Park National Reduces Cisco Holdings as Insiders and Analysts Make Moves

Park National Corp OH reduced its holdings in Cisco Systems, Inc. (NASDAQ: CSCO) by 1.7% during the third quarter, selling 12,336 shares. The institutional investor now owns 717,564 shares, representing 2.1% of its investment portfolio. Cisco remains the 11th largest holding for Park National Corp OH, valued at $77,231,000 at the end of the reporting period.

Several other institutional investors have also adjusted their positions in Cisco Systems. BlackRock Inc. acquired a new stake worth $42,129,647,000 in the second quarter, while Auto Owners Insurance Co boosted its position by 8,718.3% during the fourth quarter, now owning 51,952,421 shares valued at $400,190,000. Bank of America Corp DE, Bank of New York Mellon Corp, and Deutsche Bank AG also purchased significant new stakes in the second quarter.

Insider transactions at Cisco include EVP Deborah L. Stahlkopf selling 6,487 shares on August 14th at an average price of $111.53, and CEO Charles Robbins selling 21,628 shares at $111.54. Both transactions were executed under pre-arranged Rule 10b5-1 trading plans. Over the last 90 days, insiders sold a total of 44,869 shares worth $5,005,620.

Analysts have recently updated their price targets for Cisco Systems. KeyCorp, Morgan Stanley, Wells Fargo & Company, Bank of America, and Truist Financial all raised their target prices, with an average consensus rating of "Moderate Buy" and a target price of $128.52. Cisco Systems reported quarterly earnings of $1.22 per share, beating estimates by $0.05, and revenue of $17.25 billion, up 17.6% year-over-year.