Sit Investment Associates Inc. reduced its position in Ciena Corp. (NYSE:CIEN) by 14.8% during the second quarter, Holdings Channel reports. The fund owned 317,010 shares of the company’s stock after selling 54,900 shares during the period. Sit Investment Associates Inc.’s holdings in Ciena Corp. were worth $5,944,000 as of its most recent filing with the SEC.
A number of other hedge funds also recently modified their holdings of the company. Aperio Group LLC raised its position in Ciena Corp. by 6.1% in the first quarter. Aperio Group LLC now owns 19,467 shares of the company’s stock worth $370,000 after buying an additional 1,124 shares during the period. Los Angeles Capital Management & Equity Research Inc. raised its position in Ciena Corp. by 1.8% in the first quarter. Los Angeles Capital Management & Equity Research Inc. now owns 17,462 shares of the company’s stock worth $332,000 after buying an additional 305 shares during the period. Prudential Financial Inc. raised its position in Ciena Corp. by 25.9% in the first quarter. Prudential Financial Inc. now owns 101,269 shares of the company’s stock worth $1,927,000 after buying an additional 20,840 shares during the period. BlackRock Inc. raised its position in Ciena Corp. by 201.7% in the first quarter. BlackRock Inc. now owns 135,203 shares of the company’s stock worth $2,571,000 after buying an additional 90,396 shares during the period. Finally, BlackRock Group LTD raised its position in Ciena Corp. by 256.8% in the first quarter. BlackRock Group LTD now owns 248,081 shares of the company’s stock worth $4,719,000 after buying an additional 178,543 shares during the period. Institutional investors and hedge funds own 92.51% of the company’s stock.
Shares of Ciena Corp. (NYSE:CIEN) traded down 1.50% during mid-day trading on Friday, reaching $22.33. The company’s stock had a trading volume of 2,375,351 shares. Ciena Corp. has a one year low of $15.62 and a one year high of $25.46. The stock has a 50 day moving average of $21.91 and a 200-day moving average of $19.50. The stock has a market cap of $3.11 billion, a P/E ratio of 137.84 and a beta of 1.68.
Ciena Corp. (NYSE:CIEN) last issued its earnings results on Thursday, September 1st. The company reported $0.42 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.38 by $0.04. The business had revenue of $670.60 million for the quarter, compared to analysts’ expectations of $672.23 million. Ciena Corp. had a return on equity of 22.41% and a net margin of 0.86%. The business’s revenue for the quarter was up 11.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.37 EPS. On average, equities research analysts expect that Ciena Corp. will post $1.43 EPS for the current fiscal year.
A number of brokerages recently commented on CIEN. Drexel Hamilton lowered Ciena Corp. from a “buy” rating to a “hold” rating in a research note on Friday, September 2nd. Dougherty & Co increased their price target on Ciena Corp. from $25.00 to $26.00 and gave the company a “buy” rating in a research note on Friday, September 2nd. Argus reissued a “buy” rating and set a $30.00 price target on shares of Ciena Corp. in a research note on Friday, September 2nd. Jefferies Group increased their price target on Ciena Corp. from $23.00 to $27.00 and gave the company a “buy” rating in a research note on Friday, September 2nd. Finally, Morgan Stanley lowered Ciena Corp. from an “overweight” rating to an “equal weight” rating and dropped their price target 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 research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $25.36.
In related news, VP David M. Rothenstein sold 2,000 shares of the company’s stock in a transaction that occurred on Friday, July 15th. The stock was sold at an average price of $19.57, for a total value of $39,140.00. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Marcus H. Starke sold 3,164 shares of the company’s stock in a transaction that occurred on Tuesday, September 6th. The shares were sold at an average price of $23.01, for a total value of $72,803.64. The disclosure for this sale can be found here. 1.72% of the stock is owned by corporate insiders.
About Ciena Corp.
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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