Acadian Asset Management LLC Sells 902,430 Shares of Cisco Systems, Inc. (NASDAQ:CSCO)

Acadian Asset Management LLC cut its holdings in Cisco Systems, Inc. (NASDAQ:CSCO) by 24.6% during the 1st quarter, Holdings Channel reports. The fund owned 2,770,347 shares of the network equipment provider’s stock after selling 902,430 shares during the period. Acadian Asset Management LLC’s holdings in Cisco Systems were worth $138,248,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the business. Fiducient Advisors LLC raised its position in shares of Cisco Systems by 24.0% during the 1st quarter. Fiducient Advisors LLC now owns 7,843 shares of the network equipment provider’s stock valued at $391,000 after purchasing an additional 1,519 shares during the period. Spirepoint Private Client LLC bought a new stake in shares of Cisco Systems during the 1st quarter valued at $686,000. Westfield Capital Management Co. LP raised its position in shares of Cisco Systems by 825.1% during the 1st quarter. Westfield Capital Management Co. LP now owns 1,686,503 shares of the network equipment provider’s stock valued at $84,173,000 after purchasing an additional 1,504,204 shares during the period. Nicolet Advisory Services LLC raised its position in shares of Cisco Systems by 3.8% during the 1st quarter. Nicolet Advisory Services LLC now owns 17,200 shares of the network equipment provider’s stock valued at $860,000 after purchasing an additional 630 shares during the period. Finally, Te Ahumairangi Investment Management Ltd raised its position in shares of Cisco Systems by 4.8% during the 1st quarter. Te Ahumairangi Investment Management Ltd now owns 178,218 shares of the network equipment provider’s stock valued at $8,895,000 after purchasing an additional 8,210 shares during the period. 73.33% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts recently weighed in on CSCO shares. Needham & Company LLC reaffirmed a “hold” rating on shares of Cisco Systems in a research note on Monday, June 10th. Oppenheimer raised their target price on shares of Cisco Systems from $54.00 to $58.00 and gave the company an “outperform” rating in a research note on Thursday, May 16th. Morgan Stanley started coverage on shares of Cisco Systems in a research note on Tuesday, April 9th. They set an “overweight” rating and a $58.00 target price for the company. Bank of America raised shares of Cisco Systems from a “neutral” rating to a “buy” rating and raised their target price for the company from $55.00 to $60.00 in a research note on Monday, April 15th. Finally, Citigroup assumed coverage on shares of Cisco Systems in a research note on Friday, April 12th. They set a “neutral” rating and a $52.00 target price for the company. One analyst has rated the stock with a sell rating, fifteen have given a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $56.47.

Cisco Systems Trading Down 1.5 %

CSCO traded down $0.72 on Friday, reaching $47.32. 18,289,179 shares of the company traded hands, compared to its average volume of 19,574,270. Cisco Systems, Inc. has a one year low of $44.95 and a one year high of $58.19. The firm has a fifty day simple moving average of $46.90 and a two-hundred day simple moving average of $48.47. The company has a market cap of $190.64 billion, a P/E ratio of 15.93, a price-to-earnings-growth ratio of 2.74 and a beta of 0.85. The company has a quick ratio of 0.82, a current ratio of 0.89 and a debt-to-equity ratio of 0.44.

Cisco Systems (NASDAQ:CSCO) last posted its quarterly earnings results on Wednesday, May 15th. The network equipment provider reported $0.88 EPS for the quarter, beating the consensus estimate of $0.70 by $0.18. Cisco Systems had a net margin of 21.88% and a return on equity of 30.82%. The business had revenue of $12.70 billion during the quarter, compared to analyst estimates of $12.53 billion. During the same quarter in the previous year, the business posted $0.88 EPS. The company’s quarterly revenue was down 12.8% compared to the same quarter last year. As a group, equities research analysts expect that Cisco Systems, Inc. will post 3.14 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 24th. Stockholders of record on Friday, July 5th will be given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.38%. The ex-dividend date is Friday, July 5th. Cisco Systems’s payout ratio is currently 53.87%.

Insider Transactions at Cisco Systems

In other news, CEO Charles Robbins sold 26,331 shares of Cisco Systems stock in a transaction that occurred on Wednesday, May 29th. The shares were sold at an average price of $46.10, for a total value of $1,213,859.10. Following the transaction, the chief executive officer now owns 725,363 shares of the company’s stock, valued at approximately $33,439,234.30. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Cisco Systems news, CEO Charles Robbins sold 26,331 shares of the business’s stock in a transaction that occurred on Wednesday, May 29th. The shares were sold at an average price of $46.10, for a total transaction of $1,213,859.10. Following the sale, the chief executive officer now owns 725,363 shares of the company’s stock, valued at approximately $33,439,234.30. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, SVP Maria Victoria Wong sold 3,378 shares of the business’s stock in a transaction that occurred on Wednesday, May 29th. The stock was sold at an average price of $45.89, for a total transaction of $155,016.42. Following the sale, the senior vice president now directly owns 52,953 shares in the company, valued at approximately $2,430,013.17. The disclosure for this sale can be found here. Insiders have sold a total of 41,106 shares of company stock valued at $1,908,923 in the last 90 days. Insiders own 0.02% of the company’s stock.

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.