Abundance Wealth Counselors Cuts Stock Position in Cisco Systems, Inc. (NASDAQ:CSCO)

Abundance Wealth Counselors lessened its holdings in Cisco Systems, Inc. (NASDAQ:CSCO) by 39.4% in the first quarter, HoldingsChannel reports. The institutional investor owned 30,570 shares of the network equipment provider’s stock after selling 19,853 shares during the quarter. Abundance Wealth Counselors’ holdings in Cisco Systems were worth $1,841,000 at the end of the most recent reporting period.

Other institutional investors have also bought and sold shares of the company. Glass Jacobson Investment Advisors llc increased its holdings in shares of Cisco Systems by 8.7% in the fourth quarter. Glass Jacobson Investment Advisors llc now owns 2,070 shares of the network equipment provider’s stock worth $123,000 after purchasing an additional 166 shares during the last quarter. Fairhaven Wealth Management LLC boosted its stake in Cisco Systems by 2.3% during the fourth quarter. Fairhaven Wealth Management LLC now owns 7,581 shares of the network equipment provider’s stock valued at $449,000 after buying an additional 167 shares during the last quarter. BlackDiamond Wealth Management LLC boosted its stake in Cisco Systems by 3.1% during the fourth quarter. BlackDiamond Wealth Management LLC now owns 5,656 shares of the network equipment provider’s stock valued at $335,000 after buying an additional 168 shares during the last quarter. Legacy Financial Group Inc. boosted its stake in Cisco Systems by 3.4% during the fourth quarter. Legacy Financial Group Inc. now owns 5,100 shares of the network equipment provider’s stock valued at $302,000 after buying an additional 169 shares during the last quarter. Finally, Maple Capital Management Inc. boosted its stake in Cisco Systems by 1.4% during the fourth quarter. Maple Capital Management Inc. now owns 11,984 shares of the network equipment provider’s stock valued at $709,000 after buying an additional 170 shares during the last quarter. Hedge funds and other institutional investors own 73.33% of the company’s stock.

Insiders Place Their Bets

In other news, EVP Deborah L. Stahlkopf sold 9,643 shares of Cisco Systems stock in a transaction on Friday, May 16th. The stock was sold at an average price of $63.50, for a total value of $612,330.50. Following the transaction, the executive vice president now directly owns 181,186 shares in the company, valued at approximately $11,505,311. This trade represents a 5.05% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, SVP Maria Victoria Wong sold 4,185 shares of Cisco Systems stock in a transaction on Wednesday, May 28th. The shares were sold at an average price of $63.51, for a total value of $265,789.35. Following the completion of the transaction, the senior vice president now owns 38,103 shares in the company, valued at $2,419,921.53. This represents a 9.90% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 72,931 shares of company stock worth $4,671,930 in the last ninety days. 0.01% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on CSCO. JPMorgan Chase & Co. increased their price target on Cisco Systems from $70.00 to $73.00 and gave the company an “overweight” rating in a research note on Thursday, May 15th. Piper Sandler increased their price target on Cisco Systems from $60.00 to $64.00 and gave the company a “neutral” rating in a research note on Thursday, May 15th. Deutsche Bank Aktiengesellschaft raised Cisco Systems from a “hold” rating to a “buy” rating and increased their price target for the company from $65.00 to $73.00 in a research note on Monday. Barclays reissued an “equal weight” rating on shares of Cisco Systems in a research note on Wednesday, May 21st. Finally, Evercore ISI increased their price target on Cisco Systems from $67.00 to $72.00 and gave the company an “outperform” rating in a research note on Thursday, May 15th. Seven equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and three have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Cisco Systems currently has a consensus rating of “Moderate Buy” and a consensus price target of $69.11.

Cisco Systems Price Performance

Shares of CSCO stock opened at $65.84 on Friday. Cisco Systems, Inc. has a 52-week low of $44.50 and a 52-week high of $66.50. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.87 and a current ratio of 0.95. The firm has a market capitalization of $260.73 billion, a P/E ratio of 26.87, a P/E/G ratio of 3.94 and a beta of 0.88. The stock has a 50 day moving average price of $61.20 and a 200 day moving average price of $60.74.

Cisco Systems (NASDAQ:CSCO) last issued its quarterly earnings results on Wednesday, May 14th. The network equipment provider reported $0.96 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.92 by $0.04. Cisco Systems had a return on equity of 26.48% and a net margin of 17.60%. The firm had revenue of $14.15 billion during the quarter, compared to analyst estimates of $14.05 billion. During the same period last year, the company earned $0.88 EPS. Cisco Systems’s quarterly revenue was up 11.4% compared to the same quarter last year. As a group, sell-side analysts predict that Cisco Systems, Inc. will post 3.04 earnings per share for the current year.

Cisco Systems Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 23rd. Shareholders of record on Thursday, July 3rd will be issued a dividend of $0.41 per share. The ex-dividend date is Thursday, July 3rd. This represents a $1.64 annualized dividend and a yield of 2.49%. Cisco Systems’s payout ratio is currently 66.94%.

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.