Red Wave Investments LLC Decreases Holdings in Cisco Systems, Inc. (NASDAQ:CSCO)

Red Wave Investments LLC decreased its stake in Cisco Systems, Inc. (NASDAQ:CSCO) by 14.4% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 11,035 shares of the network equipment provider’s stock after selling 1,852 shares during the period. Red Wave Investments LLC’s holdings in Cisco Systems were worth $653,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in CSCO. State Street Corp lifted its stake in Cisco Systems by 1.7% in the third quarter. State Street Corp now owns 193,489,477 shares of the network equipment provider’s stock valued at $10,297,506,000 after purchasing an additional 3,241,682 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Cisco Systems by 1.3% in the third quarter. Geode Capital Management LLC now owns 95,630,469 shares of the network equipment provider’s stock valued at $5,075,320,000 after buying an additional 1,262,017 shares during the period. Charles Schwab Investment Management Inc. lifted its position in shares of Cisco Systems by 2.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 82,720,255 shares of the network equipment provider’s stock valued at $4,402,239,000 after buying an additional 1,677,383 shares during the last quarter. FMR LLC lifted its position in shares of Cisco Systems by 10.1% during the 3rd quarter. FMR LLC now owns 63,931,461 shares of the network equipment provider’s stock valued at $3,402,432,000 after buying an additional 5,885,879 shares during the last quarter. Finally, Nordea Investment Management AB grew its stake in shares of Cisco Systems by 1.2% during the 4th quarter. Nordea Investment Management AB now owns 18,718,195 shares of the network equipment provider’s stock worth $1,107,930,000 after acquiring an additional 216,632 shares during the period. 73.33% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on CSCO. Melius Research upgraded Cisco Systems from a “hold” rating to a “strong-buy” rating in a research note on Monday, January 6th. DZ Bank raised shares of Cisco Systems from a “hold” rating to a “buy” rating in a research report on Tuesday. BNP Paribas raised shares of Cisco Systems from a “neutral” rating to an “outperform” rating and set a $72.00 price objective for the company in a report on Tuesday, January 28th. Bank of America lifted their price objective on shares of Cisco Systems from $60.00 to $72.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. Finally, Piper Sandler increased their target price on Cisco Systems from $57.00 to $72.00 and gave the stock a “neutral” rating in a research report on Thursday, February 13th. Seven research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $66.53.

Insider Activity

In other Cisco Systems news, EVP Thimaya K. Subaiya sold 3,042 shares of the business’s stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $59.19, for a total value of $180,055.98. Following the completion of the sale, the executive vice president now owns 207,798 shares in the company, valued at approximately $12,299,563.62. The trade was a 1.44 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Maria Victoria Wong sold 586 shares of the firm’s stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $58.69, for a total transaction of $34,392.34. Following the completion of the transaction, the senior vice president now owns 50,767 shares in the company, valued at $2,979,515.23. This represents a 1.14 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 67,921 shares of company stock valued at $4,298,667. Corporate insiders own 0.01% of the company’s stock.

Cisco Systems Stock Down 1.1 %

CSCO opened at $63.98 on Friday. The company has a quick ratio of 0.79, a current ratio of 0.87 and a debt-to-equity ratio of 0.43. The business’s fifty day simple moving average is $60.65 and its 200 day simple moving average is $56.15. Cisco Systems, Inc. has a 52 week low of $44.50 and a 52 week high of $66.50. The stock has a market cap of $254.53 billion, a PE ratio of 27.94, a P/E/G ratio of 4.17 and a beta of 0.84.

Cisco Systems (NASDAQ:CSCO) last announced its quarterly earnings data on Wednesday, February 12th. The network equipment provider reported $0.77 EPS for the quarter, missing the consensus estimate of $0.91 by ($0.14). Cisco Systems had a net margin of 16.96% and a return on equity of 26.08%. As a group, research analysts expect that Cisco Systems, Inc. will post 3.04 earnings per share for the current fiscal year.

Cisco Systems Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 23rd. Stockholders of record on Thursday, April 3rd will be issued a $0.41 dividend. This represents a $1.64 dividend on an annualized basis and a dividend yield of 2.56%. This is a positive change from Cisco Systems’s previous quarterly dividend of $0.40. The ex-dividend date is Thursday, April 3rd. Cisco Systems’s payout ratio is presently 71.62%.

Cisco Systems announced that its Board of Directors has initiated a share repurchase program on Wednesday, February 12th that permits the company to repurchase $15.00 billion in outstanding shares. This repurchase authorization permits the network equipment provider to buy up to 6% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.

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.