Harmony Asset Management LLC Sells 11,250 Shares of Cisco Systems, Inc. (NASDAQ:CSCO)

Harmony Asset Management LLC trimmed its holdings in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 37.6% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 18,665 shares of the network equipment provider’s stock after selling 11,250 shares during the quarter. Harmony Asset Management LLC’s holdings in Cisco Systems were worth $887,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Summit Securities Group LLC acquired a new stake in Cisco Systems during the second quarter worth about $25,000. Retirement Group LLC boosted its position in shares of Cisco Systems by 56.8% during the 1st quarter. Retirement Group LLC now owns 726 shares of the network equipment provider’s stock worth $36,000 after acquiring an additional 263 shares in the last quarter. Hobbs Group Advisors LLC acquired a new position in Cisco Systems during the second quarter valued at approximately $36,000. Redmont Wealth Advisors LLC bought a new stake in Cisco Systems during the first quarter worth $41,000. Finally, Frank Rimerman Advisors LLC acquired a new stake in shares of Cisco Systems in the 4th quarter valued at $44,000. Institutional investors and hedge funds own 73.33% of the company’s stock.

Wall Street Analysts Forecast Growth

CSCO has been the subject of several recent analyst reports. Needham & Company LLC restated a “hold” rating on shares of Cisco Systems in a research report on Thursday, August 15th. JPMorgan Chase & Co. lifted their price target on shares of Cisco Systems from $53.00 to $55.00 and gave the company a “hold” rating in a report on Thursday, August 8th. Despite investors’ hopes for a rebound in Networking Equipment demand to boost Cisco’s fourth-quarter 2024 performance, the anticipation is tempered by limited indications of a significant recovery in demand. Piper Sandler reissued a “neutral” rating and issued a $52.00 price objective on shares of Cisco Systems in a research note on Thursday, August 15th. New Street Research raised shares of Cisco Systems from a “neutral” rating to a “buy” rating and set a $57.00 target price on the stock in a research note on Thursday, August 15th. Finally, Hsbc Global Res upgraded Cisco Systems to a “strong-buy” rating in a research note on Friday, August 16th. One equities research analyst has rated the stock with a sell rating, fourteen have given a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $55.00.

Cisco Systems Stock Performance

Shares of Cisco Systems stock opened at $51.97 on Monday. The company has a market cap of $209.38 billion, a P/E ratio of 17.50, a PEG ratio of 3.87 and a beta of 0.83. The company has a current ratio of 0.91, a quick ratio of 0.83 and a debt-to-equity ratio of 0.43. The business has a 50-day moving average price of $48.52 and a two-hundred day moving average price of $48.04. Cisco Systems, Inc. has a 1-year low of $44.50 and a 1-year high of $54.58.

Cisco Systems (NASDAQ:CSCO) last issued its earnings results on Wednesday, August 14th. The network equipment provider reported $0.87 earnings per share for the quarter, topping analysts’ consensus estimates of $0.85 by $0.02. The business had revenue of $13.64 billion during the quarter, compared to the consensus estimate of $13.53 billion. Cisco Systems had a return on equity of 27.83% and a net margin of 19.18%. The firm’s revenue for the quarter was down 10.3% on a year-over-year basis. During the same period in the previous year, the company posted $1.01 earnings per share. As a group, analysts anticipate that Cisco Systems, Inc. will post 2.9 EPS for the current year.

Cisco Systems Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 23rd. Shareholders of record on Wednesday, October 2nd will be issued a $0.40 dividend. The ex-dividend date of this dividend is Wednesday, October 2nd. This represents a $1.60 annualized dividend and a yield of 3.08%. Cisco Systems’s payout ratio is currently 53.87%.

Insider Buying and Selling at Cisco Systems

In related news, SVP Maria Victoria Wong sold 638 shares of the stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $49.09, for a total value of $31,319.42. Following the transaction, the senior vice president now directly owns 46,017 shares in the company, valued at approximately $2,258,974.53. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, SVP Maria Victoria Wong sold 638 shares of the firm’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $49.09, for a total value of $31,319.42. Following the transaction, the senior vice president now owns 46,017 shares of the company’s stock, valued at approximately $2,258,974.53. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Thimaya K. Subaiya sold 8,270 shares of the stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $50.33, for a total value of $416,229.10. Following the completion of the sale, the executive vice president now directly owns 135,544 shares of the company’s stock, valued at $6,821,929.52. The disclosure for this sale can be found here. Over the last quarter, insiders sold 70,529 shares of company stock valued at $3,509,049. Company 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.