Evercore Wealth Management LLC Acquires 17,890 Shares of Cisco Systems, Inc. (NASDAQ:CSCO)

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Evercore Wealth Management LLC boosted its holdings in Cisco Systems, Inc. (NASDAQ:CSCO) by 4.8% during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 387,485 shares of the network equipment provider’s stock after acquiring an additional 17,890 shares during the quarter. Evercore Wealth Management LLC’s holdings in Cisco Systems were worth $21,207,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Evolution Wealth Advisors LLC purchased a new stake in Cisco Systems in the 2nd quarter valued at about $33,000. Lowe Wealth Advisors LLC purchased a new stake in Cisco Systems in the 2nd quarter valued at about $38,000. Personal Wealth Partners purchased a new stake in Cisco Systems in the 2nd quarter valued at about $44,000. Ashburton Jersey Ltd purchased a new stake in Cisco Systems in the 2nd quarter valued at about $49,000. Finally, Cohen & Steers Inc. purchased a new stake in Cisco Systems in the 4th quarter valued at about $51,000. 72.89% of the stock is currently owned by institutional investors and hedge funds.

Several equities research analysts have commented on CSCO shares. Morgan Stanley decreased their price objective on shares of Cisco Systems from $51.00 to $49.00 and set an “equal weight” rating for the company in a research note on Thursday, August 15th. Royal Bank of Canada decreased their price objective on shares of Cisco Systems from $64.00 to $53.00 and set an “outperform” rating for the company in a research note on Thursday, August 15th. Evercore ISI started coverage on shares of Cisco Systems in a research note on Wednesday. They issued an “outperform” rating and a $60.00 price objective for the company. Citigroup decreased their price objective on shares of Cisco Systems from $65.00 to $57.00 and set a “buy” rating for the company in a research note on Thursday, August 15th. Finally, William Blair lowered shares of Cisco Systems from an “outperform” rating to a “market perform” rating and set a $56.10 price objective for the company. in a research note on Wednesday, June 12th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and twenty-one have issued a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $56.72.

In related news, EVP Mark D. Chandler sold 546 shares of the firm’s stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $47.92, for a total value of $26,164.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Kelly A. Kramer sold 70,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 28th. The stock was sold at an average price of $46.72, for a total transaction of $3,270,400.00. Following the completion of the transaction, the chief financial officer now directly owns 277,548 shares of the company’s stock, valued at $12,967,042.56. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 100,234 shares of company stock valued at $4,782,259. 0.03% of the stock is owned by insiders.

Shares of CSCO stock opened at $50.03 on Friday. The company has a 50 day moving average of $50.30 and a 200-day moving average of $53.70. The company has a quick ratio of 1.46, a current ratio of 1.51 and a debt-to-equity ratio of 0.43. Cisco Systems, Inc. has a 12-month low of $40.25 and a 12-month high of $58.26. The firm has a market cap of $211.97 billion, a P/E ratio of 17.71, a PEG ratio of 2.33 and a beta of 1.26.

Cisco Systems (NASDAQ:CSCO) last issued its quarterly earnings results on Wednesday, August 14th. The network equipment provider reported $0.83 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.82 by $0.01. Cisco Systems had a net margin of 22.39% and a return on equity of 32.43%. The company had revenue of $13.43 billion during the quarter, compared to analyst estimates of $13.39 billion. During the same quarter last year, the business posted $0.70 EPS. Cisco Systems’s quarterly revenue was up 4.5% compared to the same quarter last year. As a group, equities analysts expect that Cisco Systems, Inc. will post 3.06 EPS for the current year.

About Cisco Systems

Cisco Systems, Inc designs, manufactures, and sells Internet Protocol based networking and other products related to the communications and information technology industry worldwide. The company offers switching products; routing products that interconnect public and private wireline and mobile networks; data center products; and wireless access points for use in voice, video, and data applications.

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Institutional Ownership by Quarter for Cisco Systems (NASDAQ:CSCO)

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