New York State Teachers Retirement System Lowers Stake in Ciena Co. (NYSE:CIEN)

Posted by Defense World Staff on Jul 20th, 2023

New York State Teachers Retirement System lowered its position in shares of Ciena Co. (NYSE:CIEN – Free Report) by 1.7% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 191,071 shares of the communications equipment provider’s stock after selling 3,226 shares during the quarter. New York State Teachers Retirement System owned 0.13% of Ciena worth $10,035,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in CIEN. Capital World Investors purchased a new position in Ciena during the first quarter valued at approximately $108,564,000. Victory Capital Management Inc. lifted its holdings in Ciena by 379.2% during the fourth quarter. Victory Capital Management Inc. now owns 1,979,153 shares of the communications equipment provider’s stock valued at $100,931,000 after purchasing an additional 1,566,175 shares in the last quarter. Norges Bank purchased a new position in Ciena during the fourth quarter valued at approximately $66,942,000. Millennium Management LLC lifted its holdings in shares of Ciena by 4,515.5% in the fourth quarter. Millennium Management LLC now owns 1,176,437 shares of the communications equipment provider’s stock worth $59,975,000 after buying an additional 1,150,948 shares in the last quarter. Finally, Amundi lifted its holdings in shares of Ciena by 148.3% in the fourth quarter. Amundi now owns 1,583,330 shares of the communications equipment provider’s stock worth $81,114,000 after buying an additional 945,727 shares in the last quarter. Hedge funds and other institutional investors own 91.15% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently commented on the stock. Westpark Capital assumed coverage on shares of Ciena in a report on Wednesday, April 5th. They issued a “buy” rating on the stock. Loop Capital boosted their target price on shares of Ciena from $69.00 to $71.00 and gave the stock a “buy” rating in a report on Thursday, March 30th. Barclays reduced their price target on shares of Ciena from $74.00 to $66.00 in a research report on Wednesday, June 7th. StockNews.com assumed coverage on shares of Ciena in a research report on Thursday, May 18th. They issued a “hold” rating on the stock. Finally, Raymond James reduced their price target on shares of Ciena from $70.00 to $63.00 and set a “strong-buy” rating on the stock in a research report on Wednesday, June 7th. Three investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $63.63.

Insider Transactions at Ciena

In other news, CEO Gary B. Smith sold 4,166 shares of the company’s stock in a transaction dated Monday, July 17th. The shares were sold at an average price of $41.68, for a total value of $173,638.88. Following the transaction, the chief executive officer now directly owns 445,273 shares in the company, valued at $18,558,978.64. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other Ciena news, SVP Scott Mcfeely sold 2,000 shares of the stock in a transaction dated Monday, July 17th. The shares were sold at an average price of $41.20, for a total transaction of $82,400.00. Following the completion of the sale, the senior vice president now directly owns 92,892 shares of the company’s stock, valued at $3,827,150.40. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Gary B. Smith sold 4,166 shares of the stock in a transaction dated Monday, July 17th. The shares were sold at an average price of $41.68, for a total transaction of $173,638.88. Following the sale, the chief executive officer now directly owns 445,273 shares of the company’s stock, valued at $18,558,978.64. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 26,173 shares of company stock worth $1,114,788. Insiders own 0.99% of the company’s stock.

Ciena Trading Up 1.3 %

NYSE CIEN opened at $42.14 on Thursday. The company’s 50-day moving average price is $43.73 and its 200-day moving average price is $47.35. The company has a current ratio of 3.66, a quick ratio of 2.62 and a debt-to-equity ratio of 0.53. The stock has a market cap of $6.30 billion, a PE ratio of 31.21, a PEG ratio of 1.42 and a beta of 0.96. Ciena Co. has a 12 month low of $38.33 and a 12 month high of $56.38.

Ciena (NYSE:CIEN – Get Free Report) last posted its quarterly earnings results on Tuesday, June 6th. The communications equipment provider reported $0.74 EPS for the quarter, topping analysts’ consensus estimates of $0.61 by $0.13. The firm had revenue of $1.13 billion for the quarter, compared to analysts’ expectations of $1.09 billion. Ciena had a net margin of 5.02% and a return on equity of 9.31%. The business’s revenue for the quarter was up 19.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.36 earnings per share. Equities research analysts forecast that Ciena Co. will post 1.95 earnings per share for the current year.

Ciena Company Profile

(Free Report)

Ciena Corporation provides hardware and software services for delivery of video, data, and voice traffic metro, aggregation, and access communications network worldwide. The company's Networking Platforms segment offers convergence of coherent optical transport, open optical networking, IP routing, and switching services.

New York State Teachers Retirement System Lowers Stake in Ciena Co. (NYSE:CIEN)

Analysts Set New Price Targets

Insider Transactions at Ciena

Ciena Trading Up 1.3 %

Ciena Company Profile

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