Red Wave Investments LLC Sells 1,852 Shares of Cisco Systems, Inc. (NASDAQ:CSCO)

Red Wave Investments LLC decreased its holdings in Cisco Systems, Inc. (NASDAQ:CSCO) by 14.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 11,035 shares of the network equipment provider’s stock after selling 1,852 shares during the quarter. Red Wave Investments LLC’s holdings in Cisco Systems were worth $653,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. State Street Corp lifted its position in shares of Cisco Systems by 1.7% in the 3rd quarter. State Street Corp now owns 193,489,477 shares of the network equipment provider’s stock worth $10,297,506,000 after purchasing an additional 3,241,682 shares during the period. Geode Capital Management LLC raised its stake in Cisco Systems by 1.3% in the third 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. lifted its holdings in Cisco Systems by 2.1% in the third 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 during the period. FMR LLC boosted its position in Cisco Systems by 10.1% during the 3rd quarter. FMR LLC now owns 63,931,461 shares of the network equipment provider’s stock valued at $3,402,432,000 after acquiring an additional 5,885,879 shares in the last quarter. Finally, Nordea Investment Management AB grew its holdings in shares of Cisco Systems by 1.2% during 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 acquiring an additional 216,632 shares during the period. Institutional investors own 73.33% of the company’s stock.

Cisco Systems Trading Down 1.1 %

Shares of CSCO stock opened at $63.98 on Friday. The company has a current ratio of 0.87, a quick ratio of 0.79 and a debt-to-equity ratio of 0.43. Cisco Systems, Inc. has a 12-month low of $44.50 and a 12-month high of $66.50. The stock has a market capitalization of $254.53 billion, a P/E ratio of 27.94, a P/E/G ratio of 4.17 and a beta of 0.84. The firm’s 50 day moving average is $60.65 and its 200 day moving average is $56.15.

Cisco Systems (NASDAQ:CSCO) last released its quarterly earnings results on Wednesday, February 12th. The network equipment provider reported $0.77 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.91 by ($0.14). Cisco Systems had a return on equity of 26.08% and a net margin of 16.96%. Research analysts expect that Cisco Systems, Inc. will post 3.04 earnings per share for the current year.

Cisco Systems declared that its board has approved a stock repurchase program on Wednesday, February 12th that authorizes the company to repurchase $15.00 billion in outstanding shares. This repurchase authorization authorizes the network equipment provider to buy up to 6% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its shares are undervalued.

Cisco Systems Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 23rd. Stockholders of record on Thursday, April 3rd will be given a dividend of $0.41 per share. The ex-dividend date of this dividend is Thursday, April 3rd. This represents a $1.64 annualized dividend and a dividend yield of 2.56%. This is a positive change from Cisco Systems’s previous quarterly dividend of $0.40. Cisco Systems’s dividend payout ratio is presently 71.62%.

Insider Activity

In other Cisco Systems news, EVP Thimaya K. Subaiya sold 3,042 shares of the company’s stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $59.19, for a total transaction of $180,055.98. Following the completion of the sale, the executive vice president now directly owns 207,798 shares of the company’s stock, valued at approximately $12,299,563.62. This represents a 1.44 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Maria Victoria Wong sold 4,881 shares of Cisco Systems stock in a transaction on Wednesday, November 27th. The stock was sold at an average price of $59.73, for a total transaction of $291,542.13. Following the transaction, the senior vice president now owns 51,931 shares in the company, valued at $3,101,838.63. This represents a 8.59 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 67,921 shares of company stock valued at $4,298,667 in the last quarter. 0.01% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several equities research analysts recently weighed in on CSCO shares. Melius upgraded Cisco Systems from a “hold” rating to a “buy” rating and lifted their price target for the company from $66.00 to $73.00 in a research report on Monday, January 6th. Melius Research raised shares of Cisco Systems from a “hold” rating to a “strong-buy” rating in a research report on Monday, January 6th. JPMorgan Chase & Co. lifted their price target on shares of Cisco Systems from $69.00 to $73.00 and gave the company an “overweight” rating in a research report on Thursday, February 13th. Piper Sandler boosted their price objective on shares of Cisco Systems from $57.00 to $72.00 and gave the stock a “neutral” rating in a research note on Thursday, February 13th. Finally, DZ Bank raised shares of Cisco Systems from a “hold” rating to a “buy” rating in a research note on Tuesday. Seven investment analysts have rated the stock with a hold rating, fifteen have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, Cisco Systems presently has an average rating of “Moderate Buy” and a consensus price target of $66.53.

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.