Ciena Co. (CIEN) Stake Increased by Guggenheim Capital LLC

Guggenheim Capital LLC grew its holdings in Ciena Co. (NYSE:CIEN) by 53.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 585,542 shares of the communications equipment provider’s stock after buying an additional 204,162 shares during the period. Guggenheim Capital LLC’s holdings in Ciena were worth $12,255,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in CIEN. Stifel Financial Corp increased its stake in shares of Ciena by 15.5% during the third quarter. Stifel Financial Corp now owns 70,070 shares of the communications equipment provider’s stock worth $1,538,000 after purchasing an additional 9,389 shares during the period. Westfield Capital Management Co. LP increased its stake in shares of Ciena by 21.5% during the third quarter. Westfield Capital Management Co. LP now owns 2,594,285 shares of the communications equipment provider’s stock worth $56,996,000 after purchasing an additional 459,190 shares during the period. Tredje AP fonden bought a new position in shares of Ciena during the third quarter worth approximately $1,318,000. Neuberger Berman Group LLC increased its stake in shares of Ciena by 169.5% during the third quarter. Neuberger Berman Group LLC now owns 4,217,455 shares of the communications equipment provider’s stock worth $92,657,000 after purchasing an additional 2,652,791 shares during the period. Finally, American International Group Inc. increased its stake in shares of Ciena by 2.7% during the third quarter. American International Group Inc. now owns 384,658 shares of the communications equipment provider’s stock worth $8,451,000 after purchasing an additional 10,284 shares during the period.

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CIEN stock opened at $25.50 on Friday. Ciena Co. has a 52 week low of $19.40 and a 52 week high of $27.98. The company has a quick ratio of 1.79, a current ratio of 2.06 and a debt-to-equity ratio of 0.33. The stock has a market capitalization of $3,755.19, a price-to-earnings ratio of 20.17, a PEG ratio of 1.56 and a beta of 1.51.

Ciena (NYSE:CIEN) last issued its quarterly earnings results on Tuesday, March 6th. The communications equipment provider reported $0.15 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.07 by $0.08. Ciena had a return on equity of 14.10% and a net margin of 27.76%. The company had revenue of $646.14 million for the quarter, compared to analyst estimates of $641.77 million. During the same quarter last year, the company posted $0.17 EPS. The company’s revenue for the quarter was up 4.0% compared to the same quarter last year. sell-side analysts expect that Ciena Co. will post 1.08 earnings per share for the current year.

Ciena announced that its board has authorized a stock buyback plan on Thursday, December 7th that permits the company to buyback $300.00 million in outstanding shares. This buyback authorization permits the communications equipment provider to reacquire shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its stock is undervalued.

In related news, VP David M. Rothenstein sold 2,000 shares of the firm’s stock in a transaction on Tuesday, January 16th. The stock was sold at an average price of $22.75, for a total transaction of $45,500.00. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Gary B. Smith sold 4,000 shares of the firm’s stock in a transaction on Wednesday, December 27th. The shares were sold at an average price of $21.66, for a total value of $86,640.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 100,720 shares of company stock worth $2,383,290. Corporate insiders own 1.38% of the company’s stock.

CIEN has been the topic of a number of recent research reports. Zacks Investment Research lowered Ciena from a “hold” rating to a “sell” rating in a research note on Monday, March 5th. BMO Capital Markets restated a “buy” rating and set a $25.00 price objective on shares of Ciena in a research note on Monday, March 5th. Bank of America upgraded Ciena from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $20.98 to $28.00 in a research note on Monday, November 27th. Goldman Sachs upgraded Ciena from a “neutral” rating to a “buy” rating and set a $27.00 price objective on the stock in a research note on Monday, January 15th. Finally, Citigroup raised their price objective on Ciena from $30.00 to $32.00 and gave the stock a “buy” rating in a research note on Friday, March 9th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and twenty-two have issued a buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $29.81.

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About Ciena

Ciena Corporation is a network strategy and technology company, which provides solutions that enable a range of network operators to adopt communication architectures and deliver an array of services, relied upon by enterprise and consumer end users. It provides equipment, software and services that support the transport, switching, aggregation, service delivery and management of voice, video and data traffic on communications networks.

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Institutional Ownership by Quarter for Ciena (NYSE:CIEN)

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