Franklin Street Advisors Inc. NC Sells 13,886 Shares of Cisco Systems, Inc. (NASDAQ:CSCO)

Franklin Street Advisors Inc. NC trimmed its position in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 16.2% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 71,777 shares of the network equipment provider’s stock after selling 13,886 shares during the quarter. Franklin Street Advisors Inc. NC’s holdings in Cisco Systems were worth $4,429,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of CSCO. Tallon Kerry Patrick bought a new position in Cisco Systems in the 4th quarter worth $603,000. Brighton Jones LLC raised its holdings in Cisco Systems by 49.5% in the 4th quarter. Brighton Jones LLC now owns 74,187 shares of the network equipment provider’s stock worth $4,392,000 after purchasing an additional 24,562 shares during the period. Revolve Wealth Partners LLC raised its holdings in Cisco Systems by 37.0% in the 4th quarter. Revolve Wealth Partners LLC now owns 9,156 shares of the network equipment provider’s stock worth $542,000 after purchasing an additional 2,474 shares during the period. Wingate Wealth Advisors Inc. bought a new position in Cisco Systems in the 4th quarter worth $113,000. Finally, Bristlecone Advisors LLC raised its holdings in Cisco Systems by 31.3% in the 4th quarter. Bristlecone Advisors LLC now owns 8,226 shares of the network equipment provider’s stock worth $487,000 after purchasing an additional 1,962 shares during the period. 73.33% of the stock is owned by institutional investors.

Cisco Systems Trading Down 1.1%

CSCO opened at $65.15 on Wednesday. The firm has a market cap of $257.99 billion, a P/E ratio of 28.45, a P/E/G ratio of 4.16 and a beta of 0.88. Cisco Systems, Inc. has a 12 month low of $44.50 and a 12 month high of $66.50. The company has a current ratio of 0.87, a quick ratio of 0.79 and a debt-to-equity ratio of 0.43. The stock has a 50-day moving average of $59.85 and a 200 day moving average of $60.46.

Cisco Systems (NASDAQ:CSCO) last released its quarterly earnings results on Wednesday, May 14th. The network equipment provider reported $0.96 EPS for the quarter, topping the consensus estimate of $0.92 by $0.04. The company had revenue of $14.15 billion during the quarter, compared to analyst estimates of $14.05 billion. Cisco Systems had a return on equity of 26.08% and a net margin of 16.96%. The firm’s revenue was up 11.4% on a year-over-year basis. During the same quarter last year, the business posted $0.88 earnings per share. As a group, research analysts forecast that Cisco Systems, Inc. will post 3.04 EPS for the current year.

Cisco Systems Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 23rd. Investors of record on Thursday, July 3rd will be given a $0.41 dividend. The ex-dividend date of this dividend is Thursday, July 3rd. This represents a $1.64 annualized dividend and a yield of 2.52%. Cisco Systems’s dividend payout ratio is currently 66.94%.

Cisco Systems announced that its Board of Directors has initiated a stock buyback program on Wednesday, February 12th that permits the company to repurchase $15.00 billion in shares. This repurchase authorization permits the network equipment provider to reacquire up to 6% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

CSCO has been the subject of a number of analyst reports. UBS Group increased their price target on Cisco Systems from $62.00 to $70.00 and gave the stock a “neutral” rating in a research note on Thursday, February 13th. Piper Sandler increased their price target on Cisco Systems from $60.00 to $64.00 and gave the stock a “neutral” rating in a research note on Thursday, May 15th. Wall Street Zen upgraded Cisco Systems from a “buy” rating to a “strong-buy” rating in a research note on Friday, May 16th. Wells Fargo & Company upgraded Cisco Systems from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $72.00 to $75.00 in a research note on Thursday, May 15th. Finally, Rosenblatt Securities increased their price target on Cisco Systems from $63.00 to $74.00 and gave the stock a “buy” rating in a research note on Thursday, May 15th. Eight research analysts have rated the stock with a hold rating, twelve have issued a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $68.00.

Insider Buying and Selling

In other Cisco Systems news, CEO Charles Robbins sold 29,784 shares of the firm’s stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $64.61, for a total value of $1,924,344.24. Following the completion of the sale, the chief executive officer now owns 688,409 shares of the company’s stock, valued at $44,478,105.49. This trade represents a 4.15% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Deborah L. Stahlkopf sold 9,643 shares of the firm’s stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $63.50, for a total transaction of $612,330.50. Following the completion of the sale, the executive vice president now directly owns 181,186 shares of the company’s stock, valued at approximately $11,505,311. The trade was a 5.05% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 68,573 shares of company stock worth $4,392,619. Corporate insiders own 0.01% of the company’s stock.

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.