Carnegie Capital Asset Management Lowers stake in Cisco Systems (CSCO)

Cisco Systems (CSCO) : Carnegie Capital Asset Management reduced its stake in Cisco Systems by 0.07% during the most recent quarter end. The investment management company now holds a total of 370,315 shares of Cisco Systems which is valued at $11,376,077 after selling 262 shares in Cisco Systems , the firm said in a disclosure report filed with the SEC on Aug 2, 2016.Cisco Systems makes up approximately 1.61% of Carnegie Capital Asset Management’s portfolio.

Other Hedge Funds, Including , Schaper Benz Wise Investment Counsel Incwi boosted its stake in CSCO in the latest quarter, The investment management firm added 3,032 additional shares and now holds a total of 475,321 shares of Cisco Systems which is valued at $14,601,861. Cisco Systems makes up approx 2.57% of Schaper Benz Wise Investment Counsel Incwi’s portfolio.Whittier Trust Co reduced its stake in CSCO by selling 12,043 shares or 4.68% in the most recent quarter. The Hedge Fund company now holds 245,112 shares of CSCO which is valued at $7,483,269. Cisco Systems makes up approx 0.32% of Whittier Trust Co’s portfolio.United Bank reduced its stake in CSCO by selling 1,566 shares or 0.93% in the most recent quarter. The Hedge Fund company now holds 167,022 shares of CSCO which is valued at $5,129,246. Cisco Systems makes up approx 2.28% of United Bank’s portfolio.Fragasso Group boosted its stake in CSCO in the latest quarter, The investment management firm added 1,021 additional shares and now holds a total of 47,265 shares of Cisco Systems which is valued at $1,406,134. Cisco Systems makes up approx 0.52% of Fragasso Group’s portfolio.

Cisco Systems closed down -0.03 points or -0.10% at $31.01 with 1,90,19,941 shares getting traded on Monday. Post opening the session at $31, the shares hit an intraday low of $30.86 and an intraday high of $31.19 and the price fluctuated in this range throughout the day.Shares ended Monday session in Red.

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 Jul 28, 2016 to “Outperform”, Firm has raised the Price Target to $ 35 from a previous price target of $33 .Cisco Systems was Downgraded by Goldman to ” Neutral” on Jun 15, 2016. 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 .

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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