Peapack Gladstone Financial Corp Has $42.03 Million Position in Cisco Systems, Inc. (NASDAQ:CSCO)

Peapack Gladstone Financial Corp cut its holdings in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 0.6% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 709,991 shares of the network equipment provider’s stock after selling 4,252 shares during the quarter. Peapack Gladstone Financial Corp’s holdings in Cisco Systems were worth $42,032,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the business. FPC Investment Advisory Inc. acquired a new position in Cisco Systems during the fourth quarter valued at approximately $26,000. Runnymede Capital Advisors Inc. bought a new stake in shares of Cisco Systems during the 4th quarter worth approximately $30,000. Campbell Capital Management Inc. acquired a new stake in shares of Cisco Systems in the 4th quarter valued at approximately $31,000. Highline Wealth Partners LLC grew its stake in shares of Cisco Systems by 76.7% in the fourth quarter. Highline Wealth Partners LLC now owns 599 shares of the network equipment provider’s stock valued at $35,000 after buying an additional 260 shares in the last quarter. Finally, Synergy Investment Management LLC acquired a new position in Cisco Systems during the fourth quarter worth $36,000. 73.33% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have commented on CSCO. JPMorgan Chase & Co. increased their price target on shares of Cisco Systems from $69.00 to $73.00 and gave the company an “overweight” rating in a research note on Thursday, February 13th. Melius Research upgraded shares of Cisco Systems from a “hold” rating to a “strong-buy” rating in a research note on Monday, January 6th. Morgan Stanley lifted their price target on Cisco Systems from $62.00 to $68.00 and gave the stock an “overweight” rating in a report on Tuesday, December 17th. Rosenblatt Securities upgraded Cisco Systems from a “neutral” rating to a “buy” rating and upped their price objective for the company from $66.00 to $80.00 in a research note on Thursday, February 13th. Finally, Citigroup reiterated an “overweight” rating on shares of Cisco Systems in a research note on Thursday, March 6th. Seven equities research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $66.63.

Insider Buying and Selling at Cisco Systems

In other news, SVP Maria Victoria Wong sold 762 shares of the firm’s stock in a transaction on Wednesday, March 12th. The shares were sold at an average price of $60.99, for a total transaction of $46,474.38. Following the completion of the transaction, the senior vice president now owns 44,155 shares of the company’s stock, valued at approximately $2,693,013.45. This trade represents a 1.70 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Richard Scott Herren sold 19,929 shares of the stock in a transaction on Friday, February 14th. The shares were sold at an average price of $64.41, for a total value of $1,283,626.89. Following the completion of the sale, the chief financial officer now owns 335,605 shares of the company’s stock, valued at $21,616,318.05. The trade was a 5.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 66,547 shares of company stock worth $4,275,553 over the last 90 days. Insiders own 0.01% of the company’s stock.

Cisco Systems Stock Performance

Shares of NASDAQ:CSCO opened at $54.54 on Friday. Cisco Systems, Inc. has a 12-month low of $44.50 and a 12-month high of $66.50. The company’s 50 day moving average price is $61.91 and its two-hundred day moving average price is $58.87. The firm has a market cap of $216.98 billion, a PE ratio of 23.82, a PEG ratio of 4.16 and a beta of 0.86. The company has a quick ratio of 0.79, a current ratio of 0.87 and a debt-to-equity ratio of 0.43.

Cisco Systems (NASDAQ:CSCO) last issued its quarterly earnings results on Wednesday, February 12th. The network equipment provider reported $0.77 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.91 by ($0.14). Cisco Systems had a return on equity of 26.08% and a net margin of 16.96%. Equities research analysts predict that Cisco Systems, Inc. will post 3.04 earnings per share for the current year.

Cisco Systems Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 23rd. Investors of record on Thursday, April 3rd will be paid a $0.41 dividend. The ex-dividend date is Thursday, April 3rd. This is a positive change from Cisco Systems’s previous quarterly dividend of $0.40. This represents a $1.64 annualized dividend and a yield of 3.01%. Cisco Systems’s dividend payout ratio (DPR) is 71.62%.

Cisco Systems declared that its Board of Directors has initiated a share buyback program on Wednesday, February 12th that authorizes the company to buyback $15.00 billion in shares. This buyback authorization authorizes the network equipment provider to purchase up to 6% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Cisco Systems Company 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.