Arizona State Retirement System raised its holdings in shares of Ciena Co. (NYSE:CIEN – Get Rating) by 2.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 42,243 shares of the communications equipment provider’s stock after acquiring an additional 903 shares during the quarter. Arizona State Retirement System’s holdings in Ciena were worth $2,154,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds and other institutional investors have also bought and sold shares of CIEN. Raymond James Financial Services Advisors Inc. raised its holdings in Ciena by 0.9% during the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 28,651 shares of the communications equipment provider’s stock valued at $1,737,000 after acquiring an additional 252 shares during the period. American Century Companies Inc. increased its holdings in shares of Ciena by 11.0% in the first quarter. American Century Companies Inc. now owns 17,204 shares of the communications equipment provider’s stock worth $1,043,000 after purchasing an additional 1,708 shares during the period. Bank of Montreal Can increased its holdings in shares of Ciena by 0.6% in the first quarter. Bank of Montreal Can now owns 36,296 shares of the communications equipment provider’s stock worth $2,227,000 after purchasing an additional 220 shares during the period. Dimensional Fund Advisors LP increased its holdings in shares of Ciena by 2.4% in the first quarter. Dimensional Fund Advisors LP now owns 1,753,752 shares of the communications equipment provider’s stock worth $106,335,000 after purchasing an additional 41,815 shares during the period. Finally, Vontobel Holding Ltd. increased its holdings in shares of Ciena by 40.6% in the first quarter. Vontobel Holding Ltd. now owns 19,106 shares of the communications equipment provider’s stock worth $1,172,000 after purchasing an additional 5,516 shares during the period. Institutional investors own 96.26% of the company’s stock.
Insider Transactions at Ciena
In related news, CEO Gary B. Smith sold 3,541 shares of the firm’s stock in a transaction that occurred on Thursday, February 23rd. The shares were sold at an average price of $47.76, for a total value of $169,118.16. Following the transaction, the chief executive officer now owns 480,405 shares in the company, valued at $22,944,142.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Ciena news, CEO Gary B. Smith sold 3,541 shares of the business’s stock in a transaction on Thursday, February 23rd. The shares were sold at an average price of $47.76, for a total transaction of $169,118.16. Following the completion of the sale, the chief executive officer now owns 480,405 shares in the company, valued at $22,944,142.80. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, VP Andrew C. Petrik sold 1,000 shares of the business’s stock in a transaction on Wednesday, February 15th. The shares were sold at an average price of $48.68, for a total transaction of $48,680.00. Following the sale, the vice president now owns 31,558 shares of the company’s stock, valued at approximately $1,536,243.44. The disclosure for this sale can be found here. Insiders have sold a total of 22,123 shares of company stock worth $1,098,980 in the last three months. Company insiders own 0.99% of the company’s stock.
Ciena Stock Down 1.6 %
Ciena (NYSE:CIEN – Get Rating) last posted its quarterly earnings results on Monday, March 6th. The communications equipment provider reported $0.64 earnings per share for the quarter, topping analysts’ consensus estimates of $0.36 by $0.28. The business had revenue of $1.06 billion for the quarter, compared to analysts’ expectations of $959.04 million. Ciena had a net margin of 4.77% and a return on equity of 8.22%. The business’s revenue for the quarter was up 25.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.35 EPS. Sell-side analysts expect that Ciena Co. will post 2.16 earnings per share for the current year.
Analysts Set New Price Targets
Several research analysts recently issued reports on the stock. StockNews.com assumed coverage on shares of Ciena in a research report on Thursday, March 16th. They issued a “hold” rating for the company. Barclays raised their price objective on Ciena from $71.00 to $74.00 and gave the company an “overweight” rating in a research note on Tuesday, March 7th. Morgan Stanley cut Ciena from an “overweight” rating to an “equal weight” rating and reduced their price objective for the company from $59.00 to $57.00 in a research note on Wednesday, March 29th. Rosenblatt Securities reissued a “buy” rating and issued a $65.00 target price on shares of Ciena in a research note on Tuesday, February 28th. Finally, Loop Capital raised their price objective on shares of Ciena from $69.00 to $71.00 and gave the stock a “buy” rating in a report on Thursday, March 30th. Four investment 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’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $65.44.
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.
Read More
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