Cisco Systems (CSCO) Traded Down on Tightened IT Spending

ClearBridge Investments, an investment management company, released its “ClearBridge Large Cap Value Strategy” second quarter 2023 investor letter. A copy of the same can be downloaded here. The strategy outperformed its Russell 1000 Value Index benchmark in the second quarter. The strategy benefited from nine of the 11 sectors in which it was invested for the quarter on an absolute basis, while overall stock selection contributed to performance on a relative basis. In addition, please check the fund’s top five holdings to know its best picks in 2023.

ClearBridge Large Cap Value Strategy highlighted stocks like Cisco Systems, Inc. (NASDAQ:CSCO) in the second quarter 2023 investor letter. Headquartered in San Jose, California, Cisco Systems, Inc. (NASDAQ:CSCO) is a technology company. On September 13, 2023, Cisco Systems, Inc. (NASDAQ:CSCO) stock closed at $56.28 per share. One-month return of Cisco Systems, Inc. (NASDAQ:CSCO) was 2.83%, and its shares gained 30.01% of their value over the last 52 weeks. Cisco Systems, Inc. (NASDAQ:CSCO) has a market capitalization of $229.344 billion.

ClearBridge Large Cap Value Strategy made the following comment about Cisco Systems, Inc. (NASDAQ:CSCO) in its Q2 2023 investor letter:

“Cisco Systems, Inc. (NASDAQ:CSCO), which provides IT and networking services in the form of network security, software development and cloud computing, traded down as enterprise customers showed signs of tightening their IT spending budgets and news of cybersecurity concerns, even while it beat expectations and raised its full-year guidance. Concerns over increased competition and share loss in its core verticals led us to exit our position during the quarter as we made several moves to add to existing higher-conviction holdings or initiate new positions that we find more compelling in the long term.”

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Cisco Systems, Inc. (NASDAQ:CSCO) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 55 hedge fund portfolios held Cisco Systems, Inc. (NASDAQ:CSCO) at the end of second quarter which was 61 in the previous quarter.

We discussed Cisco Systems, Inc. (NASDAQ:CSCO) in another article and shared the list of top sports tech companies and startups in the world. In addition, please check out our hedge fund investor letters Q2 2023 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.