MGO One Seven LLC lowered its stake in Ciena Co. (NYSE:CIEN – Get Rating) by 6.5% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 7,512 shares of the communications equipment provider’s stock after selling 523 shares during the period. MGO One Seven LLC’s holdings in Ciena were worth $383,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors also recently made changes to their positions in CIEN. Fifth Third Bancorp boosted its stake in Ciena by 1,240.4% during the 4th quarter. Fifth Third Bancorp now owns 3,686 shares of the communications equipment provider’s stock valued at $188,000 after purchasing an additional 3,411 shares during the last quarter. Park Avenue Securities LLC lifted its holdings in shares of Ciena by 31.0% during the 4th quarter. Park Avenue Securities LLC now owns 23,351 shares of the communications equipment provider’s stock valued at $1,190,000 after buying an additional 5,529 shares during the period. Xponance Inc. lifted its holdings in shares of Ciena by 10.4% during the 4th quarter. Xponance Inc. now owns 19,468 shares of the communications equipment provider’s stock valued at $992,000 after buying an additional 1,831 shares during the period. Allspring Global Investments Holdings LLC lifted its holdings in shares of Ciena by 8.1% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 7,020 shares of the communications equipment provider’s stock valued at $358,000 after buying an additional 524 shares during the period. Finally, HB Wealth Management LLC raised its holdings in Ciena by 12.5% in the 4th quarter. HB Wealth Management LLC now owns 6,027 shares of the communications equipment provider’s stock worth $307,000 after purchasing an additional 669 shares during the period. Hedge funds and other institutional investors own 96.26% of the company’s stock.
Insider Buying and Selling
In related news, CEO Gary B. Smith sold 3,541 shares of the business’s stock in a transaction that occurred on Monday, January 9th. The shares were sold at an average price of $52.49, for a total value of $185,867.09. Following the completion of the transaction, the chief executive officer now owns 491,028 shares of the company’s stock, valued at $25,774,059.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Ciena news, CEO Gary B. Smith sold 3,541 shares of Ciena stock in a transaction on Monday, January 9th. The shares were sold at an average price of $52.49, for a total value of $185,867.09. Following the transaction, the chief executive officer now directly owns 491,028 shares of the company’s stock, valued at $25,774,059.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Thomas Michael Nevens sold 21,737 shares of Ciena stock in a transaction on Thursday, January 12th. The stock was sold at an average price of $74.31, for a total transaction of $1,615,276.47. Following the completion of the transaction, the director now directly owns 12,732 shares in the company, valued at $946,114.92. The disclosure for this sale can be found here. Insiders sold 54,980 shares of company stock valued at $3,280,799 over the last 90 days. Corporate insiders own 0.99% of the company’s stock.
Ciena Stock Performance
Ciena (NYSE:CIEN – Get Rating) last issued its quarterly earnings data on Monday, March 6th. The communications equipment provider reported $0.64 EPS for the quarter, topping analysts’ consensus estimates of $0.36 by $0.28. The company had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $959.04 million. Ciena had a net margin of 4.77% and a return on equity of 8.22%. Ciena’s revenue for the quarter was up 25.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.35 earnings per share. On average, sell-side analysts predict that Ciena Co. will post 2.2 earnings per share for the current fiscal year.
Analyst Upgrades and Downgrades
CIEN has been the topic of a number of recent research reports. Raymond James raised Ciena from an “outperform” rating to a “strong-buy” rating and raised their target price for the stock from $58.00 to $70.00 in a report on Tuesday, March 28th. JPMorgan Chase & Co. raised their price objective on Ciena from $65.00 to $66.00 and gave the company an “overweight” rating in a research report on Tuesday, March 7th. Barclays raised their price objective on Ciena from $71.00 to $74.00 and gave the company an “overweight” rating in a research report on Tuesday, March 7th. Needham & Company LLC reiterated a “buy” rating and issued a $70.00 price target on shares of Ciena in a research report on Tuesday, March 7th. Finally, Citigroup raised their price objective on shares of Ciena from $55.00 to $65.00 in a research note on Friday, December 9th. Four equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Ciena currently has an average rating of “Moderate Buy” and a consensus price target of $65.38.
Ciena Company Profile
Ciena Corp. engages in the provision of network and communication infrastructure. It operates through the following segments: Networking Platforms, Platform Software and Services, Blue Planet Automation Software and Services, and Global Services. The Networking Platforms segment consists of Converged Packet Optical and Packet Networking portfolios.
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