5 Tech Stocks to Buy According to Former VP Al Gore

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

Number of Hedge Fund Holders: 63
Generation Investment Management’s Stake Value: $1,041,232,000

Cisco Systems, Inc. (NASDAQ:CSCO) was the fifth-largest holding of Generation Investment Management in Q3, as the hedge fund holds shares worth over $1 billion in the company. Cisco Systems, Inc. (NASDAQ:CSCO) constituted 4.32% of Al Gore’s portfolio.

As per Insider Monkey’s data for Q3, 63 hedge funds were bullish on Cisco Systems, Inc. (NASDAQ:CSCO), up from 60 in the previous quarter. The stakes hold a consolidated value of roughly $4 billion.

In fiscal Q1 2022, Cisco Systems, Inc. (NASDAQ:CSCO) posted an EPS of $0.82, beating consensus by $0.02. The company earned $12.9 billion in revenues, up 8.1% from the same period last year. Moreover, Cisco Systems, Inc. (NASDAQ:CSCO)’ annualized recurring revenue for the quarter stood at $21.6 billion, presenting a 10% year-over-year growth.

ClearBridge Investments mentioned Cisco Systems, Inc. (NASDAQ:CSCO) in its Q1 2021 investor letter. Here is what the firm has to say:

“Also in IT, we added Cisco Systems, which provides IT and networking services in the form of network security, software development and cloud computing. Cisco continues to derive over 50% of its sales from on-premise deployments of its products of enterprise and small and midsize customers, while recurring revenues from software are becoming a larger part of the mix. Return-to-office enterprise spending should offer upside to its core campus business. Cisco was an early technology leader in sustainability over two decades ago, through its Internet-connecting capabilities which supported live concerts in partnership with the United Nations Development Program to raise awareness and funds to fight poverty. Cisco has very strong environmental standards (including driving lower energy consumption in IT departments through new product innovations and a longstanding goal to reduce emissions and reliance on non-renewable energy sources). Its data privacy and supply chain management policies are best in class.”