Lazard Asset Management buys $793.9 Million stake in Cisco Systems (CSCO)

Cisco Systems (CSCO) : Lazard Asset Management scooped up 8,009,233 additional shares in Cisco Systems during the most recent quarter end , the firm said in a disclosure report filed with the SEC on May 12, 2016. The investment management firm now holds a total of 29,925,456 shares of Cisco Systems which is valued at $793.9 Million.Cisco Systems makes up approximately 1.96% of Lazard Asset Management’s portfolio.

Other Hedge Funds, Including , Smith Howard Wealth Management boosted its stake in CSCO in the latest quarter, The investment management firm added 1 additional shares and now holds a total of 10,583 shares of Cisco Systems which is valued at $280,767. Cisco Systems makes up approx 0.12% of Smith Howard Wealth Management’s portfolio.First National Trust Co boosted its stake in CSCO in the latest quarter, The investment management firm added 328 additional shares and now holds a total of 235,099 shares of Cisco Systems which is valued at $6.2 Million. Cisco Systems makes up approx 0.96% of First National Trust Co’s portfolio.Stephens Inc Ar boosted its stake in CSCO in the latest quarter, The investment management firm added 13,809 additional shares and now holds a total of 347,797 shares of Cisco Systems which is valued at $9.2 Million. Cisco Systems makes up approx 0.45% of Stephens Inc Ar’s portfolio.State Of Wisconsin Investment Board boosted its stake in CSCO in the latest quarter, The investment management firm added 446,770 additional shares and now holds a total of 6,155,747 shares of Cisco Systems which is valued at $163.3 Million. Cisco Systems makes up approx 0.64% of State Of Wisconsin Investment Board’s portfolio. Bluecrest Capital Management Ltd sold out all of its stake in CSCO during the most recent quarter. The investment firm sold 167,380 shares of CSCO which is valued $4.4 Million.

Cisco Systems opened for trading at $27.63 and hit $28.15 on the upside on Friday, eventually ending the session at $27.97, with a gain of 1.45% or 0.4 points. The heightened volatility saw the trading volume jump to 3,27,03,020 shares. Company has a market cap of $140,748,424 M.

On the company’s financial health, Cisco Systems reported $0.57 EPS for the quarter, beating the analyst consensus estimate by $ 0.02 according to the earnings call on May 18, 2016. Analyst had a consensus of $0.55. The company had revenue of $12000.00 million for the quarter, compared to analysts expectations of $11951.58 million. The company’s revenue was down -1.1 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.54 EPS.

Many Wall Street Analysts have commented on Cisco Systems. Company shares were Reiterated by RBC Capital Mkts on May 19, 2016 to “Outperform”, Firm has raised the Price Target to $ 33 from a previous price target of $31 .Company shares were Reiterated by Wunderlich on May 19, 2016 to “Hold”, Firm has raised the Price Target to $ 27 from a previous price target of $24 .Company shares were Reiterated by Barclays on May 19, 2016 to “Overweight”, Firm has raised the Price Target to $ 31 from a previous price target of $29 .

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. The Company operates its business through three segments: The Americas; Europe Middle East and Africa (EMEA) and Asia Pacific Japan and China (APJC). It groups its products and technologies into the various categories such as Switching Next-Generation Network (NGN) Routing Collaboration Service Provider Video Data Center Wireless Security and Other Products. In addition to its product offerings it provides a range of service offerings including technical support services and advanced services.

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