ICICI Prudential Asset Management Co Ltd Increases Position in Cisco Systems, Inc. (NASDAQ:CSCO)

ICICI Prudential Asset Management Co Ltd increased its stake in Cisco Systems, Inc. (NASDAQ:CSCO) by 18.8% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 52,594 shares of the network equipment provider’s stock after purchasing an additional 8,337 shares during the quarter. ICICI Prudential Asset Management Co Ltd’s holdings in Cisco Systems were worth $2,799,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its holdings in Cisco Systems by 59.3% during the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 775,559 shares of the network equipment provider’s stock valued at $36,847,000 after acquiring an additional 288,775 shares during the period. Citizens Financial Group Inc. RI raised its holdings in Cisco Systems by 24.4% during the 2nd quarter. Citizens Financial Group Inc. RI now owns 264,647 shares of the network equipment provider’s stock valued at $12,573,000 after acquiring an additional 51,924 shares during the period. Commerzbank Aktiengesellschaft FI raised its holdings in Cisco Systems by 10.9% during the 3rd quarter. Commerzbank Aktiengesellschaft FI now owns 1,658,417 shares of the network equipment provider’s stock valued at $88,261,000 after acquiring an additional 162,544 shares during the period. Quintet Private Bank Europe S.A. raised its holdings in Cisco Systems by 17.0% during the 3rd quarter. Quintet Private Bank Europe S.A. now owns 635,667 shares of the network equipment provider’s stock valued at $33,830,000 after acquiring an additional 92,179 shares during the period. Finally, IRON Financial LLC bought a new stake in Cisco Systems during the 3rd quarter valued at $856,000. Institutional investors own 73.33% of the company’s stock.

Insider Activity

In other news, EVP Thimaya K. Subaiya sold 8,270 shares of the stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $50.33, for a total transaction of $416,229.10. Following the sale, the executive vice president now owns 135,544 shares in the company, valued at $6,821,929.52. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, EVP Thimaya K. Subaiya sold 1,328 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $48.92, for a total value of $64,965.76. Following the sale, the executive vice president now owns 132,910 shares in the company, valued at approximately $6,501,957.20. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Thimaya K. Subaiya sold 8,270 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $50.33, for a total transaction of $416,229.10. Following the completion of the sale, the executive vice president now owns 135,544 shares in the company, valued at $6,821,929.52. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 70,529 shares of company stock worth $3,509,049 over the last 90 days. 0.01% of the stock is currently owned by insiders.

Cisco Systems Trading Down 0.3 %

CSCO stock traded down $0.20 during trading on Wednesday, reaching $58.51. The company had a trading volume of 5,185,365 shares, compared to its average volume of 18,895,896. Cisco Systems, Inc. has a 52 week low of $44.50 and a 52 week high of $59.38. The business has a 50 day moving average of $53.64 and a 200 day moving average of $49.57. The company has a market cap of $233.50 billion, a P/E ratio of 23.11, a PEG ratio of 4.86 and a beta of 0.83. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.91 and a quick ratio of 0.83.

Cisco Systems (NASDAQ:CSCO) last posted its quarterly earnings results on Wednesday, August 14th. The network equipment provider reported $0.87 EPS for the quarter, beating analysts’ consensus estimates of $0.85 by $0.02. Cisco Systems had a net margin of 19.18% and a return on equity of 27.83%. The firm had revenue of $13.64 billion for the quarter, compared to analysts’ expectations of $13.53 billion. During the same quarter in the prior year, the company posted $1.01 earnings per share. The business’s revenue for the quarter was down 10.3% on a year-over-year basis. As a group, sell-side analysts forecast that Cisco Systems, Inc. will post 2.89 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on CSCO shares. Piper Sandler reissued a “neutral” rating and set a $52.00 target price on shares of Cisco Systems in a report on Thursday, August 15th. New Street Research raised shares of Cisco Systems from a “neutral” rating to a “buy” rating and set a $57.00 target price on the stock in a report on Thursday, August 15th. Jefferies Financial Group reduced their price target on shares of Cisco Systems from $56.00 to $53.00 and set a “buy” rating for the company in a research report on Thursday, August 15th. StockNews.com lowered shares of Cisco Systems from a “buy” rating to a “hold” rating in a research report on Tuesday, November 5th. Finally, Deutsche Bank Aktiengesellschaft boosted their price target on shares of Cisco Systems from $52.00 to $53.00 and gave the company a “hold” rating in a research report on Thursday, August 15th. Twelve analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Cisco Systems has a consensus rating of “Moderate Buy” and a consensus target price of $57.32.

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.