JP Morgan Boosts Cisco Systems to ‘Overweight’: Fund Sentiment Shows Mixed Trends
On November 11, 2024, JP Morgan upgraded Cisco Systems (SNSE:CSCO) from Neutral to Overweight, signaling a more positive outlook for the company.
Overview of Fund Sentiment
Currently, 4,443 funds hold positions in Cisco Systems, marking a decrease of 36 owners or 0.80% compared to the previous quarter. The average portfolio weight for these funds dedicated to CSCO stands at 0.58%, which is an increase of 4.40%. Additionally, total shares owned by institutions have risen by 3.10% over the past three months, reaching 3,263,300K shares.
The Vanguard Total Stock Market Index Fund (VTSMX) currently holds 115,085K shares, which represents 2.88% of the company. In its last filing, the fund reported ownership of 114,484K shares, reflecting an increase of 0.52%. However, its allocation to CSCO decreased by 6.95% over the last quarter.
The Vanguard 500 Index Fund (VFINX) owns 103,926K shares, equivalent to 2.60% of Cisco. The latest filing shows a rise from 102,404K shares, a 1.46% increase. Nevertheless, this fund has also reduced its portfolio allocation to CSCO by 8.55%.
Geode Capital Management holds 94,368K shares, representing 2.36% ownership. The previous report indicated ownership of 91,886K shares, a 2.63% increase. Nonetheless, the firm significantly cut its portfolio allocation in CSCO by 51.56%.
Charles Schwab Investment Management has 81,043K shares in Cisco, making up 2.03% ownership. Their last report showed an increase from 77,850K shares, a rise of 3.94%, while also decreasing their allocation by 31.05%.
Invesco QQQ Trust, Series 1, owns 77,595K shares, which is 1.94% of Cisco Systems. This represents a rise from 75,900K shares, marking an increase of 2.18%. The firm has also reduced its allocation by 12.40% in the last quarter.
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