Ridgecrest Wealth Partners LLC Buys 275 Shares of Cisco Systems, Inc. (NASDAQ:CSCO)

Ridgecrest Wealth Partners LLC boosted its stake in Cisco Systems, Inc. (NASDAQ:CSCO) by 1.0% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 27,162 shares of the network equipment provider’s stock after acquiring an additional 275 shares during the period. Cisco Systems accounts for about 0.9% of Ridgecrest Wealth Partners LLC’s holdings, making the stock its 27th biggest position. Ridgecrest Wealth Partners LLC’s holdings in Cisco Systems were worth $1,676,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. 1858 Wealth Management LLC lifted its position in shares of Cisco Systems by 72.2% during the 1st quarter. 1858 Wealth Management LLC now owns 33,854 shares of the network equipment provider’s stock valued at $2,089,000 after buying an additional 14,198 shares during the last quarter. Wolff Wiese Magana LLC raised its stake in Cisco Systems by 0.6% in the 1st quarter. Wolff Wiese Magana LLC now owns 43,476 shares of the network equipment provider’s stock valued at $2,683,000 after acquiring an additional 277 shares during the period. Cassia Capital Partners LLC lifted its holdings in Cisco Systems by 28.5% during the first quarter. Cassia Capital Partners LLC now owns 21,891 shares of the network equipment provider’s stock valued at $1,351,000 after purchasing an additional 4,858 shares during the last quarter. Avantra Family Wealth Inc. boosted its position in Cisco Systems by 3.6% during the first quarter. Avantra Family Wealth Inc. now owns 14,746 shares of the network equipment provider’s stock worth $910,000 after purchasing an additional 513 shares during the period. Finally, Aspire Capital Advisors LLC purchased a new position in shares of Cisco Systems in the first quarter worth about $279,000. 73.33% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, insider Jeetendra I. Patel sold 9,961 shares of the company’s stock in a transaction on Friday, May 16th. The shares were sold at an average price of $63.97, for a total value of $637,205.17. Following the completion of the sale, the insider now owns 257,162 shares of the company’s stock, valued at approximately $16,450,653.14. This represents a 3.73% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Charles Robbins sold 29,784 shares of the stock in a transaction on Thursday, June 5th. The shares were sold at an average price of $64.61, for a total transaction of $1,924,344.24. Following the transaction, the chief executive officer now directly owns 688,409 shares in the company, valued at approximately $44,478,105.49. This represents a 4.15% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 97,335 shares of company stock worth $6,271,054. 0.01% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of analysts recently commented on CSCO shares. Barclays restated an “equal weight” rating on shares of Cisco Systems in a research note on Wednesday, May 21st. Piper Sandler increased their target price on Cisco Systems from $60.00 to $64.00 and gave the stock a “neutral” rating in a research report on Thursday, May 15th. Rosenblatt Securities lifted their price target on Cisco Systems from $63.00 to $74.00 and gave the company a “buy” rating in a research report on Thursday, May 15th. Evercore ISI increased their price objective on Cisco Systems from $67.00 to $72.00 and gave the stock an “outperform” rating in a report on Thursday, May 15th. Finally, Citigroup raised their target price on Cisco Systems from $68.00 to $71.00 and gave the stock a “buy” 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 issued a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $69.11.

Cisco Systems Trading Up 0.7%

Shares of Cisco Systems stock opened at $66.32 on Monday. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.95 and a quick ratio of 0.87. Cisco Systems, Inc. has a 1 year low of $44.50 and a 1 year high of $66.65. The firm has a market cap of $262.63 billion, a PE ratio of 27.07, a PEG ratio of 3.97 and a beta of 0.88. The company has a 50 day simple moving average of $61.38 and a two-hundred day simple moving average of $60.80.

Cisco Systems (NASDAQ:CSCO) last posted its quarterly earnings data 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 net margin of 17.60% and a return on equity of 26.48%. The company had revenue of $14.15 billion during the quarter, compared to the consensus estimate of $14.05 billion. During the same period in the previous year, the firm posted $0.88 EPS. The firm’s revenue was up 11.4% compared to the same quarter last year. Analysts expect that Cisco Systems, Inc. will post 3.04 earnings per share for the current fiscal year.

Cisco Systems Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 23rd. Stockholders of record on Thursday, July 3rd will be issued a $0.41 dividend. This represents a $1.64 dividend on an annualized basis and a dividend yield of 2.47%. The ex-dividend date of this dividend is Thursday, July 3rd. Cisco Systems’s payout ratio is currently 66.94%.

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.