Cisco Systems, Inc. (NASDAQ:CSCO) Shares Sold by Chemung Canal Trust Co.

Chemung Canal Trust Co. lowered its stake in Cisco Systems, Inc. (NASDAQ:CSCO) by 1.6% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 18,793 shares of the network equipment provider’s stock after selling 307 shares during the period. Chemung Canal Trust Co.’s holdings in Cisco Systems were worth $1,113,000 as of its most recent filing with the SEC.

Several other large investors have also modified their holdings of the stock. Firethorn Wealth Partners LLC lifted its holdings in shares of Cisco Systems by 4.6% during the fourth quarter. Firethorn Wealth Partners LLC now owns 6,460 shares of the network equipment provider’s stock valued at $382,000 after purchasing an additional 287 shares during the last quarter. Pflug Koory LLC boosted its holdings in shares of Cisco Systems by 0.5% in the fourth quarter. Pflug Koory LLC now owns 33,026 shares of the network equipment provider’s stock worth $1,955,000 after buying an additional 165 shares during the period. Harel Insurance Investments & Financial Services Ltd. increased its position in shares of Cisco Systems by 87.5% in the fourth quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,706 shares of the network equipment provider’s stock worth $101,000 after acquiring an additional 796 shares in the last quarter. Exchange Traded Concepts LLC lifted its position in shares of Cisco Systems by 60.3% in the 4th quarter. Exchange Traded Concepts LLC now owns 8,219 shares of the network equipment provider’s stock valued at $487,000 after acquiring an additional 3,093 shares in the last quarter. Finally, CX Institutional boosted its stake in Cisco Systems by 10.3% in the 4th quarter. CX Institutional now owns 137,610 shares of the network equipment provider’s stock worth $8,147,000 after purchasing an additional 12,801 shares during the period. 73.33% of the stock is owned by institutional investors.

Cisco Systems Stock Performance

Shares of NASDAQ CSCO opened at $62.23 on Friday. The business’s 50-day simple moving average is $59.12 and its 200-day simple moving average is $53.92. Cisco Systems, Inc. has a 52 week low of $44.50 and a 52 week high of $62.31. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.80 and a current ratio of 0.88. The firm has a market cap of $247.85 billion, a price-to-earnings ratio of 26.71, a P/E/G ratio of 4.59 and a beta of 0.84.

Cisco Systems (NASDAQ:CSCO) last released its quarterly earnings results on Wednesday, November 13th. The network equipment provider reported $0.91 EPS for the quarter, beating analysts’ consensus estimates of $0.87 by $0.04. Cisco Systems had a net margin of 17.73% and a return on equity of 25.70%. The company had revenue of $13.84 billion for the quarter, compared to analyst estimates of $13.78 billion. During the same quarter last year, the firm posted $0.98 earnings per share. The company’s quarterly revenue was down 5.6% compared to the same quarter last year. As a group, equities research analysts expect that Cisco Systems, Inc. will post 2.97 earnings per share for the current fiscal year.

Cisco Systems Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, January 22nd. Shareholders of record on Friday, January 3rd were issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 2.57%. The ex-dividend date of this dividend was Friday, January 3rd. Cisco Systems’s dividend payout ratio (DPR) is 68.67%.

Insider Activity

In other news, EVP Deborah L. Stahlkopf sold 58,188 shares of the company’s stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $57.49, for a total transaction of $3,345,228.12. Following the completion of the transaction, the executive vice president now owns 219,100 shares of the company’s stock, valued at approximately $12,596,059. This represents a 20.98 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Charles Robbins sold 171,744 shares of Cisco Systems stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $57.49, for a total value of $9,873,562.56. Following the sale, the chief executive officer now directly owns 783,786 shares in the company, valued at approximately $45,059,857.14. This trade represents a 17.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 353,522 shares of company stock valued at $20,349,721. 0.01% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on CSCO. Melius upgraded Cisco Systems from a “hold” rating to a “buy” rating and increased their target price for the company from $66.00 to $73.00 in a report on Monday, January 6th. Morgan Stanley raised their price objective on Cisco Systems from $62.00 to $68.00 and gave the stock an “overweight” rating in a research report on Tuesday, December 17th. Barclays upped their target price on Cisco Systems from $49.00 to $56.00 and gave the company an “equal weight” rating in a report on Thursday, November 14th. Melius Research upgraded shares of Cisco Systems from a “hold” rating to a “strong-buy” rating in a report on Monday, January 6th. Finally, Piper Sandler upped their price objective on shares of Cisco Systems from $52.00 to $57.00 and gave the company a “neutral” rating in a research note on Thursday, November 14th. Eight equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $61.50.

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.