Geode Capital Management LLC Boosts Stake in Cisco Systems, Inc. $CSCO

Geode Capital Management LLC increased its position in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 1.2% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 99,252,395 shares of the network equipment provider’s stock after buying an additional 1,157,704 shares during the quarter. Cisco Systems comprises 0.5% of Geode Capital Management LLC’s investment portfolio, making the stock its 25th biggest holding. Geode Capital Management LLC’s holdings in Cisco Systems were worth $6,864,058,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Legacy Investment Solutions LLC purchased a new stake in Cisco Systems in the 2nd quarter valued at $28,000. Financial Connections Group Inc. grew its position in Cisco Systems by 89.4% during the 2nd quarter. Financial Connections Group Inc. now owns 409 shares of the network equipment provider’s stock worth $28,000 after purchasing an additional 193 shares during the last quarter. Brown Shipley& Co Ltd acquired a new position in Cisco Systems in the second quarter valued at $32,000. Pandora Wealth Inc. purchased a new stake in shares of Cisco Systems in the first quarter valued at about $31,000. Finally, Nova Wealth Management Inc. acquired a new stake in shares of Cisco Systems during the first quarter worth about $31,000. Hedge funds and other institutional investors own 73.33% of the company’s stock.

Cisco Systems Trading Down 0.5%

Shares of CSCO opened at $71.71 on Wednesday. Cisco Systems, Inc. has a twelve month low of $52.11 and a twelve month high of $74.84. The company has a current ratio of 1.00, a quick ratio of 0.91 and a debt-to-equity ratio of 0.49. The firm has a market capitalization of $282.59 billion, a P/E ratio of 27.37, a PEG ratio of 3.00 and a beta of 0.95. The firm’s 50-day moving average is $69.33 and its two-hundred day moving average is $67.16.

Cisco Systems (NASDAQ:CSCO) last released its quarterly earnings results on Wednesday, August 13th. The network equipment provider reported $0.99 earnings per share for the quarter, topping analysts’ consensus estimates of $0.98 by $0.01. The business had revenue of $14.67 billion for the quarter, compared to analysts’ expectations of $14.63 billion. Cisco Systems had a return on equity of 27.06% and a net margin of 18.45%.The company’s revenue was up 7.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.87 EPS. On average, research analysts predict that Cisco Systems, Inc. will post 3.04 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts have commented on CSCO shares. Evercore ISI upped their price objective on Cisco Systems from $72.00 to $74.00 and gave the company an “in-line” rating in a research note on Thursday, August 14th. Bank of America increased their price target on Cisco Systems from $76.00 to $85.00 and gave the stock a “buy” rating in a report on Thursday, August 14th. Piper Sandler lifted their price objective on shares of Cisco Systems from $64.00 to $70.00 and gave the company a “neutral” rating in a research report on Thursday, August 14th. HSBC restated a “hold” rating and set a $69.00 price objective on shares of Cisco Systems in a research report on Friday, August 15th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Cisco Systems from $73.00 to $78.00 and gave the company an “overweight” rating in a report on Thursday, July 17th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and nine have assigned a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $75.50.

Insiders Place Their Bets

In other news, EVP Thimaya K. Subaiya sold 1,744 shares of the stock in a transaction that occurred on Friday, September 12th. The shares were sold at an average price of $66.78, for a total value of $116,464.32. Following the sale, the executive vice president directly owned 158,009 shares in the company, valued at $10,551,841.02. This represents a 1.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Oliver Tuszik sold 17,526 shares of Cisco Systems stock in a transaction that occurred on Friday, September 19th. The stock was sold at an average price of $67.95, for a total value of $1,190,891.70. Following the transaction, the executive vice president owned 198,855 shares of the company’s stock, valued at $13,512,197.25. This represents a 8.10% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 82,965 shares of company stock worth $5,559,996. 0.01% of the stock is owned by company insiders.

About Cisco Systems

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.