Cornerstone Wealth Management LLC Cuts Stock Position in Cisco Systems, Inc. (NASDAQ:CSCO)

Cornerstone Wealth Management LLC lessened its position in Cisco Systems, Inc. (NASDAQ:CSCO) by 2.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 37,307 shares of the network equipment provider’s stock after selling 746 shares during the quarter. Cornerstone Wealth Management LLC’s holdings in Cisco Systems were worth $1,772,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Norges Bank purchased a new stake in Cisco Systems during the 4th quarter worth about $2,528,939,000. Swedbank AB purchased a new position in shares of Cisco Systems in the 1st quarter valued at about $840,538,000. Charles Schwab Investment Management Inc. increased its holdings in shares of Cisco Systems by 9.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 73,439,747 shares of the network equipment provider’s stock valued at $3,672,445,000 after acquiring an additional 6,345,954 shares during the last quarter. FIL Ltd increased its holdings in shares of Cisco Systems by 47.1% in the 4th quarter. FIL Ltd now owns 18,922,422 shares of the network equipment provider’s stock valued at $955,961,000 after acquiring an additional 6,054,748 shares during the last quarter. Finally, Natixis increased its holdings in shares of Cisco Systems by 438.4% in the 1st quarter. Natixis now owns 4,924,988 shares of the network equipment provider’s stock valued at $245,806,000 after acquiring an additional 4,010,228 shares during the last quarter. Hedge funds and other institutional investors own 73.33% of the company’s stock.

Cisco Systems Stock Up 6.8 %

Shares of NASDAQ CSCO traded up $3.11 during midday trading on Thursday, reaching $48.55. 27,841,576 shares of the company’s stock were exchanged, compared to its average volume of 19,771,967. Cisco Systems, Inc. has a 52-week low of $44.50 and a 52-week high of $58.19. The stock has a market capitalization of $195.60 billion, a PE ratio of 16.38, a price-to-earnings-growth ratio of 2.97 and a beta of 0.85. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.82 and a current ratio of 0.89. The business’s fifty day moving average price is $46.62 and its two-hundred day moving average price is $47.92.

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 $0.70 by $0.17. The business had revenue of $13.64 billion for the quarter, compared to analyst estimates of $13.53 billion. Cisco Systems had a return on equity of 30.82% and a net margin of 21.88%. The company’s revenue for the quarter was down 10.3% compared to the same quarter last year. During the same period in the previous year, the company earned $1.01 earnings per share. Analysts forecast that Cisco Systems, Inc. will post 3.14 EPS for the current year.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. Rosenblatt Securities upped their target price on Cisco Systems from $56.00 to $58.00 and gave the company a “neutral” rating in a research report on Thursday. Needham & Company LLC reaffirmed a “hold” rating on shares of Cisco Systems in a research report on Thursday. Piper Sandler reissued a “neutral” rating and issued a $52.00 price target on shares of Cisco Systems in a report on Wednesday, June 5th. Oppenheimer raised their price target on Cisco Systems from $54.00 to $58.00 and gave the company an “outperform” rating in a report on Thursday, May 16th. Finally, Jefferies Financial Group reduced their price target on Cisco Systems from $56.00 to $53.00 and set a “buy” rating for the company in a report on Thursday. One analyst has rated the stock with a sell rating, fifteen have issued a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $56.50.

Insider Activity

In other news, EVP Deborah L. Stahlkopf sold 8,016 shares of the company’s stock in a transaction that occurred on Friday, May 17th. The stock was sold at an average price of $48.24, for a total transaction of $386,691.84. Following the completion of the transaction, the executive vice president now directly owns 180,705 shares of the company’s stock, valued at $8,717,209.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, SVP Maria Victoria Wong sold 3,378 shares of the business’s stock in a transaction that occurred on Wednesday, May 29th. The stock was sold at an average price of $45.89, for a total transaction of $155,016.42. Following the completion of the transaction, the senior vice president now directly owns 52,953 shares in the company, valued at $2,430,013.17. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Deborah L. Stahlkopf sold 8,016 shares of the business’s stock in a transaction that occurred on Friday, May 17th. The stock was sold at an average price of $48.24, for a total value of $386,691.84. Following the transaction, the executive vice president now owns 180,705 shares of the company’s stock, valued at $8,717,209.20. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 41,106 shares of company stock valued at $1,908,923. 0.02% of the stock is currently owned by insiders.

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.