Summit Street Capital Management adds Cisco Systems (CSCO) to its portfolio

Cisco Systems (CSCO) : Summit Street Capital Management added new position in Cisco Systems during the most recent quarter end. The investment management firm now holds 79,000 shares of Cisco Systems which is valued at $2.1 Million , the company said in a statement filed on May 13, 2016 with the SEC.Cisco Systems makes up approximately 2.35% of Summit Street Capital Management’s portfolio.

Other Hedge Funds, Including , Schnieders Capital Management boosted its stake in CSCO in the latest quarter, The investment management firm added 2,125 additional shares and now holds a total of 21,199 shares of Cisco Systems which is valued at $562,409. Cisco Systems makes up approx 0.33% of Schnieders Capital Management’s portfolio.Finemark National Bank Trust boosted its stake in CSCO in the latest quarter, The investment management firm added 15,297 additional shares and now holds a total of 342,386 shares of Cisco Systems which is valued at $9.1 Million. Cisco Systems makes up approx 1.07% of Finemark National Bank Trust’s portfolio.Ftb Advisors boosted its stake in CSCO in the latest quarter, The investment management firm added 27,470 additional shares and now holds a total of 270,923 shares of Cisco Systems which is valued at $7.2 Million. Cisco Systems makes up approx 0.81% of Ftb Advisors’s portfolio.New York State Common Retirement Fund boosted its stake in CSCO in the latest quarter, The investment management firm added 171,100 additional shares and now holds a total of 14,283,626 shares of Cisco Systems which is valued at $378.9 Million. Cisco Systems makes up approx 0.58% of New York State Common Retirement Fund’s portfolio.

Cisco Systems opened for trading at $28.58 and hit $29 on the upside on Wednesday, eventually ending the session at $28.92, with a gain of 1.58% or 0.45 points. The heightened volatility saw the trading volume jump to 2,57,29,608 shares. Company has a market cap of $145,529 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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