Stocks
Principle Wealth Partners Takes a Big Bet on Cisco Systems
Principle Wealth Partners LLC has acquired a new stake in Cisco Systems (NASDAQ:CSCO) worth $22.33 million. The investment firm purchased approximately 190,130 shares of the network equipment provider's stock during the second quarter.
Cisco Systems makes up about 1.1% of Principle Wealth Partners' portfolio, making it the firm's 18th largest holding. This is not an isolated incident; several other institutional investors have also recently acquired new stakes in Cisco Systems.
Wall Street analysts remain bullish on the stock, with a consensus rating of 'Moderate Buy' and an average price target of $129.43. Several research firms have upgraded their ratings for Cisco Systems, citing its improving AI networking opportunity and strong results.