Clearstead Trust Acquires New Stake in Cisco Systems
Clearstead Trust LLC, a financial services firm, has acquired a new stake in Cisco Systems, Inc. (CSCO) valued at approximately $2,618,000. According to its most recent 13F filing with the Securities & Exchange Commission, Clearstead purchased 22,287 shares of CSCO stock in the second quarter.
This is not an isolated move by institutional investors. In the fourth quarter, Intesa Sanpaolo Wealth Management and MidAtlantic Capital Management Inc. also bought new positions in Cisco Systems valued at $25,000 each. Networth Advisors LLC lifted its position in shares of CSCO by 276.4% in the first quarter.
Cisco Systems reported strong earnings results for the quarter, beating analyst estimates with $1.22 EPS and revenue of $17.25 billion, a 17.6% increase from the same period last year. Despite this, the company's stock has decreased due to high expectations after a substantial rally.