Allspring Global Investments Holdings LLC Purchases 177,588 Shares of Cisco Systems, Inc. (NASDAQ:CSCO)

Allspring Global Investments Holdings LLC lifted its position in Cisco Systems, Inc. (NASDAQ:CSCO) by 16.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,288,768 shares of the network equipment provider’s stock after acquiring an additional 177,588 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Cisco Systems were worth $64,322,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. Eagle Capital Management LLC bought a new position in Cisco Systems during the first quarter valued at about $231,000. Tributary Capital Management LLC bought a new position in Cisco Systems during the first quarter valued at about $55,000. Stewart & Patten Co. LLC grew its position in Cisco Systems by 1.4% during the first quarter. Stewart & Patten Co. LLC now owns 363,910 shares of the network equipment provider’s stock valued at $18,163,000 after buying an additional 4,915 shares during the period. Congress Wealth Management LLC DE grew its position in Cisco Systems by 2.4% during the first quarter. Congress Wealth Management LLC DE now owns 250,143 shares of the network equipment provider’s stock valued at $12,485,000 after buying an additional 5,972 shares during the period. Finally, Hexagon Capital Partners LLC grew its position in Cisco Systems by 19.1% during the first quarter. Hexagon Capital Partners LLC now owns 18,192 shares of the network equipment provider’s stock valued at $908,000 after buying an additional 2,912 shares during the period. Institutional investors own 73.33% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on CSCO shares. Oppenheimer increased their price target on shares of Cisco Systems from $54.00 to $58.00 and gave the company an “outperform” rating in a research report on Thursday, May 16th. StockNews.com lowered shares of Cisco Systems from a “buy” rating to a “hold” rating in a research report on Thursday, May 23rd. Morgan Stanley started coverage on shares of Cisco Systems in a research report on Tuesday, April 9th. They set an “overweight” rating and a $58.00 target price for the company. Wells Fargo & Company increased their target price on shares of Cisco Systems from $52.00 to $57.00 and gave the stock an “equal weight” rating in a research report on Thursday, May 16th. Finally, Barclays increased their target price on shares of Cisco Systems from $48.00 to $50.00 and gave the stock an “equal weight” rating in a research report on Friday, May 17th. One equities research analyst has rated the stock with a sell rating, fifteen have given a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $56.47.

Insider Transactions at Cisco Systems

In other news, EVP Deborah L. Stahlkopf sold 2,619 shares of the firm’s stock in a transaction that occurred on Thursday, June 13th. The shares were sold at an average price of $45.34, for a total value of $118,745.46. Following the transaction, the executive vice president now owns 176,384 shares in the company, valued at $7,997,250.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, EVP Deborah L. Stahlkopf sold 2,619 shares of Cisco Systems stock in a transaction on Thursday, June 13th. The shares were sold at an average price of $45.34, for a total value of $118,745.46. Following the sale, the executive vice president now owns 176,384 shares in the company, valued at $7,997,250.56. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Charles Robbins sold 26,331 shares of Cisco Systems stock in a transaction on Wednesday, May 29th. The shares were sold at an average price of $46.10, for a total transaction of $1,213,859.10. Following the completion of the sale, the chief executive officer now owns 725,363 shares in the company, valued at approximately $33,439,234.30. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 41,106 shares of company stock worth $1,908,923. Insiders own 0.02% of the company’s stock.

Cisco Systems Trading Down 0.5 %

Shares of CSCO opened at $47.28 on Wednesday. The company has a market capitalization of $190.48 billion, a P/E ratio of 15.92, a P/E/G ratio of 2.75 and a beta of 0.85. Cisco Systems, Inc. has a 1-year low of $44.95 and a 1-year high of $58.19. The firm’s 50 day simple moving average is $47.05 and its 200 day simple moving average is $48.77. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.89 and a quick ratio of 0.82.

Cisco Systems (NASDAQ:CSCO) last posted its quarterly earnings results on Wednesday, May 15th. The network equipment provider reported $0.88 EPS for the quarter, topping the consensus estimate of $0.70 by $0.18. The firm had revenue of $12.70 billion for the quarter, compared to the consensus estimate of $12.53 billion. Cisco Systems had a net margin of 21.88% and a return on equity of 30.82%. The business’s revenue was down 12.8% compared to the same quarter last year. During the same period last year, the firm posted $0.88 earnings per share. Sell-side analysts forecast that Cisco Systems, Inc. will post 3.14 earnings per share for the current fiscal year.

Cisco Systems Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 24th. Stockholders of record on Friday, July 5th will be issued a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 3.38%. The ex-dividend date of this dividend is Friday, July 5th. Cisco Systems’s dividend payout ratio is 53.87%.

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.