Emerald Acquisition Ltd. bought a new position in Ciena Corp. (NYSE:CIEN) during the second quarter, Holdings Channel reports. The institutional investor bought 84,759 shares of the company’s stock, valued at approximately $1,589,000. Emerald Acquisition Ltd. owned 0.06% of Ciena Corp. at the end of the most recent quarter.
Other large investors also recently bought and sold shares of the company. Geode Capital Management LLC boosted its position in shares of Ciena Corp. by 6.9% in the first quarter. Geode Capital Management LLC now owns 814,749 shares of the company’s stock valued at $15,495,000 after buying an additional 52,291 shares in the last quarter. Quentec Asset Management LLC acquired a new position in shares of Ciena Corp. during the first quarter valued at $5,706,000. Prudential Financial Inc. boosted its position in shares of Ciena Corp. by 25.9% in the first quarter. Prudential Financial Inc. now owns 101,269 shares of the company’s stock valued at $1,927,000 after buying an additional 20,840 shares in the last quarter. Boothbay Fund Management LLC boosted its position in shares of Ciena Corp. by 0.4% in the first quarter. Boothbay Fund Management LLC now owns 41,636 shares of the company’s stock valued at $792,000 after buying an additional 183 shares in the last quarter. Finally, BlackRock Group LTD boosted its position in shares of Ciena Corp. by 256.8% in the first quarter. BlackRock Group LTD now owns 248,081 shares of the company’s stock valued at $4,719,000 after buying an additional 178,543 shares in the last quarter. 92.51% of the stock is owned by institutional investors and hedge funds.
Ciena Corp. (NYSE:CIEN) traded down 0.70% during midday trading on Tuesday, reaching $21.15. 1,272,633 shares of the company’s stock traded hands. Ciena Corp. has a 1-year low of $15.62 and a 1-year high of $25.46. The company has a market capitalization of $2.95 billion, a price-to-earnings ratio of 130.56 and a beta of 1.68. The firm’s 50-day moving average is $21.87 and its 200-day moving average is $19.43.
Ciena Corp. (NYSE:CIEN) last posted its quarterly earnings data on Thursday, September 1st. The company reported $0.42 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.38 by $0.04. The business had revenue of $670.60 million for the quarter, compared to the consensus estimate of $672.23 million. Ciena Corp. had a net margin of 0.86% and a return on equity of 22.41%. The company’s revenue was up 11.2% compared to the same quarter last year. During the same period last year, the firm posted $0.37 earnings per share. Analysts forecast that Ciena Corp. will post $1.43 earnings per share for the current year.
CIEN has been the topic of several analyst reports. Citigroup Inc. lifted their price target on shares of Ciena Corp. from $21.00 to $23.00 and gave the stock a “hold” rating in a research note on Thursday, August 25th. Deutsche Bank AG lifted their target price on shares of Ciena Corp. from $17.00 to $18.50 and gave the company a “hold” rating in a research note on Monday, August 29th. Stifel Nicolaus initiated coverage on shares of Ciena Corp. in a research note on Friday. They set a “hold” rating and a $23.00 target price on the stock. MKM Partners restated a “buy” rating and set a $26.00 target price on shares of Ciena Corp. in a research note on Tuesday, August 23rd. Finally, Morgan Stanley cut shares of Ciena Corp. from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $23.17 to $23.00 in a research note on Friday, September 2nd. They noted that the move was a valuation call. Five investment analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $25.36.
In related news, SVP Stephen B. Alexander sold 2,265 shares of the firm’s stock in a transaction dated Wednesday, September 21st. The shares were sold at an average price of $21.45, for a total transaction of $48,584.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP James E. Moylan, Jr. sold 2,000 shares of the firm’s stock in a transaction dated Thursday, September 22nd. The stock was sold at an average price of $22.05, for a total transaction of $44,100.00. The disclosure for this sale can be found here. 1.72% of the stock is currently owned by insiders.
Ciena Corp. Company Profile
Ciena Corporation is a network specialist that focuses on providing communications networking solutions. The Company operates through four segments: Converged Packet Optical, Packet Networking, Optical Transport, and Software and Services. Its Converged Packet Optical portfolio includes networking solutions optimized for the convergence of coherent optical transport, optical transport network (OTN) switching and packet switching.
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