New Wave Wealth Advisors LLC Trims Stock Position in Cisco Systems, Inc. (NASDAQ:CSCO)

New Wave Wealth Advisors LLC lowered its position in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 17.1% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,200 shares of the network equipment provider’s stock after selling 660 shares during the period. New Wave Wealth Advisors LLC’s holdings in Cisco Systems were worth $189,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the company. State Street Corp grew its stake in Cisco Systems by 1.7% during 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 acquiring an additional 3,241,682 shares in the last quarter. Geode Capital Management LLC grew its stake in Cisco Systems by 1.3% in the 3rd quarter. Geode Capital Management LLC now owns 95,630,469 shares of the network equipment provider’s stock worth $5,075,320,000 after buying an additional 1,262,017 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in Cisco Systems by 2.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 82,720,255 shares of the network equipment provider’s stock worth $4,402,239,000 after buying an additional 1,677,383 shares in the last quarter. FMR LLC grew its stake in Cisco Systems by 10.1% in the 3rd quarter. FMR LLC now owns 63,931,461 shares of the network equipment provider’s stock worth $3,402,432,000 after buying an additional 5,885,879 shares in the last quarter. Finally, Nordea Investment Management AB grew its stake in Cisco Systems by 1.2% in 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 buying an additional 216,632 shares in the last quarter. Hedge funds and other institutional investors own 73.33% of the company’s stock.

Cisco Systems Stock Up 1.5 %

Shares of Cisco Systems stock opened at $60.47 on Friday. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.88 and a quick ratio of 0.80. The company has a 50-day moving average of $59.40 and a 200 day moving average of $54.39. The firm has a market cap of $240.84 billion, a price-to-earnings ratio of 25.95, a PEG ratio of 4.43 and a beta of 0.84. Cisco Systems, Inc. has a 1 year low of $44.50 and a 1 year high of $62.31.

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

Cisco Systems Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 22nd. Investors of record on Friday, January 3rd were paid a $0.40 dividend. The ex-dividend date of this dividend was Friday, January 3rd. This represents a $1.60 annualized dividend and a dividend yield of 2.65%. Cisco Systems’s payout ratio is 68.67%.

Analysts Set New Price Targets

A number of equities analysts have commented on CSCO shares. Piper Sandler boosted their price target on shares of Cisco Systems from $52.00 to $57.00 and gave the stock a “neutral” rating in a research note on Thursday, November 14th. JPMorgan Chase & Co. raised shares of Cisco Systems from a “neutral” rating to an “overweight” rating and boosted their price target for the stock from $55.00 to $66.00 in a research note on Monday, November 11th. Citigroup upped their price objective on shares of Cisco Systems from $64.00 to $68.00 and gave the company a “buy” rating in a research note on Friday, January 17th. Wells Fargo & Company upped their price objective on shares of Cisco Systems from $57.00 to $60.00 and gave the company an “equal weight” rating in a research note on Thursday, November 14th. Finally, Morgan Stanley upped their price objective on shares of Cisco Systems from $62.00 to $68.00 and gave the company an “overweight” rating in a research note on Tuesday, December 17th. Seven investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $62.72.

Insider Buying and Selling

In related news, CEO Charles Robbins sold 171,744 shares of the stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $57.49, for a total transaction of $9,873,562.56. Following the sale, the chief executive officer now directly owns 783,786 shares of the company’s stock, valued at approximately $45,059,857.14. This represents a 17.97 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Richard Scott Herren sold 86,351 shares of the stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $57.49, for a total transaction of $4,964,318.99. Following the sale, the chief financial officer now directly owns 365,314 shares in the company, valued at $21,001,901.86. This trade represents a 19.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 353,522 shares of company stock worth $20,349,721 in the last three months. 0.01% of the stock is owned by corporate insiders.

Cisco Systems Company 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.