Connors Investor Services Inc. trimmed its position in Cisco Systems, Inc. (NASDAQ:CSCO) by 29.4% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 215,740 shares of the network equipment provider’s stock after selling 89,805 shares during the quarter. Cisco Systems accounts for approximately 1.6% of Connors Investor Services Inc.’s portfolio, making the stock its 26th largest holding. Connors Investor Services Inc.’s holdings in Cisco Systems were worth $11,807,000 at the end of the most recent quarter.
Several other institutional investors have also recently added to or reduced their stakes in CSCO. AQR Capital Management LLC grew its stake in shares of Cisco Systems by 10.5% in the second quarter. AQR Capital Management LLC now owns 16,527,442 shares of the network equipment provider’s stock valued at $904,547,000 after buying an additional 1,573,540 shares in the last quarter. Paloma Partners Management Co grew its stake in shares of Cisco Systems by 787.1% in the second quarter. Paloma Partners Management Co now owns 1,589,103 shares of the network equipment provider’s stock valued at $86,971,000 after buying an additional 1,409,975 shares in the last quarter. Abundance Wealth Counselors acquired a new stake in shares of Cisco Systems in the second quarter valued at about $201,000. Wsfs Capital Management LLC grew its stake in shares of Cisco Systems by 9.1% in the second quarter. Wsfs Capital Management LLC now owns 5,413 shares of the network equipment provider’s stock valued at $296,000 after buying an additional 453 shares in the last quarter. Finally, Marshall Wace North America L.P. acquired a new stake in shares of Cisco Systems in the second quarter valued at about $52,368,000. Institutional investors own 73.31% of the company’s stock.
A number of equities research analysts have recently issued reports on CSCO shares. JPMorgan Chase & Co. set a $62.00 target price on Cisco Systems and gave the company a “buy” rating in a research note on Monday, August 12th. Tigress Financial reiterated a “buy” rating on shares of Cisco Systems in a research note on Thursday, June 27th. Nomura increased their target price on Cisco Systems from $50.00 to $53.00 and gave the company a “neutral” rating in a research note on Tuesday, July 30th. Evercore ISI initiated coverage on Cisco Systems in a research note on Wednesday, September 11th. They issued an “outperform” rating and a $60.00 target price for the company. Finally, BidaskClub lowered Cisco Systems from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 31st. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty-one have issued a buy rating to the stock. Cisco Systems has a consensus rating of “Buy” and a consensus price target of $56.60.
Shares of CSCO traded up $0.31 during mid-day trading on Thursday, hitting $49.65. The stock had a trading volume of 1,784,865 shares, compared to its average volume of 16,666,221. The company has a market cap of $212.09 billion, a PE ratio of 17.42, a PEG ratio of 2.33 and a beta of 1.26. The company’s fifty day simple moving average is $49.61 and its two-hundred day simple moving average is $53.66. The company has a quick ratio of 1.46, a current ratio of 1.51 and a debt-to-equity ratio of 0.43. Cisco Systems, Inc. has a fifty-two week low of $40.25 and a fifty-two week high of $58.26.
Cisco Systems (NASDAQ:CSCO) last issued its earnings results on Wednesday, August 14th. The network equipment provider reported $0.83 EPS for the quarter, topping the consensus estimate of $0.82 by $0.01. The company had revenue of $13.43 billion during the quarter, compared to analyst estimates of $13.39 billion. Cisco Systems had a return on equity of 32.43% and a net margin of 22.39%. The business’s revenue was up 4.5% on a year-over-year basis. During the same quarter last year, the firm earned $0.70 EPS. Equities analysts expect that Cisco Systems, Inc. will post 3.06 earnings per share for the current year.
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 worldwide. The company offers switching products; routing products that interconnect public and private wireline and mobile networks; data center products; and wireless access points for use in voice, video, and data applications.
Further Reading: How Do Front-End Loads Impact an Investment?
Want to see what other hedge funds are holding CSCO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cisco Systems, Inc. (NASDAQ:CSCO).
Receive News & Ratings for Cisco Systems Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cisco Systems and related companies with MarketBeat.com's FREE daily email newsletter.