Trading Report: Today, Highstreet Asset Management Inc. cuts its investment of stake in Cisco Systems Inc. (CSCO)

Today, Highstreet Asset Management Inc. cuts its investment of stake in Cisco Systems Inc. (CSCO)

Highstreet Asset Management Inc. lowered its position in Cisco Systems Inc. (NASDAQ:CSCO) by 25.5% during the third quarter, Holdings Channel reports. The fund owned 79,241 shares of the network equipment provider’s stock after selling 27,124 shares during the period. Highstreet Asset Management Inc.’s holdings in Cisco Systems were worth $2,514,000 as of its most recent filing with the SEC.

A number of other hedge funds have also modified their holdings of the company. Riggs Asset Managment Co. Inc. boosted its position in Cisco Systems by 6.7% in the second quarter. Riggs Asset Managment Co. Inc. now owns 3,570 shares of the network equipment provider’s stock worth $102,000 after buying an additional 225 shares during the period. Orrstown Financial Services Inc. boosted its position in shares of Cisco Systems by 89.3% in the third quarter. Orrstown Financial Services Inc. now owns 3,243 shares of the network equipment provider’s stock valued at $103,000 after buying an additional 1,530 shares during the last quarter. Lenox Wealth Management Inc. boosted its position in shares of Cisco Systems by 35.0% in the second quarter. Lenox Wealth Management Inc. now owns 3,835 shares of the network equipment provider’s stock valued at $110,000 after buying an additional 995 shares during the last quarter. Global X Management Co. LLC boosted its position in shares of Cisco Systems by 101.9% in the second quarter. Global X Management Co. LLC now owns 4,244 shares of the network equipment provider’s stock valued at $122,000 after buying an additional 2,142 shares during the last quarter. Finally, Financial Management Professionals Inc. boosted its position in shares of Cisco Systems by 25.7% in the second quarter. Financial Management Professionals Inc. now owns 4,389 shares of the network equipment provider’s stock valued at $125,000 after buying an additional 896 shares during the last quarter. Hedge funds and other institutional investors own 75.09% of the company’s stock.

Shares of Cisco Systems Inc. (NASDAQ:CSCO) traded up 1.28% during mid-day trading on Friday, reaching $30.09. 17,678,862 shares of the company’s stock were exchanged. Cisco Systems Inc. has a one year low of $22.46 and a one year high of $31.95. The company’s 50-day moving average price is $30.59 and its 200-day moving average price is $30.09. The company has a market capitalization of $21808.98 billion, a PE ratio of 14.26 and a beta of 1.42.

Cisco Systems (NASDAQ:CSCO) last issued its quarterly earnings results on Wednesday, November 16th. The network equipment provider reported $0.61 EPS for the quarter, topping the consensus estimate of $0.59 by $0.02. The company earned $12.35 billion during the quarter, compared to analyst estimates of $12.34 billion. Cisco Systems had a net margin of 21.73% and a return on equity of 17.50%. The firm’s revenue was down 2.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.59 EPS. On average, equities analysts expect that Cisco Systems Inc. will post $2.38 earnings per share for the current year.

Several brokerages recently weighed in on CSCO. FBN Securities set a $35.00 price target on shares of Cisco Systems and gave the company a “buy” rating in a research report on Saturday, November 19th. Piper Jaffray Cos. raised their price target on shares of Cisco Systems from $30.00 to $34.00 and gave the company an “overweight” rating in a research report on Thursday, August 18th. Wunderlich reiterated a “hold” rating and issued a $27.00 price objective on shares of Cisco Systems in a research note on Thursday, August 18th. JMP Securities reiterated a “hold” rating on shares of Cisco Systems in a research note on Thursday, November 17th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Cisco Systems in a research note on Thursday, August 18th. Two research analysts have rated the stock with a sell rating, thirteen have issued a hold rating, twenty-one have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $32.73.

In related news, CEO Charles Robbins sold 148,800 shares of the business’s stock in a transaction on Tuesday, September 13th. The shares were sold at an average price of $31.01, for a total value of $4,614,288.00. Following the completion of the sale, the chief executive officer now owns 629,813 shares of the company’s stock, valued at approximately $19,530,501.13. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Chris Dedicoat sold 60,000 shares of the business’s stock in a transaction on Friday, September 16th. The stock was sold at an average price of $30.87, for a total transaction of $1,852,200.00. Following the completion of the sale, the executive vice president now directly owns 214,605 shares of the company’s stock, valued at approximately $6,624,856.35. The disclosure for this sale can be found here. 0.11% of the stock is currently owned by corporate insiders.

About Cisco Systems

Cisco System, Inc (Cisco) designs and sells lines of products, provides services and delivers integrated solutions to develop and connect networks around the world, building the Internet. The Company is engaged in designing, manufacturing and selling Internet Protocol (IP)-based networking and other products related to the communications and information technology (IT) industry, and provides services associated with these products and their use.

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