Arvest Bank Trust Division boosted its holdings in Cisco Systems, Inc. (NASDAQ:CSCO) by 89.2% in the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 371,619 shares of the network equipment provider’s stock after purchasing an additional 175,238 shares during the period. Arvest Bank Trust Division’s holdings in Cisco Systems were worth $15,939,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also modified their holdings of the company. Cetera Advisors LLC raised its position in shares of Cisco Systems by 1.4% during the 1st quarter. Cetera Advisors LLC now owns 78,073 shares of the network equipment provider’s stock worth $3,350,000 after purchasing an additional 1,106 shares during the period. Stellar Capital Management LLC increased its position in Cisco Systems by 3.4% in the 1st quarter. Stellar Capital Management LLC now owns 33,236 shares of the network equipment provider’s stock valued at $1,426,000 after acquiring an additional 1,107 shares during the period. Neumann Capital Management LLC increased its position in Cisco Systems by 6.8% in the 1st quarter. Neumann Capital Management LLC now owns 18,437 shares of the network equipment provider’s stock valued at $791,000 after acquiring an additional 1,167 shares during the period. Ballast Inc. increased its position in Cisco Systems by 6.6% in the 1st quarter. Ballast Inc. now owns 18,810 shares of the network equipment provider’s stock valued at $807,000 after acquiring an additional 1,172 shares during the period. Finally, Massey Quick Simon & CO. LLC increased its position in Cisco Systems by 33.5% in the 1st quarter. Massey Quick Simon & CO. LLC now owns 4,768 shares of the network equipment provider’s stock valued at $204,000 after acquiring an additional 1,197 shares during the period. 71.65% of the stock is owned by hedge funds and other institutional investors.
Shares of Cisco Systems stock traded up $0.62 during midday trading on Friday, hitting $47.77. The company’s stock had a trading volume of 24,903,400 shares, compared to its average volume of 24,580,912. The stock has a market cap of $226.18 billion, a PE ratio of 20.41, a price-to-earnings-growth ratio of 2.80 and a beta of 1.07. The company has a quick ratio of 2.22, a current ratio of 2.29 and a debt-to-equity ratio of 0.47. Cisco Systems, Inc. has a 1-year low of $31.19 and a 1-year high of $47.83.
In related news, EVP David Goeckeler sold 35,000 shares of the stock in a transaction on Friday, June 22nd. The stock was sold at an average price of $43.27, for a total transaction of $1,514,450.00. Following the completion of the sale, the executive vice president now directly owns 490,458 shares in the company, valued at $21,222,117.66. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 0.05% of the stock is currently owned by company insiders.
Several analysts recently commented on CSCO shares. Zacks Investment Research cut Cisco Systems from a “buy” rating to a “hold” rating in a research report on Thursday, August 2nd. Morgan Stanley decreased their price target on Cisco Systems from $50.00 to $48.00 and set an “overweight” rating for the company in a research note on Thursday, July 19th. JPMorgan Chase & Co. began coverage on Cisco Systems in a research note on Thursday, May 3rd. They set an “overweight” rating and a $57.00 price target for the company. Piper Jaffray Companies set a $50.00 price target on Cisco Systems and gave the company a “buy” rating in a research note on Monday, July 9th. Finally, Goldman Sachs Group reaffirmed a “buy” rating and set a $56.00 price target on shares of Cisco Systems in a research note on Thursday, August 16th. Nine investment analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $47.65.
About Cisco Systems
Cisco Systems, Inc designs, manufactures, and sells Internet Protocol (IP) based networking and other products related to the communications and information technology industry worldwide. The company offers switching products, including fixed-configuration and modular switches, and storage products that provide connectivity to end users, workstations, IP phones, wireless access points, and servers; and next-generation network routing products that interconnect public and private wireline and mobile networks for mobile, data, voice, and video applications.
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