Millennium Management LLC trimmed its position in Ciena Co. (NYSE:CIEN) by 56.1% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 523,669 shares of the communications equipment provider’s stock after selling 667,851 shares during the period. Millennium Management LLC owned approximately 0.34% of Ciena worth $20,543,000 at the end of the most recent quarter.
Other hedge funds have also recently bought and sold shares of the company. Flagship Harbor Advisors LLC raised its position in shares of Ciena by 98.5% during the second quarter. Flagship Harbor Advisors LLC now owns 645 shares of the communications equipment provider’s stock worth $26,000 after purchasing an additional 320 shares during the period. Tobam acquired a new stake in Ciena in the 2nd quarter valued at $33,000. CENTRAL TRUST Co bought a new stake in Ciena during the 3rd quarter valued at $39,000. Coastal Capital Group Inc. bought a new stake in Ciena during the 2nd quarter valued at $41,000. Finally, MUFG Americas Holdings Corp bought a new position in shares of Ciena in the third quarter valued at $55,000. 91.13% of the stock is currently owned by institutional investors and hedge funds.
In related news, CFO James E. Moylan, Jr. sold 2,000 shares of the business’s stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $37.26, for a total value of $74,520.00. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Gary B. Smith sold 1,750 shares of the business’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $37.73, for a total transaction of $66,027.50. The disclosure for this sale can be found here. Insiders sold a total of 51,313 shares of company stock valued at $1,977,005 in the last 90 days. Corporate insiders own 1.20% of the company’s stock.
Ciena stock opened at $36.73 on Tuesday. Ciena Co. has a 52 week low of $30.67 and a 52 week high of $46.78. The company’s 50 day moving average price is $37.42 and its two-hundred day moving average price is $39.94. The stock has a market cap of $5.87 billion, a P/E ratio of 32.79, a P/E/G ratio of 0.97 and a beta of 1.06. The company has a quick ratio of 2.45, a current ratio of 2.90 and a debt-to-equity ratio of 0.32.
Ciena (NYSE:CIEN) last released its earnings results on Thursday, September 5th. The communications equipment provider reported $0.71 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.50 by $0.21. The company had revenue of $960.60 million during the quarter, compared to analyst estimates of $930.64 million. Ciena had a return on equity of 13.64% and a net margin of 6.77%. Ciena’s quarterly revenue was up 17.3% on a year-over-year basis. During the same period in the prior year, the company posted $0.48 earnings per share. On average, equities analysts anticipate that Ciena Co. will post 1.88 EPS for the current year.
CIEN has been the topic of a number of recent research reports. Needham & Company LLC reaffirmed a “hold” rating on shares of Ciena in a research note on Tuesday, September 3rd. Evercore ISI initiated coverage on shares of Ciena in a research report on Wednesday, September 11th. They set an “outperform” rating and a $48.00 target price for the company. Cowen restated a “buy” rating and issued a $54.00 target price on shares of Ciena in a report on Monday. Piper Jaffray Companies set a $46.00 price target on shares of Ciena and gave the company a “hold” rating in a research report on Friday, September 6th. Finally, Rosenblatt Securities upgraded Ciena from a “neutral” rating to a “buy” rating and lifted their price target for the company from $45.00 to $47.00 in a research note on Thursday, August 29th. Nine equities research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the stock. Ciena currently has a consensus rating of “Buy” and a consensus price target of $48.48.
Ciena Company Profile
Ciena Corporation provides network hardware, software, and services that support the transport, switching, aggregation, service delivery, and management of video, data, and voice traffic on communications networks worldwide. The company's Networking Platforms segment offers hardware networking solutions optimized for the convergence of coherent optical transport, optical transport network switching, and packet switching.
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