Cisco Sees Surge in Institutional Investment After Earnings Beat
Cisco Systems, Inc. (NASDAQ:CSCO) has seen significant investment activity in recent quarters.
HBK Sorce Advisory LLC bought a new position in Cisco Systems in the second quarter, purchasing 55,221 shares worth approximately $6,709,000.
This is not an isolated instance of institutional interest in CSCO, as several other investors have modified their holdings of the company's stock. Networth Advisors LLC raised its stake by 276.4% during the first quarter and Manning & Napier Advisors LLC grew its position by 137.0%.
The recent earnings beat and upbeat outlook for Cisco Systems may be contributing to this increased interest, as several firms have raised their price targets and maintained bullish ratings after the company's fiscal Q4 revenue rose 18% year over year to approximately $17.3 billion.