Peapack Gladstone Financial Corp Grows Stake in Cisco Systems, Inc. (NASDAQ:CSCO)

Peapack Gladstone Financial Corp grew its holdings in Cisco Systems, Inc. (NASDAQ:CSCO) by 0.7% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 714,243 shares of the network equipment provider’s stock after acquiring an additional 5,253 shares during the quarter. Peapack Gladstone Financial Corp’s holdings in Cisco Systems were worth $38,012,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Summit Securities Group LLC purchased a new position in shares of Cisco Systems in the 2nd quarter valued at about $25,000. West Financial Advisors LLC grew its stake in Cisco Systems by 116.6% during the 3rd quarter. West Financial Advisors LLC now owns 574 shares of the network equipment provider’s stock worth $31,000 after buying an additional 309 shares during the last quarter. Quarry LP grew its stake in Cisco Systems by 222.4% during the 2nd quarter. Quarry LP now owns 661 shares of the network equipment provider’s stock worth $31,000 after buying an additional 456 shares during the last quarter. RPg Family Wealth Advisory LLC purchased a new position in Cisco Systems during the 3rd quarter worth approximately $40,000. Finally, Hobbs Group Advisors LLC purchased a new position in Cisco Systems during the 2nd quarter worth approximately $36,000. Hedge funds and other institutional investors own 73.33% of the company’s stock.

Insiders Place Their Bets

In other news, SVP Maria Victoria Wong sold 586 shares of the business’s stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $58.69, for a total value of $34,392.34. Following the completion of the transaction, the senior vice president now directly owns 50,767 shares of the company’s stock, valued at $2,979,515.23. The trade was a 1.14 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Kristina M. Johnson sold 7,500 shares of the business’s stock in a transaction on Friday, December 6th. The stock was sold at an average price of $59.87, for a total value of $449,025.00. Following the completion of the transaction, the director now directly owns 65,915 shares of the company’s stock, valued at approximately $3,946,331.05. This trade represents a 10.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 353,522 shares of company stock worth $20,349,721. 0.01% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. UBS Group raised their price target on Cisco Systems from $55.00 to $62.00 and gave the stock a “neutral” rating in a research note on Thursday, November 14th. Piper Sandler raised their price target on Cisco Systems from $52.00 to $57.00 and gave the stock a “neutral” rating in a research note on Thursday, November 14th. Morgan Stanley raised their price target on Cisco Systems from $58.00 to $62.00 and gave the stock an “overweight” rating in a research note on Thursday, November 14th. Barclays increased their price objective on Cisco Systems from $49.00 to $56.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 14th. Finally, StockNews.com raised Cisco Systems from a “hold” rating to a “buy” rating in a research report on Thursday, November 14th. Ten research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $59.94.

Cisco Systems Stock Performance

Shares of CSCO stock opened at $58.85 on Friday. The stock has a fifty day moving average price of $57.01 and a 200 day moving average price of $51.24. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.80 and a current ratio of 0.88. The stock has a market cap of $234.39 billion, a PE ratio of 25.26, a P/E/G ratio of 4.37 and a beta of 0.85. Cisco Systems, Inc. has a 1 year low of $44.50 and a 1 year high of $60.23.

Cisco Systems (NASDAQ:CSCO) last posted its earnings results on Wednesday, November 13th. The network equipment provider reported $0.91 EPS for the quarter, topping analysts’ consensus estimates of $0.87 by $0.04. The company had revenue of $13.84 billion for the quarter, compared to the consensus estimate of $13.78 billion. Cisco Systems had a return on equity of 25.70% and a net margin of 17.73%. Cisco Systems’s quarterly revenue was down 5.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.98 earnings per share. Sell-side analysts forecast that Cisco Systems, Inc. will post 2.97 earnings per share for the current fiscal year.

Cisco Systems Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 22nd. Shareholders of record on Friday, January 3rd will be given a dividend of $0.40 per share. The ex-dividend date is Friday, January 3rd. This represents a $1.60 dividend on an annualized basis and a yield of 2.72%. Cisco Systems’s payout ratio is 68.67%.

Cisco Systems 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.