Cisco Systems, Inc. (NASDAQ:CSCO) Shares Sold by Parthenon LLC

Parthenon LLC lowered its stake in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 5.6% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 206,281 shares of the network equipment provider’s stock after selling 12,260 shares during the quarter. Cisco Systems comprises approximately 1.3% of Parthenon LLC’s investment portfolio, making the stock its 23rd largest holding. Parthenon LLC’s holdings in Cisco Systems were worth $10,978,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. China Universal Asset Management Co. Ltd. boosted its position in Cisco Systems by 226.9% in the first quarter. China Universal Asset Management Co. Ltd. now owns 26,423 shares of the network equipment provider’s stock valued at $1,319,000 after buying an additional 18,339 shares during the last quarter. TD Asset Management Inc increased its stake in shares of Cisco Systems by 1.2% in the first quarter. TD Asset Management Inc now owns 2,414,219 shares of the network equipment provider’s stock worth $120,494,000 after acquiring an additional 27,862 shares during the period. TBH Global Asset Management LLC raised its holdings in shares of Cisco Systems by 15.7% during the first quarter. TBH Global Asset Management LLC now owns 7,239 shares of the network equipment provider’s stock worth $361,000 after purchasing an additional 984 shares during the last quarter. Delta Investment Management LLC raised its holdings in shares of Cisco Systems by 2.0% during the first quarter. Delta Investment Management LLC now owns 16,013 shares of the network equipment provider’s stock worth $799,000 after purchasing an additional 314 shares during the last quarter. Finally, Managed Asset Portfolios LLC lifted its position in Cisco Systems by 2.4% during the first quarter. Managed Asset Portfolios LLC now owns 603,791 shares of the network equipment provider’s stock valued at $30,135,000 after purchasing an additional 14,007 shares during the period. 73.33% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

CSCO has been the subject of a number of recent research reports. Rosenblatt Securities lifted their price objective on Cisco Systems from $56.00 to $58.00 and gave the company a “neutral” rating in a research note on Thursday, August 15th. Piper Sandler reissued a “neutral” rating and issued a $52.00 price target on shares of Cisco Systems in a report on Thursday, August 15th. HSBC upgraded Cisco Systems from a “hold” rating to a “buy” rating and upped their price objective for the stock from $46.00 to $58.00 in a research report on Friday, August 16th. Barclays cut their target price on shares of Cisco Systems from $50.00 to $49.00 and set an “equal weight” rating for the company in a report on Thursday, August 15th. Finally, Tigress Financial increased their price target on shares of Cisco Systems from $76.00 to $78.00 and gave the stock a “buy” rating in a report on Monday, October 14th. Twelve equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Cisco Systems currently has an average rating of “Moderate Buy” and an average target price of $57.32.

Cisco Systems Price Performance

Shares of NASDAQ:CSCO traded down $0.06 during midday trading on Wednesday, hitting $58.65. The company’s stock had a trading volume of 4,212,384 shares, compared to its average volume of 18,891,473. The company has a market cap of $234.06 billion, a P/E ratio of 23.11, a price-to-earnings-growth ratio of 4.86 and a beta of 0.83. Cisco Systems, Inc. has a 12-month low of $44.50 and a 12-month high of $59.38. The business’s 50 day simple moving average is $53.64 and its 200 day simple moving average is $49.57. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.83 and a current ratio of 0.91.

Cisco Systems (NASDAQ:CSCO) last released its quarterly earnings data on Wednesday, August 14th. The network equipment provider reported $0.87 EPS for the quarter, beating analysts’ consensus estimates of $0.85 by $0.02. Cisco Systems had a net margin of 19.18% and a return on equity of 27.83%. The company had revenue of $13.64 billion during the quarter, compared to the consensus estimate of $13.53 billion. During the same quarter in the prior year, the firm earned $1.01 EPS. Cisco Systems’s quarterly revenue was down 10.3% on a year-over-year basis. On average, analysts forecast that Cisco Systems, Inc. will post 2.89 EPS for the current year.

Insider Buying and Selling

In other Cisco Systems news, CEO Charles Robbins sold 27,143 shares of the company’s stock in a transaction on Friday, August 16th. The stock was sold at an average price of $49.45, for a total value of $1,342,221.35. Following the completion of the sale, the chief executive officer now directly owns 683,403 shares in the company, valued at $33,794,278.35. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, SVP Maria Victoria Wong sold 3,379 shares of Cisco Systems stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $50.36, for a total transaction of $170,166.44. Following the sale, the senior vice president now owns 47,182 shares of the company’s stock, valued at approximately $2,376,085.52. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Charles Robbins sold 27,143 shares of the stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $49.45, for a total value of $1,342,221.35. Following the completion of the transaction, the chief executive officer now owns 683,403 shares of the company’s stock, valued at $33,794,278.35. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 70,529 shares of company stock worth $3,509,049. 0.01% of the stock is owned by corporate insiders.

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.