Profit Investment Management Lowers stake in Cisco Systems (CSCO)

Cisco Systems (CSCO) : Profit Investment Management reduced its stake in Cisco Systems by 38.27% during the most recent quarter end. The investment management company now holds a total of 31,113 shares of Cisco Systems which is valued at $938,679 after selling 19,289 shares in Cisco Systems , the firm said in a disclosure report filed with the SEC on Oct 13, 2016.Cisco Systems makes up approximately 0.95% of Profit Investment Management’s portfolio.

Other Hedge Funds, Including , Edge Wealth Management boosted its stake in CSCO in the latest quarter, The investment management firm added 104 additional shares and now holds a total of 211,945 shares of Cisco Systems which is valued at $6,394,381. Cisco Systems makes up approx 2.70% of Edge Wealth Management’s portfolio.Nexus Investment Management boosted its stake in CSCO in the latest quarter, The investment management firm added 2,200 additional shares and now holds a total of 604,240 shares of Cisco Systems which is valued at $18,755,610. Cisco Systems makes up approx 3.47% of Nexus Investment Management’s portfolio.Legal General Group Plc boosted its stake in CSCO in the latest quarter, The investment management firm added 87,496 additional shares and now holds a total of 24,361,167 shares of Cisco Systems which is valued at $756,170,624. Cisco Systems makes up approx 0.78% of Legal General Group Plc’s portfolio.Cobiz Investment Management reduced its stake in CSCO by selling 1,890 shares or 4.55% in the most recent quarter. The Hedge Fund company now holds 39,609 shares of CSCO which is valued at $1,246,495. Cisco Systems makes up approx 0.30% of Cobiz Investment Management’s portfolio.Franklin Street Advisors Inc Nc boosted its stake in CSCO in the latest quarter, The investment management firm added 10,602 additional shares and now holds a total of 359,679 shares of Cisco Systems which is valued at $11,362,260. Cisco Systems makes up approx 2.09% of Franklin Street Advisors Inc Nc’s portfolio.

Cisco Systems closed down -0.43 points or -1.37% at $31.04 with 1,94,12,018 shares getting traded on Tuesday. Post opening the session at $31.52, the shares hit an intraday low of $30.85 and an intraday high of $31.53 and the price fluctuated in this range throughout the day.Shares ended Tuesday session in Red.

On the company’s financial health, Cisco Systems reported $0.63 EPS for the quarter, beating the analyst consensus estimate by $ 0.03 according to the earnings call on Aug 17, 2016. Analyst had a consensus of $0.60. The company had revenue of $12638.00 million for the quarter, compared to analysts expectations of $12571.21 million. The company’s revenue was down -1.6 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.59 EPS.

Many Wall Street Analysts have commented on Cisco Systems. Company shares were Reiterated by Deutsche Bank on Sep 14, 2016 to “Buy”, Firm has raised the Price Target to $ 37 from a previous price target of $35 .Company shares were Reiterated by Jefferies on Aug 17, 2016 to “Buy”, Firm has raised the Price Target to $ 35 from a previous price target of $30.75 .Company shares were Reiterated by RBC Capital Mkts on Jul 28, 2016 to “Outperform”, Firm has raised the Price Target to $ 35 from a previous price target of $33 .

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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