Fortitude Family Office LLC Trims Position in Cisco Systems, Inc. (NASDAQ:CSCO)

Fortitude Family Office LLC decreased its position in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 36.6% during the first quarter, Holdings Channel reports. The institutional investor owned 5,138 shares of the network equipment provider’s stock after selling 2,966 shares during the period. Fortitude Family Office LLC’s holdings in Cisco Systems were worth $317,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the company. FMR LLC raised its position in shares of Cisco Systems by 20.8% during the fourth quarter. FMR LLC now owns 77,216,513 shares of the network equipment provider’s stock valued at $4,571,218,000 after buying an additional 13,285,052 shares during the last quarter. Norges Bank bought a new position in Cisco Systems during the fourth quarter valued at $3,297,905,000. Northern Trust Corp grew its stake in shares of Cisco Systems by 11.4% in the 4th quarter. Northern Trust Corp now owns 47,238,258 shares of the network equipment provider’s stock worth $2,796,505,000 after buying an additional 4,832,813 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of Cisco Systems by 7.8% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 36,471,275 shares of the network equipment provider’s stock worth $2,159,099,000 after buying an additional 2,637,006 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its position in shares of Cisco Systems by 2.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 29,419,041 shares of the network equipment provider’s stock valued at $1,741,597,000 after buying an additional 681,555 shares in the last quarter. Institutional investors own 73.33% of the company’s stock.

Wall Street Analysts Forecast Growth

CSCO has been the subject of several recent research reports. Rosenblatt Securities lifted their price target on Cisco Systems from $63.00 to $74.00 and gave the stock a “buy” rating in a research report on Thursday, May 15th. New Street Research reiterated a “neutral” rating and issued a $70.00 target price on shares of Cisco Systems in a report on Friday, May 16th. DZ Bank upgraded Cisco Systems from a “hold” rating to a “buy” rating in a report on Tuesday, February 18th. Wall Street Zen upgraded Cisco Systems from a “buy” rating to a “strong-buy” rating in a research report on Friday, May 16th. Finally, Citigroup lifted their target price on Cisco Systems from $68.00 to $71.00 and gave the company a “buy” rating in a research report on Thursday, May 15th. Eight research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and three have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $68.00.

Insider Buying and Selling

In other news, insider Jeetendra I. Patel sold 9,961 shares of the firm’s stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $63.97, for a total value of $637,205.17. Following the completion of the transaction, the insider now directly owns 257,162 shares in the company, valued at $16,450,653.14. This trade represents a 3.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Charles Robbins sold 29,784 shares of the company’s stock in a transaction that occurred on Thursday, June 5th. The shares were sold at an average price of $64.61, for a total value of $1,924,344.24. Following the completion of the sale, the chief executive officer now 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. Insiders sold 68,573 shares of company stock worth $4,392,619 in the last three months. Corporate insiders own 0.01% of the company’s stock.

Cisco Systems Stock Performance

Shares of Cisco Systems stock opened at $64.19 on Thursday. Cisco Systems, Inc. has a one year low of $44.50 and a one year high of $66.50. The company has a market capitalization of $254.19 billion, a PE ratio of 28.03, a P/E/G ratio of 4.16 and a beta of 0.88. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.79 and a current ratio of 0.87. The company has a 50-day simple moving average of $60.04 and a two-hundred day simple moving average of $60.49.

Cisco Systems (NASDAQ:CSCO) last issued its quarterly earnings results 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 return on equity of 26.08% and a net margin of 16.96%. The business had revenue of $14.15 billion for the quarter, compared to the consensus estimate of $14.05 billion. During the same period in the prior year, the firm posted $0.88 earnings per share. The business’s quarterly revenue was up 11.4% on a year-over-year basis. Research analysts expect that Cisco Systems, Inc. will post 3.04 EPS for the current fiscal year.

Cisco Systems Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 23rd. Investors of record on Thursday, July 3rd will be given a $0.41 dividend. This represents a $1.64 annualized dividend and a dividend yield of 2.55%. The ex-dividend date is Thursday, July 3rd. Cisco Systems’s payout ratio is currently 66.94%.

Cisco Systems declared that its Board of Directors has initiated a stock buyback program on Wednesday, February 12th that allows the company to buyback $15.00 billion in shares. This buyback authorization allows the network equipment provider to reacquire up to 6% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.

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.