Cisco Systems, Inc. (CSCO) Sees Significant Growth in Short Interest
Cisco Systems, Inc. (NASDAQ:CSCO) saw a significant growth in short interest during the month of August. As of August 15th, there was short interest totalling 40,664,338 shares, a growth of 4.2% from the July 31st total of 39,009,266 shares. Based on an average daily volume of 17,713,928 shares, the short-interest ratio is currently 2.3 days. Approximately 0.8% of the company’s stock are sold short.
In other Cisco Systems news, insider John T. Chambers sold 250,000 shares of the stock in a transaction that occurred on Wednesday, August 23rd. The shares were sold at an average price of $31.14, for a total value of $7,785,000.00. Following the transaction, the insider now directly owns 729,305 shares in the company, valued at $22,710,557.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Karen Walker sold 7,802 shares of the stock in a transaction that occurred on Tuesday, June 13th. The shares were sold at an average price of $31.29, for a total transaction of $244,124.58. Following the completion of the transaction, the senior vice president now owns 178,577 shares in the company, valued at $5,587,674.33. The disclosure for this sale can be found here. Insiders sold 350,642 shares of company stock worth $10,973,081 over the last quarter. 0.11% of the stock is currently owned by insiders.
A number of institutional investors have recently made changes to their positions in CSCO. Philadelphia Trust Co. increased its position in shares of Cisco Systems by 23.7% in the fourth quarter. Philadelphia Trust Co. now owns 17,666 shares of the network equipment provider’s stock worth $534,000 after buying an additional 3,380 shares during the period. Macquarie Group Ltd. increased its position in shares of Cisco Systems by 5.7% in the fourth quarter. Macquarie Group Ltd. now owns 25,418,669 shares of the network equipment provider’s stock worth $768,153,000 after buying an additional 1,365,708 shares during the period. Bath Savings Trust Co increased its position in shares of Cisco Systems by 4.3% in the first quarter. Bath Savings Trust Co now owns 20,619 shares of the network equipment provider’s stock worth $697,000 after buying an additional 850 shares during the period. First Financial Bank N.A. Trust Division increased its position in shares of Cisco Systems by 4.6% in the first quarter. First Financial Bank N.A. Trust Division now owns 227,272 shares of the network equipment provider’s stock worth $7,682,000 after buying an additional 9,977 shares during the period. Finally, Liberty Capital Management Inc. increased its position in shares of Cisco Systems by 17.6% in the first quarter. Liberty Capital Management Inc. now owns 14,852 shares of the network equipment provider’s stock worth $502,000 after buying an additional 2,225 shares during the period. 75.28% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Cisco Systems (NASDAQ CSCO) opened at 31.44 on Friday. Cisco Systems has a 12-month low of $29.12 and a 12-month high of $34.60. The firm has a 50-day moving average price of $31.47 and a 200 day moving average price of $32.56. The stock has a market cap of $156.98 billion, a PE ratio of 16.55 and a beta of 1.24.
Cisco Systems (NASDAQ:CSCO) last released its earnings results on Wednesday, August 16th. The network equipment provider reported $0.61 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.61. The business had revenue of $12.13 billion for the quarter, compared to the consensus estimate of $12.07 billion. Cisco Systems had a return on equity of 16.91% and a net margin of 20.02%. Cisco Systems’s quarterly revenue was down 4.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.63 earnings per share. Equities research analysts predict that Cisco Systems will post $2.43 EPS for the current fiscal year.
Several equities analysts have commented on the stock. Berenberg Bank set a $33.00 price target on shares of Cisco Systems and gave the company a “hold” rating in a research note on Saturday, July 1st. Sanford C. Bernstein set a $38.00 price target on shares of Cisco Systems and gave the company a “buy” rating in a research note on Saturday, July 1st. William Blair reiterated an “outperform” rating on shares of Cisco Systems in a research note on Saturday, August 19th. Credit Suisse Group reiterated a “buy” rating on shares of Cisco Systems in a research note on Thursday, August 10th. Finally, Stifel Nicolaus set a $34.00 target price on shares of Cisco Systems and gave the stock a “hold” rating in a research report on Tuesday, August 15th. Fourteen investment analysts have rated the stock with a hold rating and twenty have issued a buy rating to the stock. The company has an average rating of “Buy” and an average target price of $35.47.
About Cisco Systems
Cisco Systems, Inc designs and sells a range of products, provides services and delivers integrated solutions to develop and connect networks around the world. The Company operates through three geographic segments: Americas; Europe, the Middle East and Africa (EMEA), and Asia Pacific, Japan and China (APJC).
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