Cisco Systems Inc. (CSCO) Short Interest Down 3.6% in September
Cisco Systems Inc. (NASDAQ:CSCO) was the target of a large decline in short interest in September. As of September 30th, there was short interest totalling 49,379,570 shares, a decline of 3.6% from the September 15th total of 51,214,345 shares. Currently, 1.0% of the shares of the stock are short sold. Based on an average trading volume of 21,187,024 shares, the days-to-cover ratio is currently 2.3 days.
CSCO has been the topic of a number of recent research reports. Credit Suisse Group AG reaffirmed a “sell” rating on shares of Cisco Systems in a research note on Thursday, June 16th. Barclays PLC reaffirmed an “overweight” rating and issued a $31.00 target price on shares of Cisco Systems in a research note on Tuesday, June 21st. Drexel Hamilton reaffirmed a “buy” rating and issued a $36.00 target price on shares of Cisco Systems in a research note on Saturday, June 25th. Wells Fargo & Co. reaffirmed a “buy” rating on shares of Cisco Systems in a research note on Monday, June 27th. Finally, Zacks Investment Research raised Cisco Systems from a “hold” rating to a “buy” rating and set a $32.00 target price on the stock in a research note on Tuesday, July 5th. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $32.50.
In related news, Director Carol Bartz sold 15,000 shares of the company’s stock in a transaction that occurred on Thursday, August 25th. The stock was sold at an average price of $31.25, for a total value of $468,750.00. Following the sale, the director now owns 23,104 shares of the company’s stock, valued at approximately $722,000. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, SVP Mark D. Chandler sold 25,024 shares of the company’s stock in a transaction that occurred on Monday, August 22nd. The shares were sold at an average price of $30.44, for a total value of $761,730.56. Following the completion of the sale, the senior vice president now directly owns 229,905 shares in the company, valued at approximately $6,998,308.20. The disclosure for this sale can be found here. Insiders own 0.13% of the company’s stock.
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Several large investors have recently made changes to their positions in the stock. Riggs Asset Managment Co. Inc. boosted its stake in shares of 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 valued at $102,000 after buying an additional 225 shares in the last quarter. Orrstown Financial Services Inc. boosted its stake 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 in the last quarter. Lenox Wealth Management Inc. boosted its stake 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 in the last quarter. Global X Management Co. LLC boosted its stake 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 in the last quarter. Finally, Financial Management Professionals Inc. boosted its stake 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 in the last quarter. Hedge funds and other institutional investors own 75.00% of the company’s stock.
Shares of Cisco Systems (NASDAQ:CSCO) opened at 30.17 on Friday. Cisco Systems has a 52-week low of $22.46 and a 52-week high of $31.95. The company’s 50-day moving average is $31.32 and its 200 day moving average is $29.49. The firm has a market capitalization of $151.28 billion, a P/E ratio of 14.30 and a beta of 1.49.
Cisco Systems (NASDAQ:CSCO) last released its quarterly earnings data on Wednesday, August 17th. The network equipment provider reported $0.63 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.60 by $0.03. The business had revenue of $12.60 billion for the quarter, compared to the consensus estimate of $12.57 billion. Cisco Systems had a net margin of 21.81% and a return on equity of 17.64%. The company’s revenue was down 1.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.59 earnings per share. Analysts expect that Cisco Systems will post $2.43 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 26th. Stockholders of record on Wednesday, October 5th will be given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 3.45%. The ex-dividend date is Monday, October 3rd. Cisco Systems’s dividend payout ratio is presently 49.06%.
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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