Rhumbline Advisers Trims Stock Holdings in Ciena Corporation $CIEN

Rhumbline Advisers cut its holdings in Ciena Corporation (NYSE:CIEN) by 1.6% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 372,436 shares of the communications equipment provider’s stock after selling 6,219 shares during the period. Rhumbline Advisers’ holdings in Ciena were worth $54,253,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in CIEN. Lecap Asset Management Ltd. purchased a new position in Ciena during the third quarter valued at approximately $1,993,000. Convergence Investment Partners LLC purchased a new position in Ciena in the 3rd quarter worth approximately $1,726,000. World Investment Advisors bought a new position in shares of Ciena in the 2nd quarter worth $253,000. JPMorgan Chase & Co. increased its stake in Ciena by 7.4% in the second quarter. JPMorgan Chase & Co. now owns 5,243,053 shares of the communications equipment provider’s stock valued at $426,420,000 after acquiring an additional 359,579 shares during the last quarter. Finally, New York State Common Retirement Fund raised its position in Ciena by 38.7% during the third quarter. New York State Common Retirement Fund now owns 112,011 shares of the communications equipment provider’s stock valued at $16,317,000 after purchasing an additional 31,225 shares in the last quarter. Hedge funds and other institutional investors own 91.99% of the company’s stock.

Insider Activity

In other news, SVP Joseph Cumello sold 11,929 shares of the firm’s stock in a transaction on Monday, January 12th. The stock was sold at an average price of $229.82, for a total transaction of $2,741,522.78. Following the completion of the transaction, the senior vice president directly owned 49,475 shares in the company, valued at $11,370,344.50. This trade represents a 19.43% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Thomas Michael Nevens sold 8,554 shares of Ciena stock in a transaction dated Monday, December 15th. The stock was sold at an average price of $224.66, for a total transaction of $1,921,741.64. Following the completion of the transaction, the director directly owned 9,422 shares of the company’s stock, valued at $2,116,746.52. This trade represents a 47.59% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 157,242 shares of company stock valued at $36,341,766. 0.93% of the stock is currently owned by insiders.

Ciena Price Performance

Shares of CIEN stock opened at $303.85 on Friday. The business’s fifty day moving average is $243.93 and its 200 day moving average is $180.56. The company has a quick ratio of 2.09, a current ratio of 2.73 and a debt-to-equity ratio of 0.56. The stock has a market cap of $42.80 billion, a price-to-earnings ratio of 357.48, a PEG ratio of 1.64 and a beta of 1.13. Ciena Corporation has a twelve month low of $49.21 and a twelve month high of $308.81.

Ciena (NYSE:CIEN) last announced its earnings results on Thursday, December 11th. The communications equipment provider reported $0.91 EPS for the quarter, beating analysts’ consensus estimates of $0.76 by $0.15. Ciena had a net margin of 2.59% and a return on equity of 8.38%. The firm had revenue of $1.35 billion for the quarter, compared to analysts’ expectations of $1.29 billion. During the same quarter in the previous year, the business posted $0.54 EPS. The company’s quarterly revenue was up 20.1% on a year-over-year basis. Research analysts expect that Ciena Corporation will post 1.6 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Evercore set a $240.00 target price on Ciena in a research note on Thursday, December 11th. Barclays boosted their price target on shares of Ciena from $138.00 to $279.00 and gave the stock an “overweight” rating in a research note on Friday, December 12th. Wall Street Zen cut Ciena from a “strong-buy” rating to a “buy” rating in a research note on Sunday, December 21st. Raymond James Financial set a $240.00 target price on shares of Ciena in a report on Thursday, December 11th. Finally, Bank of America reissued a “neutral” rating and issued a $260.00 target price on shares of Ciena in a research note on Tuesday, January 20th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and eight have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Ciena has an average rating of “Moderate Buy” and a consensus price target of $241.67.

About Ciena

Ciena Corporation (NYSE: CIEN) is a global supplier of telecommunications networking equipment, software and services. The company develops high-capacity optical transport systems and packet-optical platforms that enable service providers, cloud operators and large enterprises to build, manage and scale their networks. Ciena’s product portfolio includes coherent optical solutions, packet networking platforms and a suite of network automation software designed to optimize bandwidth, reduce latency and simplify network operations.

In addition to hardware offerings, Ciena provides professional services and support, including network design, implementation and ongoing maintenance.