April 5, 2016

Bank of America Downgrades Cisco Systems, Inc. (CSCO) to Neutral


Cisco Systems, Inc. (NASDAQ:CSCO) was downgraded by analysts at Bank of America from a “buy” rating to a “neutral” rating in a note issued to investors on Tuesday, The Fly reports.

In other Cisco Systems news, CAO Prat Bhatt sold 21,785 shares of the firm’s stock in a transaction that occurred on Friday, March 18th. The shares were sold at an average price of $28.29, for a total transaction of $616,297.65. Following the completion of the transaction, the chief accounting officer now owns 110,250 shares in the company, valued at approximately $3,118,972.50. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Pankaj Patel sold 35,814 shares of the firm’s stock in a transaction that occurred on Thursday, March 24th. The stock was sold at an average price of $28.12, for a total transaction of $1,007,089.68. Following the transaction, the executive vice president now owns 406,307 shares of the company’s stock, valued at approximately $11,425,352.84. The disclosure for this sale can be found here.


Source: American Banking and Market News