Principal Financial Group Inc. decreased its position in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 2.0% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,165,201 shares of the network equipment provider’s stock after selling 128,346 shares during the quarter. Principal Financial Group Inc.’s holdings in Cisco Systems were worth $326,756,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Burke & Herbert Bank & Trust Co. boosted its holdings in shares of Cisco Systems by 0.7% during the 2nd quarter. Burke & Herbert Bank & Trust Co. now owns 27,764 shares of the network equipment provider’s stock valued at $1,471,000 after acquiring an additional 183 shares in the last quarter. Calamos Wealth Management LLC boosted its holdings in shares of Cisco Systems by 0.8% during the 2nd quarter. Calamos Wealth Management LLC now owns 24,197 shares of the network equipment provider’s stock valued at $1,282,000 after acquiring an additional 190 shares in the last quarter. Corundum Group Inc. lifted its holdings in Cisco Systems by 2.9% during the 1st quarter. Corundum Group Inc. now owns 7,073 shares of the network equipment provider’s stock worth $366,000 after buying an additional 196 shares during the period. Breiter Capital Management Inc. lifted its holdings in Cisco Systems by 1.0% during the 2nd quarter. Breiter Capital Management Inc. now owns 21,020 shares of the network equipment provider’s stock worth $1,114,000 after buying an additional 199 shares during the period. Finally, Essex Financial Services Inc. lifted its holdings in Cisco Systems by 0.3% during the 1st quarter. Essex Financial Services Inc. now owns 74,769 shares of the network equipment provider’s stock worth $3,866,000 after buying an additional 200 shares during the period. 71.92% of the stock is currently owned by institutional investors.
In other news, CEO Charles Robbins sold 6,543 shares of the business’s stock in a transaction that occurred on Wednesday, August 25th. The stock was sold at an average price of $59.69, for a total value of $390,551.67. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, SVP Prat Bhatt sold 468 shares of the company’s stock in a transaction that occurred on Monday, September 13th. The shares were sold at an average price of $58.35, for a total value of $27,307.80. The disclosure for this sale can be found here. Insiders have sold a total of 64,529 shares of company stock valued at $3,827,391 over the last three months. Corporate insiders own 0.02% of the company’s stock.
Cisco Systems (NASDAQ:CSCO) last issued its quarterly earnings data on Tuesday, August 17th. The network equipment provider reported $0.84 EPS for the quarter, topping analysts’ consensus estimates of $0.83 by $0.01. The firm had revenue of $13.13 billion during the quarter, compared to analyst estimates of $13.04 billion. Cisco Systems had a return on equity of 30.82% and a net margin of 21.26%. The company’s revenue for the quarter was up 8.0% on a year-over-year basis. During the same period in the previous year, the company posted $0.80 EPS. On average, equities analysts forecast that Cisco Systems, Inc. will post 3.08 earnings per share for the current year.
Several research analysts have commented on CSCO shares. Credit Suisse Group set a $56.00 target price on Cisco Systems in a report on Wednesday, August 25th. Deutsche Bank Aktiengesellschaft lifted their price objective on Cisco Systems from $55.00 to $59.00 and gave the stock a “hold” rating in a research report on Tuesday, August 24th. JPMorgan Chase & Co. lifted their price objective on Cisco Systems from $62.00 to $67.00 and gave the stock an “overweight” rating in a research report on Tuesday. They noted that the move was a valuation call. DZ Bank reissued a “hold” rating and issued a $51.00 price objective on shares of Cisco Systems in a research report on Thursday, May 27th. Finally, Citigroup lifted their price objective on Cisco Systems from $50.00 to $55.00 and gave the stock a “neutral” rating in a research report on Thursday, August 19th. Eleven analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $56.19.
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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