Elkhorn Partners Limited Partnership Invests $166,000 in Cisco Systems, Inc. (NASDAQ:CSCO)

Elkhorn Partners Limited Partnership acquired a new position in shares of Cisco Systems, Inc. (NASDAQ:CSCO) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 3,500 shares of the network equipment provider’s stock, valued at approximately $166,000. Cisco Systems makes up about 0.1% of Elkhorn Partners Limited Partnership’s portfolio, making the stock its 22nd largest holding.

Several other large investors also recently made changes to their positions in CSCO. Vanguard Personalized Indexing Management LLC grew its position in Cisco Systems by 9.0% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 378,002 shares of the network equipment provider’s stock valued at $17,616,000 after purchasing an additional 31,114 shares in the last quarter. Meiji Yasuda Asset Management Co Ltd. grew its position in Cisco Systems by 4.7% in the second quarter. Meiji Yasuda Asset Management Co Ltd. now owns 149,542 shares of the network equipment provider’s stock valued at $7,105,000 after purchasing an additional 6,761 shares in the last quarter. Meridian Wealth Partners LLC grew its position in Cisco Systems by 6.4% in the second quarter. Meridian Wealth Partners LLC now owns 4,709 shares of the network equipment provider’s stock valued at $224,000 after purchasing an additional 282 shares in the last quarter. E Fund Management Co. Ltd. grew its position in Cisco Systems by 19.7% in the second quarter. E Fund Management Co. Ltd. now owns 100,518 shares of the network equipment provider’s stock valued at $4,776,000 after purchasing an additional 16,554 shares in the last quarter. Finally, Lumbard & Kellner LLC grew its position in Cisco Systems by 1.0% in the second quarter. Lumbard & Kellner LLC now owns 105,076 shares of the network equipment provider’s stock valued at $4,992,000 after purchasing an additional 1,011 shares in the last quarter. Institutional investors own 73.33% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. Rosenblatt Securities raised their target price on shares of Cisco Systems from $56.00 to $58.00 and gave the company a “neutral” rating in a research report on Thursday, August 15th. Needham & Company LLC reiterated a “hold” rating on shares of Cisco Systems in a research note on Thursday, August 15th. Piper Sandler reiterated a “neutral” rating and issued a $52.00 price target on shares of Cisco Systems in a research note on Thursday, August 15th. StockNews.com cut shares of Cisco Systems from a “buy” rating to a “hold” rating in a research note on Thursday, May 23rd. Finally, Jefferies Financial Group cut their price target on shares of Cisco Systems from $56.00 to $53.00 and set a “buy” rating for the company in a research note on Thursday, August 15th. One analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $55.89.

Cisco Systems Price Performance

NASDAQ:CSCO opened at $50.61 on Wednesday. Cisco Systems, Inc. has a 52 week low of $44.50 and a 52 week high of $56.28. The firm has a market cap of $203.90 billion, a price-to-earnings ratio of 17.04, a P/E/G ratio of 3.87 and a beta of 0.83. The firm’s 50-day simple moving average is $48.25 and its 200 day simple moving average is $47.99. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.83 and a current ratio of 0.91.

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

Cisco Systems Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 23rd. Investors of record on Wednesday, October 2nd will be given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 3.16%. The ex-dividend date of this dividend is Wednesday, October 2nd. Cisco Systems’s dividend payout ratio is 53.87%.

Insider Buying and Selling

In other Cisco Systems 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 directly owns 46,017 shares of the company’s stock, valued at approximately $2,258,974.53. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other Cisco Systems 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 directly owns 46,017 shares of the company’s stock, valued at approximately $2,258,974.53. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Thimaya K. Subaiya sold 8,270 shares of the firm’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $50.33, for a total transaction of $416,229.10. Following the completion of the transaction, the executive vice president now directly owns 135,544 shares in the company, valued at $6,821,929.52. The disclosure for this sale can be found here. Over the last three months, insiders have sold 70,529 shares of company stock valued at $3,509,049. 0.02% of the stock is owned by company insiders.

Cisco Systems 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.