Washington Trust Bank Sells 524 Shares of Cisco Systems, Inc. (NASDAQ:CSCO)

Washington Trust Bank trimmed its holdings in Cisco Systems, Inc. (NASDAQ:CSCO) by 3.3% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 15,369 shares of the network equipment provider’s stock after selling 524 shares during the quarter. Washington Trust Bank’s holdings in Cisco Systems were worth $818,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently bought and sold shares of the stock. Summit Securities Group LLC bought a new position in Cisco Systems during the second quarter valued at about $25,000. Quarry LP raised its stake in shares of Cisco Systems by 222.4% in the second quarter. Quarry LP now owns 661 shares of the network equipment provider’s stock valued at $31,000 after purchasing an additional 456 shares in the last quarter. West Financial Advisors LLC boosted its stake in Cisco Systems by 116.6% during the third 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 in the last quarter. Hobbs Group Advisors LLC bought a new position in shares of Cisco Systems during the 2nd quarter worth about $36,000. Finally, Iron Horse Wealth Management LLC raised its position in Cisco Systems by 617.7% in the second quarter. Iron Horse Wealth Management LLC now owns 890 shares of the network equipment provider’s stock worth $42,000 after purchasing an additional 766 shares in the last quarter. 73.33% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Cisco Systems news, EVP Thimaya K. Subaiya sold 8,270 shares of the firm’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $50.33, for a total value of $416,229.10. Following the sale, the executive vice president now owns 135,544 shares of the company’s stock, valued at approximately $6,821,929.52. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, EVP Thimaya K. Subaiya sold 8,270 shares of the company’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $50.33, for a total transaction of $416,229.10. Following the completion of the transaction, the executive vice president now directly owns 135,544 shares in the company, valued at $6,821,929.52. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, 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 transaction of $1,342,221.35. Following the transaction, the chief executive officer now owns 683,403 shares of the company’s stock, valued at $33,794,278.35. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 70,529 shares of company stock worth $3,509,049. Corporate insiders own 0.01% of the company’s stock.

Wall Street Analyst Weigh In

CSCO has been the topic of several recent analyst reports. Rosenblatt Securities boosted their price target on Cisco Systems from $56.00 to $58.00 and gave the company a “neutral” rating in a research note on Thursday, August 15th. JPMorgan Chase & Co. upped their price objective on shares of Cisco Systems from $53.00 to $55.00 and gave the stock a “hold” rating in a research note on Thursday, August 8th. Despite investors’ hopes for a rebound in Networking Equipment demand to boost Cisco’s fourth-quarter 2024 performance, the anticipation is tempered by limited indications of a significant recovery in demand. HSBC upgraded Cisco Systems from a “hold” rating to a “buy” rating and increased their price target for the stock from $46.00 to $58.00 in a research report on Friday, August 16th. Jefferies Financial Group reduced their price target on shares of Cisco Systems from $56.00 to $53.00 and set a “buy” rating on the stock in a research report on Thursday, August 15th. Finally, StockNews.com lowered shares of Cisco Systems from a “buy” rating to a “hold” rating in a research report on Tuesday. Thirteen analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $56.74.

Cisco Systems Stock Performance

CSCO traded down $0.02 during trading on Thursday, hitting $57.85. The stock had a trading volume of 621,497 shares, compared to its average volume of 18,900,086. The company has a 50 day moving average price of $53.00 and a 200-day moving average price of $49.27. The firm has a market cap of $230.86 billion, a price-to-earnings ratio of 22.78, a P/E/G ratio of 4.60 and a beta of 0.83. Cisco Systems, Inc. has a one year low of $44.50 and a one year high of $58.08. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.91 and a quick ratio of 0.83.

Cisco Systems (NASDAQ:CSCO) last announced its earnings results on Wednesday, August 14th. The network equipment provider reported $0.87 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.85 by $0.02. The firm had revenue of $13.64 billion for the quarter, compared to analyst estimates of $13.53 billion. Cisco Systems had a net margin of 19.18% and a return on equity of 27.83%. The business’s revenue was down 10.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.01 EPS. As a group, research analysts predict that Cisco Systems, Inc. will post 2.89 EPS for the current year.

Cisco Systems Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, October 23rd. Shareholders of record on Wednesday, October 2nd were issued a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 2.77%. The ex-dividend date was Wednesday, October 2nd. Cisco Systems’s dividend payout ratio is currently 62.99%.

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.