the same quarter last year. Equities research analysts anticipate that Cisco Systems, Inc. will post 2.89 earnings per share for the current fiscal year.

Cisco Systems Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 22nd. Stockholders of record on Friday, January 3rd will be issued a $0.40 dividend. The ex-dividend date is Friday, January 3rd. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.78%. Cisco Systems’s dividend payout ratio (DPR) is 68.67%.

Wall Street Analysts Forecast Growth

CSCO has been the topic of several research reports. JPMorgan Chase & Co. upgraded shares of Cisco Systems from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $55.00 to $66.00 in a report on Monday, November 11th. New Street Research raised shares of Cisco Systems from a “neutral” rating to a “buy” rating and set a $57.00 price target on the stock in a research note on Thursday, August 15th. Piper Sandler lifted their price target on shares of Cisco Systems from $52.00 to $57.00 and gave the company a “neutral” rating in a research note on Thursday, November 14th. Needham & Company LLC reissued a “hold” rating on shares of Cisco Systems in a research note on Thursday, August 15th. Finally, HSBC raised shares of Cisco Systems from a “hold” rating to a “buy” rating and lifted their price target for the company from $46.00 to $58.00 in a research note on Friday, August 16th. Ten research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $59.94.

Hedge Funds Weigh In On Cisco Systems

Large investors have recently modified their holdings of the company. Summit Securities Group LLC acquired a new stake in Cisco Systems during the 2nd quarter valued at approximately $25,000. Quarry LP grew its position in shares of Cisco Systems by 222.4% in the 2nd quarter. Quarry LP now owns 661 shares of the network equipment provider’s stock worth $31,000 after acquiring an additional 456 shares in the last quarter. West Financial Advisors LLC grew its position in shares of Cisco Systems by 116.6% in the 3rd quarter. West Financial Advisors LLC now owns 574 shares of the network equipment provider’s stock worth $31,000 after acquiring an additional 309 shares in the last quarter. Hobbs Group Advisors LLC acquired a new position in shares of Cisco Systems in the 2nd quarter worth approximately $36,000. Finally, RPg Family Wealth Advisory LLC acquired a new position in shares of Cisco Systems in the 3rd quarter worth approximately $40,000. 73.33% of the stock is currently owned by hedge funds and other institutional investors.

Cisco Systems Company Profile

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.