Investors Research Corp acquired a new position in shares of Cisco Systems, Inc. (NASDAQ:CSCO) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 22,813 shares of the network equipment provider’s stock, valued at approximately $874,000.
Other hedge funds and other institutional investors have also modified their holdings of the company. Rothschild Investment Corp IL boosted its position in shares of Cisco Systems by 1.9% during the fourth quarter. Rothschild Investment Corp IL now owns 297,112 shares of the network equipment provider’s stock worth $11,379,000 after buying an additional 5,517 shares during the period. Mitsubishi UFJ Asset Management UK Ltd. boosted its position in shares of Cisco Systems by 320.0% during the fourth quarter. Mitsubishi UFJ Asset Management UK Ltd. now owns 126,000 shares of the network equipment provider’s stock worth $4,825,000 after buying an additional 96,000 shares during the period. Mizuho Securities USA LLC lifted its position in Cisco Systems by 20.9% in the fourth quarter. Mizuho Securities USA LLC now owns 18,506 shares of the network equipment provider’s stock worth $709,000 after purchasing an additional 3,199 shares during the period. Spectrum Management Group Inc. lifted its position in Cisco Systems by 4.4% in the third quarter. Spectrum Management Group Inc. now owns 76,045 shares of the network equipment provider’s stock worth $2,557,000 after purchasing an additional 3,182 shares during the period. Finally, Lehman Financial Resources Inc. acquired a new stake in Cisco Systems in the third quarter worth approximately $3,992,000. Institutional investors and hedge funds own 73.89% of the company’s stock.
In other news, Director M Michele Burns sold 12,126 shares of the company’s stock in a transaction on Monday, February 26th. The shares were sold at an average price of $45.37, for a total value of $550,156.62. Following the transaction, the director now directly owns 74,479 shares of the company’s stock, valued at $3,379,112.23. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP David Goeckeler sold 20,671 shares of the company’s stock in a transaction on Thursday, March 15th. The stock was sold at an average price of $45.50, for a total transaction of $940,530.50. The disclosure for this sale can be found here. Corporate insiders own 0.05% of the company’s stock.
Cisco Systems (NASDAQ:CSCO) last announced its earnings results on Wednesday, May 16th. The network equipment provider reported $0.66 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.65 by $0.01. Cisco Systems had a negative net margin of 2.61% and a positive return on equity of 19.48%. The company had revenue of $12.46 billion for the quarter, compared to the consensus estimate of $12.42 billion. During the same period in the previous year, the business earned $0.60 EPS. sell-side analysts forecast that Cisco Systems, Inc. will post 2.34 earnings per share for the current fiscal year.
Cisco Systems declared that its board has authorized a share buyback program on Wednesday, February 14th that authorizes the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization authorizes the network equipment provider to purchase shares of its stock through open market purchases. Shares repurchase programs are typically a sign that the company’s management believes its stock is undervalued.
A number of research firms have weighed in on CSCO. Zacks Investment Research downgraded Cisco Systems from a “buy” rating to a “hold” rating in a research report on Tuesday. BidaskClub downgraded Cisco Systems from a “strong-buy” rating to a “buy” rating in a research report on Saturday. Argus upped their target price on Cisco Systems to $55.00 and gave the stock a “buy” rating in a research report on Friday, May 18th. JPMorgan Chase set a $58.00 target price on Cisco Systems and gave the stock a “buy” rating in a research report on Thursday, May 17th. Finally, Credit Suisse Group set a $41.00 target price on Cisco Systems and gave the stock a “hold” rating in a research report on Thursday, May 17th. Eleven equities research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $46.11.
About Cisco Systems
Cisco Systems, Inc designs, manufactures, and sells Internet Protocol (IP) based networking and other products related to the communications and information technology industry worldwide. The company offers switching products, including fixed-configuration and modular switches, and storage products that provide connectivity to end users, workstations, IP phones, wireless access points, and servers; and next-generation network routing products that interconnect public and private wireline and mobile networks for mobile, data, voice, and video applications.
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