Spinnaker Investment Group LLC Increases Position in Cisco Systems, Inc. (NASDAQ:CSCO)

Spinnaker Investment Group LLC raised its position in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 15.1% during the 3rd quarter, Holdings Channel reports. The firm owned 6,742 shares of the network equipment provider’s stock after buying an additional 882 shares during the quarter. Spinnaker Investment Group LLC’s holdings in Cisco Systems were worth $359,000 as of its most recent filing with the SEC.

Other hedge funds have also modified their holdings of the company. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its holdings in shares of Cisco Systems by 59.3% during the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 775,559 shares of the network equipment provider’s stock worth $36,847,000 after purchasing an additional 288,775 shares during the last quarter. Citizens Financial Group Inc. RI raised its stake in shares of Cisco Systems by 24.4% during the 2nd quarter. Citizens Financial Group Inc. RI now owns 264,647 shares of the network equipment provider’s stock valued at $12,573,000 after buying an additional 51,924 shares during the last quarter. Commerzbank Aktiengesellschaft FI lifted its holdings in shares of Cisco Systems by 10.9% in the 3rd quarter. Commerzbank Aktiengesellschaft FI now owns 1,658,417 shares of the network equipment provider’s stock valued at $88,261,000 after buying an additional 162,544 shares during the period. Quintet Private Bank Europe S.A. boosted its stake in shares of Cisco Systems by 17.0% in the third quarter. Quintet Private Bank Europe S.A. now owns 635,667 shares of the network equipment provider’s stock worth $33,830,000 after buying an additional 92,179 shares during the last quarter. Finally, IRON Financial LLC acquired a new stake in Cisco Systems during the third quarter worth about $856,000. 73.33% of the stock is owned by institutional investors and hedge funds.

Cisco Systems Price Performance

Shares of NASDAQ CSCO opened at $57.46 on Friday. The firm has a 50-day simple moving average of $54.18 and a 200-day simple moving average of $49.78. The company has a quick ratio of 0.83, a current ratio of 0.91 and a debt-to-equity ratio of 0.43. The stock has a market capitalization of $229.31 billion, a price-to-earnings ratio of 24.66, a price-to-earnings-growth ratio of 4.90 and a beta of 0.83. Cisco Systems, Inc. has a 52 week low of $44.50 and a 52 week high of $59.38.

Cisco Systems (NASDAQ:CSCO) last released its quarterly earnings data on Wednesday, August 14th. The network equipment provider reported $0.87 EPS for the quarter, beating analysts’ consensus estimates of $0.85 by $0.02. The company had revenue of $13.64 billion during the quarter, compared to the consensus estimate of $13.53 billion. Cisco Systems had a net margin of 17.73% and a return on equity of 25.62%. Cisco Systems’s quarterly revenue was down 10.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.01 EPS. On average, equities analysts predict that Cisco Systems, Inc. will post 2.89 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, January 22nd. Investors of record on Friday, January 3rd will be issued a $0.40 dividend. The ex-dividend date of this dividend is Friday, January 3rd. This represents a $1.60 annualized dividend and a dividend yield of 2.78%. Cisco Systems’s dividend payout ratio is presently 68.67%.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the company. Hsbc Global Res raised Cisco Systems to a “strong-buy” rating in a report on Friday, August 16th. Tigress Financial increased their price target on shares of Cisco Systems from $76.00 to $78.00 and gave the stock a “buy” rating in a report on Monday, October 14th. Rosenblatt Securities lifted their price objective on shares of Cisco Systems from $56.00 to $58.00 and gave the company a “neutral” rating in a report on Thursday, August 15th. UBS Group increased their target price on shares of Cisco Systems from $55.00 to $62.00 and gave the stock a “neutral” rating in a research note on Thursday. Finally, Citigroup raised their target price on Cisco Systems from $62.00 to $64.00 and gave the company a “buy” rating in a research report on Thursday. Eleven research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $59.42.

Insider Buying and Selling

In other news, SVP Maria Victoria Wong sold 3,379 shares of the firm’s stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $50.36, for a total transaction of $170,166.44. Following the completion of the sale, the senior vice president now owns 47,182 shares in the company, valued at $2,376,085.52. This trade represents a 6.68 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Richard Scott Herren sold 22,309 shares of Cisco Systems stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $50.00, for a total transaction of $1,115,450.00. Following the sale, the chief financial officer now directly owns 293,184 shares in the company, valued at approximately $14,659,200. The trade was a 7.07 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 35,924 shares of company stock worth $1,798,131. 0.01% of the stock is owned by corporate insiders.

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.