Summit X LLC Sells 1,477 Shares of Cisco Systems, Inc. (NASDAQ:CSCO)

Summit X LLC lowered its holdings in Cisco Systems, Inc. (NASDAQ:CSCO) by 26.5% in the fourth quarter, HoldingsChannel.com reports. The firm owned 4,100 shares of the network equipment provider’s stock after selling 1,477 shares during the quarter. Summit X LLC’s holdings in Cisco Systems were worth $243,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently bought and sold shares of the company. Mainstream Capital Management LLC acquired a new position in shares of Cisco Systems in the 4th quarter valued at approximately $132,000. Morse Asset Management Inc acquired a new position in shares of Cisco Systems in the 3rd quarter valued at approximately $798,000. HighVista Strategies LLC acquired a new position in shares of Cisco Systems in the 3rd quarter valued at approximately $1,698,000. GAMMA Investing LLC raised its position in shares of Cisco Systems by 13.1% in the 4th quarter. GAMMA Investing LLC now owns 93,357 shares of the network equipment provider’s stock valued at $5,527,000 after buying an additional 10,813 shares in the last quarter. Finally, Oddo BHF Asset Management Sas acquired a new position in shares of Cisco Systems in the 3rd quarter valued at approximately $502,000. Institutional investors own 73.33% of the company’s stock.

Insider Buying and Selling

In related news, EVP Thimaya K. Subaiya sold 2,065 shares of the stock in a transaction on Wednesday, March 12th. The shares were sold at an average price of $60.70, for a total transaction of $125,345.50. Following the transaction, the executive vice president now directly owns 191,184 shares of the company’s stock, valued at $11,604,868.80. This represents a 1.07 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Richard Scott Herren sold 19,929 shares of the stock in a transaction on Friday, February 14th. The stock was sold at an average price of $64.41, for a total transaction of $1,283,626.89. Following the transaction, the chief financial officer now directly owns 335,605 shares in the company, valued at approximately $21,616,318.05. This represents a 5.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 66,547 shares of company stock valued at $4,275,553 over the last ninety days. 0.01% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several brokerages have recently commented on CSCO. BNP Paribas upgraded shares of Cisco Systems from a “neutral” rating to an “outperform” rating and set a $72.00 target price for the company in a research report on Tuesday, January 28th. DZ Bank upgraded shares of Cisco Systems from a “hold” rating to a “buy” rating in a research report on Tuesday, February 18th. StockNews.com cut shares of Cisco Systems from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, March 5th. Melius upgraded shares of Cisco Systems from a “hold” rating to a “buy” rating and upped their price objective for the stock from $66.00 to $73.00 in a research report on Monday, January 6th. Finally, Rosenblatt Securities upgraded shares of Cisco Systems from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $66.00 to $80.00 in a research report on Thursday, February 13th. Seven investment analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $66.63.

Cisco Systems Trading Down 0.3 %

NASDAQ:CSCO opened at $60.46 on Thursday. The firm’s fifty day moving average is $61.74 and its 200-day moving average is $57.62. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.79 and a current ratio of 0.87. Cisco Systems, Inc. has a 52 week low of $44.50 and a 52 week high of $66.50. The firm has a market cap of $240.53 billion, a P/E ratio of 26.40, a P/E/G ratio of 4.16 and a beta of 0.79.

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

Cisco Systems declared that its board has authorized a share repurchase plan on Wednesday, February 12th that allows the company to repurchase $15.00 billion in outstanding shares. This repurchase authorization allows the network equipment provider to repurchase up to 6% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

Cisco Systems Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 23rd. Investors of record on Thursday, April 3rd will be paid a dividend of $0.41 per share. The ex-dividend date of this dividend is Thursday, April 3rd. This is a positive change from Cisco Systems’s previous quarterly dividend of $0.40. This represents a $1.64 annualized dividend and a yield of 2.71%. Cisco Systems’s dividend payout ratio is currently 71.62%.

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.