Pzena Investment Management LLC Sells 3,731 Shares of Cisco Systems, Inc. (NASDAQ:CSCO)

Posted by Defense World Staff on Sep 10th, 2023

Pzena Investment Management LLC decreased its position in Cisco Systems, Inc. (NASDAQ:CSCO – Free Report) by 0.6% during the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 584,777 shares of the network equipment provider’s stock after selling 3,731 shares during the period. Pzena Investment Management LLC’s holdings in Cisco Systems were worth $30,569,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently bought and sold shares of CSCO. Steward Financial Group LLC bought a new stake in shares of Cisco Systems during the 4th quarter worth approximately $26,000. Altshuler Shaham Ltd bought a new stake in shares of Cisco Systems during the 1st quarter worth approximately $32,000. Carmel Capital Partners LLC bought a new stake in shares of Cisco Systems during the 1st quarter worth approximately $35,000. Tucker Asset Management LLC bought a new stake in shares of Cisco Systems during the 1st quarter worth approximately $35,000. Finally, Fortis Capital Advisors LLC bought a new stake in shares of Cisco Systems during the 4th quarter worth approximately $34,000. Institutional investors own 72.21% of the company’s stock.

Cisco Systems Stock Down 0.2 %

Shares of NASDAQ CSCO opened at $56.67 on Friday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.27 and a current ratio of 1.38. Cisco Systems, Inc. has a 52 week low of $38.60 and a 52 week high of $58.19. The stock has a market capitalization of $230.93 billion, a P/E ratio of 18.46, a PEG ratio of 2.52 and a beta of 0.97. The stock’s fifty day moving average is $53.71 and its 200 day moving average is $50.89.

Cisco Systems (NASDAQ:CSCO – Get Free Report) last released its earnings results on Wednesday, August 16th. The network equipment provider reported $1.14 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.06 by $0.08. Cisco Systems had a return on equity of 33.42% and a net margin of 22.13%. The firm had revenue of $15.20 billion for the quarter, compared to analysts’ expectations of $15.05 billion. During the same quarter in the previous year, the business posted $0.74 earnings per share. The business’s revenue for the quarter was up 16.0% on a year-over-year basis. Sell-side analysts forecast that Cisco Systems, Inc. will post 3.58 earnings per share for the current fiscal year.

Cisco Systems Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 25th. Shareholders of record on Wednesday, October 4th will be given a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 2.75%. The ex-dividend date is Tuesday, October 3rd. Cisco Systems’s dividend payout ratio is presently 50.81%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the company. Piper Sandler upped their price objective on Cisco Systems from $51.00 to $53.00 and gave the stock a “neutral” rating in a research note on Thursday, August 17th. Bank of America cut Cisco Systems from a “buy” rating to a “neutral” rating and set a $56.00 price target on the stock. in a research note on Wednesday, July 12th. Raymond James increased their price target on Cisco Systems from $64.00 to $65.00 and gave the company an “outperform” rating in a research note on Thursday, August 17th. StockNews.com assumed coverage on Cisco Systems in a research note on Thursday, August 17th. They issued a “buy” rating on the stock. Finally, Morgan Stanley increased their price target on Cisco Systems from $55.00 to $56.00 and gave the company an “equal weight” rating in a research note on Thursday, August 17th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, Cisco Systems has an average rating of “Hold” and an average target price of $59.23.

Get Our Latest Stock Analysis on CSCO

Insider Buying and Selling at Cisco Systems

In other Cisco Systems news, COO Maria Martinez sold 10,000 shares of Cisco Systems stock in a transaction dated Friday, August 18th. The stock was sold at an average price of $55.18, for a total value of $551,800.00. Following the transaction, the chief operating officer now owns 399,240 shares in the company, valued at $22,030,063.20. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, SVP Maria Victoria Wong sold 6,186 shares of Cisco Systems stock in a transaction dated Friday, August 18th. The stock was sold at an average price of $54.65, for a total transaction of $338,064.90. Following the sale, the senior vice president now directly owns 64,493 shares of the company’s stock, valued at $3,524,542.45. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Maria Martinez sold 10,000 shares of Cisco Systems stock in a transaction dated Friday, August 18th. The shares were sold at an average price of $55.18, for a total value of $551,800.00. Following the sale, the chief operating officer now directly owns 399,240 shares in the company, valued at $22,030,063.20. The disclosure for this sale can be found here. Insiders have sold a total of 64,820 shares of company stock worth $3,459,946 over the last 90 days. Insiders own 0.02% of the company’s stock.

Cisco Systems Profile

(Free Report)

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 that are standalone, controller appliance-based, switch-converged, and Meraki cloud-managed offerings; and compute portfolio including the cisco unified computing system, hyperflex, and software management capabilities, which combine computing, networking, and storage infrastructure management and virtualization.