5 Best Information Technology Services Stocks to Buy

3. Cisco Systems, Inc. (NASDAQ:CSCO)

Number of Hedge Fund Holders: 70

Cisco Systems, Inc. (NASDAQ:CSCO) is no longer limited to selling routers and switching. Cisco Systems, Inc. (NASDAQ:CSCO) has made a rapid shift to software and IT services and provides consulting services, packaged services and support services in the IT industry.

As of the end of the last quarter of 2022, 70 hedge funds had stakes in Cisco Systems, Inc. (NASDAQ:CSCO). The total worth of these stakes was over $3 billion. The biggest stakeholder of Cisco Systems, Inc. (NASDAQ:CSCO) was John Overdeck and David Siegel’s Two Sigma Advisors which owns a $456 million stake in the company.

Artisan Value Fund made the following comment about Cisco Systems, Inc. (NASDAQ:CSCO) in its Q4 2022 investor letter:

“We had one sale this quarter, exiting network equipment company Cisco Systems, Inc. (NASDAQ:CSCO). We chose to use the proceeds on more attractive value opportunities as Cisco’s growth has come in below what we had hoped for, and the company is increasingly looking at M&A to augment its growth rate.”