Investors Sell Cisco Systems Inc. (CSCO) on Strength (CSCO)
Investors sold shares of Cisco Systems Inc. (NASDAQ:CSCO) on strength during trading hours on Wednesday. $174.26 million flowed into the stock on the tick-up and $218.30 million flowed out of the stock on the tick-down, for a money net flow of $44.04 million out of the stock. Of all equities tracked, Cisco Systems had the 0th highest net out-flow for the day. Cisco Systems traded up $0.71 for the day and closed at $30.63
Several analysts have issued reports on CSCO shares. Vetr cut shares of Cisco Systems from a “buy” rating to a “hold” rating and set a $29.77 target price on the stock. in a research note on Monday, April 4th. Bank of America Corp. cut shares of Cisco Systems from a “buy” rating to a “neutral” rating and increased their target price for the stock from $27.00 to $30.00 in a research note on Tuesday, April 5th. Nomura Holdings Inc. reiterated a “hold” rating on shares of Cisco Systems in a research note on Monday, April 4th. JPMorgan Chase & Co. upgraded shares of Cisco Systems from an “underweight” rating to a “neutral” rating and increased their target price for the stock from $17.00 to $27.50 in a research note on Wednesday, April 6th. Finally, Citigroup Inc. reiterated a “buy” rating on shares of Cisco Systems in a research note on Thursday, April 7th. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating and twenty-five have assigned a buy rating to the stock. Cisco Systems currently has an average rating of “Buy” and a consensus price target of $30.86.
The company has a market capitalization of $154.06 billion and a PE ratio of 15.16. The firm’s 50-day moving average is $29.00 and its 200-day moving average is $27.16.
Cisco Systems (NASDAQ:CSCO) last posted its quarterly earnings results on Wednesday, May 18th. The network equipment provider reported $0.57 EPS for the quarter, topping the Zacks’ consensus estimate of $0.55 by $0.02. The company earned $12 billion during the quarter, compared to the consensus estimate of $11.97 billion. During the same quarter in the previous year, the company posted $0.54 earnings per share. The company’s revenue for the quarter was down 1.1% on a year-over-year basis. Equities analysts anticipate that Cisco Systems Inc. will post $2.33 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 27th. Stockholders of record on Thursday, July 7th will be issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 3.40%. The ex-dividend date is Tuesday, July 5th.
In other news, EVP Pankaj Patel sold 9,891 shares of the company’s stock in a transaction dated Thursday, June 23rd. The shares were sold at an average price of $29.03, for a total value of $287,135.73. Following the transaction, the executive vice president now directly owns 356,307 shares in the company, valued at $10,343,592.21. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CMO Karen Walker sold 7,802 shares of the company’s stock in a transaction dated Wednesday, June 15th. The stock was sold at an average price of $28.50, for a total transaction of $222,357.00. Following the completion of the transaction, the chief marketing officer now owns 175,250 shares in the company, valued at $4,994,625. The disclosure for this sale can be found here.
Several hedge funds and institutional investors recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in Cisco Systems by 2.2% in the fourth quarter. Vanguard Group Inc. now owns 301,463,407 shares of the network equipment provider’s stock worth $8,186,239,000 after buying an additional 6,597,497 shares during the last quarter. Diamond Hill Capital Management Inc. boosted its position in Cisco Systems by 62.0% in the fourth quarter. Diamond Hill Capital Management Inc. now owns 11,395,016 shares of the network equipment provider’s stock worth $309,432,000 after buying an additional 4,360,972 shares during the last quarter. I.G. Investment Management LTD. boosted its position in Cisco Systems by 70.8% in the fourth quarter. I.G. Investment Management LTD. now owns 4,323,766 shares of the network equipment provider’s stock worth $117,433,000 after buying an additional 1,792,667 shares during the last quarter. Penserra Capital Management LLC bought a new position in Cisco Systems during the fourth quarter worth approximately $39,188,000. Finally, Stack Financial Management Inc bought a new position in Cisco Systems during the fourth quarter worth approximately $32,281,000.
Cisco System, Inc (Cisco) designs and sells lines of products, provides services and delivers integrated solutions to develop and connect networks around the world, building the Internet. The Company is engaged in designing, manufacturing and selling Internet Protocol (IP)-based networking and other products related to the communications and information technology (IT) industry, and provides services associated with these products and their use.
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