Garden State Investment Advisory Services LLC Cuts Holdings in Cisco Systems, Inc. (NASDAQ:CSCO)

Garden State Investment Advisory Services LLC cut its position in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 23.1% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 4,256 shares of the network equipment provider’s stock after selling 1,279 shares during the quarter. Garden State Investment Advisory Services LLC’s holdings in Cisco Systems were worth $202,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Sei Investments Co. boosted its stake in Cisco Systems by 13.7% in the second quarter. Sei Investments Co. now owns 2,041,220 shares of the network equipment provider’s stock valued at $96,984,000 after acquiring an additional 245,780 shares during the last quarter. Skandinaviska Enskilda Banken AB publ boosted its stake in Cisco Systems by 47.7% in the second quarter. Skandinaviska Enskilda Banken AB publ now owns 1,974,655 shares of the network equipment provider’s stock valued at $93,816,000 after acquiring an additional 637,585 shares during the last quarter. AE Wealth Management LLC boosted its stake in Cisco Systems by 22.3% in the second quarter. AE Wealth Management LLC now owns 855,666 shares of the network equipment provider’s stock valued at $40,653,000 after acquiring an additional 156,257 shares during the last quarter. DCF Advisers LLC boosted its stake in Cisco Systems by 8.3% in the second quarter. DCF Advisers LLC now owns 32,500 shares of the network equipment provider’s stock valued at $1,544,000 after acquiring an additional 2,500 shares during the last quarter. Finally, Bridges Investment Management Inc. boosted its stake in Cisco Systems by 193.0% in the second quarter. Bridges Investment Management Inc. now owns 82,494 shares of the network equipment provider’s stock valued at $3,919,000 after acquiring an additional 54,342 shares during the last quarter. 73.33% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Cisco Systems

In other news, CEO Charles Robbins sold 27,143 shares of the stock in a transaction on Friday, August 16th. The shares were sold at an average price of $49.45, for a total value of $1,342,221.35. Following the transaction, the chief executive officer now owns 683,403 shares of the company’s stock, valued at approximately $33,794,278.35. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, EVP Thimaya K. Subaiya sold 1,328 shares of the company’s stock in a transaction 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 completion of the sale, the executive vice president now owns 132,910 shares of the company’s stock, valued at approximately $6,501,957.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Charles Robbins sold 27,143 shares of the company’s stock in a transaction on Friday, August 16th. The shares were sold at an average price of $49.45, for a total transaction of $1,342,221.35. Following the completion of the sale, the chief executive officer now directly owns 683,403 shares of the company’s stock, valued at approximately $33,794,278.35. The disclosure for this sale can be found here. Insiders have sold 70,529 shares of company stock valued at $3,509,049 in the last quarter. Insiders own 0.02% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Piper Sandler reiterated a “neutral” rating and issued a $52.00 target price on shares of Cisco Systems in a research note on Thursday, August 15th. New Street Research upgraded shares of Cisco Systems from a “neutral” rating to a “buy” rating and set a $57.00 price target on the stock in a research note on Thursday, August 15th. JPMorgan Chase & Co. upped their price target on shares of Cisco Systems from $53.00 to $55.00 and gave the company a “hold” rating in a research note on Thursday, August 8th. Despite investors’ hopes for a rebound in Networking Equipment demand to boost Cisco’s fourth-quarter 2024 performance, the anticipation is tempered by limited indications of a significant recovery in demand. Deutsche Bank Aktiengesellschaft upped their price target on shares of Cisco Systems from $52.00 to $53.00 and gave the company a “hold” rating in a research note on Thursday, August 15th. Finally, Evercore ISI upped their price target on shares of Cisco Systems from $55.00 to $60.00 and gave the company an “outperform” rating in a research note on Friday. One analyst has rated the stock with a sell rating, fourteen have issued a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $56.11.

Cisco Systems Stock Performance

Cisco Systems stock opened at $51.97 on Friday. The firm’s 50 day simple moving average is $48.52 and its 200 day simple moving average is $48.05. The firm has a market capitalization of $209.38 billion, a PE ratio of 17.50, a price-to-earnings-growth ratio of 3.87 and a beta of 0.83. Cisco Systems, Inc. has a 1-year low of $44.50 and a 1-year high of $54.58. The company has a current ratio of 0.91, a quick ratio of 0.83 and a debt-to-equity ratio of 0.43.

Cisco Systems (NASDAQ:CSCO) last issued its quarterly earnings results on Wednesday, August 14th. The network equipment provider reported $0.87 EPS for the quarter, topping analysts’ consensus estimates of $0.85 by $0.02. The firm had revenue of $13.64 billion for the quarter, compared to analyst estimates of $13.53 billion. Cisco Systems had a net margin of 19.18% and a return on equity of 27.83%. The business’s revenue for the quarter was down 10.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.01 EPS. As a group, analysts expect that Cisco Systems, Inc. will post 2.9 earnings per share for the current fiscal year.

Cisco Systems Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 23rd. Stockholders of record on Wednesday, October 2nd will be issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.08%. The ex-dividend date is Wednesday, October 2nd. Cisco Systems’s payout ratio is 53.87%.

Cisco Systems Profile

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.