Measured Wealth Private Client Group LLC bought a new stake in shares of Cisco Systems, Inc. (NASDAQ:CSCO) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 22,658 shares of the network equipment provider’s stock, valued at approximately $974,000. Cisco Systems makes up about 0.8% of Measured Wealth Private Client Group LLC’s investment portfolio, making the stock its 21st largest position.
Several other hedge funds and other institutional investors have also made changes to their positions in CSCO. Peregrine Asset Advisers Inc. increased its position in shares of Cisco Systems by 45.7% during the second quarter. Peregrine Asset Advisers Inc. now owns 9,730 shares of the network equipment provider’s stock valued at $418,000 after acquiring an additional 3,050 shares in the last quarter. Kalos Management Inc. bought a new stake in shares of Cisco Systems during the second quarter valued at approximately $360,000. Morgan Stanley increased its position in shares of Cisco Systems by 15.9% during the second quarter. Morgan Stanley now owns 50,957,358 shares of the network equipment provider’s stock valued at $2,192,694,000 after acquiring an additional 7,009,359 shares in the last quarter. Natixis increased its position in shares of Cisco Systems by 66.9% during the second quarter. Natixis now owns 3,236,837 shares of the network equipment provider’s stock valued at $138,204,000 after acquiring an additional 1,297,035 shares in the last quarter. Finally, Voya Investment Management LLC increased its position in shares of Cisco Systems by 2.8% during the second quarter. Voya Investment Management LLC now owns 7,353,656 shares of the network equipment provider’s stock valued at $316,428,000 after acquiring an additional 203,686 shares in the last quarter. 69.52% of the stock is owned by institutional investors and hedge funds.
In other news, Chairman Charles Robbins sold 217,420 shares of the business’s stock in a transaction dated Monday, September 17th. The shares were sold at an average price of $47.28, for a total value of $10,279,617.60. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Kelly A. Kramer sold 70,000 shares of the business’s stock in a transaction dated Thursday, November 29th. The stock was sold at an average price of $47.44, for a total transaction of $3,320,800.00. Following the completion of the sale, the chief financial officer now owns 492,301 shares in the company, valued at $23,354,759.44. The disclosure for this sale can be found here. Over the last quarter, insiders sold 558,943 shares of company stock worth $26,362,383. 0.03% of the stock is currently owned by insiders.
Cisco Systems (NASDAQ:CSCO) last announced its quarterly earnings results on Wednesday, November 14th. The network equipment provider reported $0.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.72 by $0.03. The company had revenue of $13.07 billion for the quarter, compared to the consensus estimate of $12.86 billion. Cisco Systems had a net margin of 2.52% and a return on equity of 25.58%. Cisco Systems’s revenue for the quarter was up 7.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.61 EPS. On average, equities analysts forecast that Cisco Systems, Inc. will post 2.7 earnings per share for the current year.
CSCO has been the subject of several analyst reports. KeyCorp raised their price target on shares of Cisco Systems from $52.00 to $53.00 and gave the company an “overweight” rating in a research report on Thursday, November 15th. JPMorgan Chase & Co. restated a “buy” rating on shares of Cisco Systems in a report on Thursday, November 15th. Morgan Stanley raised their target price on shares of Cisco Systems from $48.00 to $51.00 and gave the stock an “overweight” rating in a report on Tuesday, September 4th. BidaskClub upgraded shares of Cisco Systems from a “hold” rating to a “buy” rating in a report on Friday, August 10th. Finally, Zacks Investment Research cut shares of Cisco Systems from a “buy” rating to a “hold” rating in a report on Friday, October 26th. Seven research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $50.26.
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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.
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