Swarthmore Group Inc. acquired a new stake in shares of Ciena Corporation (NYSE:CIEN) during the fourth quarter, according to its most recent filing with the SEC. The fund acquired 257,825 shares of the communications equipment provider’s stock, valued at approximately $5,396,000. Ciena accounts for approximately 1.2% of Swarthmore Group Inc.’s investment portfolio, making the stock its 26th biggest holding. Swarthmore Group Inc. owned 0.18% of Ciena as of its most recent SEC filing.
Several other large investors also recently added to or reduced their stakes in CIEN. Neuberger Berman Group LLC increased its stake in Ciena by 169.5% in the 3rd quarter. Neuberger Berman Group LLC now owns 4,217,455 shares of the communications equipment provider’s stock worth $92,657,000 after acquiring an additional 2,652,791 shares during the last quarter. Rubric Capital Management LP bought a new position in Ciena in the 3rd quarter worth about $33,373,000. Becker Capital Management Inc. bought a new position in Ciena in the 3rd quarter worth about $27,188,000. FIL Ltd bought a new position in Ciena in the 2nd quarter worth about $23,010,000. Finally, Quentec Asset Management LLC bought a new position in Ciena in the 2nd quarter worth about $14,512,000.
In other news, CEO Gary B. Smith sold 113,735 shares of the stock in a transaction that occurred on Thursday, December 21st. The stock was sold at an average price of $21.22, for a total value of $2,413,456.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO James E. Moylan, Jr. sold 2,000 shares of the stock in a transaction that occurred on Thursday, November 30th. The stock was sold at an average price of $21.46, for a total value of $42,920.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 218,217 shares of company stock valued at $4,636,005. Company insiders own 1.45% of the company’s stock.
Ciena Corporation (NYSE:CIEN) traded down $0.83 during midday trading on Thursday, reaching $22.04. The company’s stock had a trading volume of 4,272,103 shares, compared to its average volume of 2,503,745. Ciena Corporation has a 1-year low of $19.40 and a 1-year high of $27.98. The company has a current ratio of 1.93, a quick ratio of 1.68 and a debt-to-equity ratio of 0.27. The stock has a market cap of $3,180.00, a PE ratio of 3.18, a P/E/G ratio of 1.44 and a beta of 1.67.
Ciena (NYSE:CIEN) last released its quarterly earnings data on Thursday, December 7th. The communications equipment provider reported $0.46 earnings per share for the quarter, missing the consensus estimate of $0.50 by ($0.04). Ciena had a return on equity of 18.32% and a net margin of 45.04%. The business had revenue of $744.40 million during the quarter, compared to analysts’ expectations of $736.91 million. During the same quarter last year, the business posted $0.44 EPS. The company’s quarterly revenue was up 3.9% compared to the same quarter last year. equities analysts forecast that Ciena Corporation will post 1 EPS for the current year.
Ciena declared that its board has authorized a share buyback plan on Thursday, December 7th that authorizes the company to buyback $300.00 million in shares. This buyback authorization authorizes 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 shares are undervalued.
A number of equities analysts have weighed in on CIEN shares. Zacks Investment Research lowered Ciena from a “hold” rating to a “sell” rating in a research note on Wednesday, November 15th. B. Riley reduced their price objective on Ciena from $30.50 to $28.00 and set a “buy” rating on the stock in a research report on Tuesday, December 5th. BidaskClub lowered Ciena from a “sell” rating to a “strong sell” rating in a research report on Saturday, November 4th. Goldman Sachs Group upgraded Ciena from a “neutral” rating to a “buy” rating and set a $27.00 price objective on the stock in a research report on Monday. Finally, William Blair reiterated a “buy” rating on shares of Ciena in a research report on Monday, November 13th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and twenty have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $28.48.
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Ciena Company Profile
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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