New York State Common Retirement Fund reduced its stake in shares of Ciena Co. (NYSE:CIEN) by 5.1% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 245,843 shares of the communications equipment provider’s stock after selling 13,080 shares during the quarter. New York State Common Retirement Fund owned about 0.16% of Ciena worth $9,758,000 at the end of the most recent quarter.
Several other institutional investors also recently modified their holdings of the stock. Steward Partners Investment Advisory LLC lifted its holdings in Ciena by 64.3% during the 2nd quarter. Steward Partners Investment Advisory LLC now owns 562 shares of the communications equipment provider’s stock worth $30,000 after buying an additional 220 shares in the last quarter. Toronto Dominion Bank acquired a new stake in shares of Ciena in the 2nd quarter valued at $34,000. Copper Rock Capital Partners LLC bought a new stake in shares of Ciena during the third quarter worth $34,000. Global Retirement Partners LLC lifted its stake in shares of Ciena by 39.6% during the third quarter. Global Retirement Partners LLC now owns 942 shares of the communications equipment provider’s stock valued at $37,000 after acquiring an additional 267 shares during the period. Finally, CSat Investment Advisory L.P. boosted its holdings in Ciena by 47.0% in the second quarter. CSat Investment Advisory L.P. now owns 744 shares of the communications equipment provider’s stock valued at $40,000 after acquiring an additional 238 shares during the last quarter. 81.63% of the stock is owned by institutional investors and hedge funds.
In related news, CFO James E. Moylan, Jr. sold 2,000 shares of Ciena stock in a transaction dated Monday, September 21st. The stock was sold at an average price of $40.40, for a total value of $80,800.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Gary B. Smith sold 4,250 shares of the company’s stock in a transaction dated Tuesday, September 29th. The stock was sold at an average price of $40.07, for a total value of $170,297.50. The disclosure for this sale can be found here. Insiders have sold 33,595 shares of company stock valued at $1,444,784 in the last 90 days. 1.20% of the stock is currently owned by corporate insiders.
A number of research analysts have issued reports on the stock. Rosenblatt Securities downgraded shares of Ciena from a “buy” rating to a “neutral” rating and set a $45.00 target price on the stock. in a research report on Wednesday. Zacks Investment Research lowered shares of Ciena from a “hold” rating to a “sell” rating and set a $41.00 target price for the company. in a report on Thursday, September 24th. MKM Partners cut their price target on Ciena from $62.00 to $55.00 and set a “buy” rating on the stock in a research note on Friday, September 4th. Barclays decreased their price objective on Ciena from $67.00 to $54.00 and set an “overweight” rating for the company in a research note on Friday, September 4th. Finally, Raymond James cut their target price on Ciena from $55.00 to $50.00 and set an “outperform” rating on the stock in a research note on Thursday, September 17th. Three investment analysts have rated the stock with a sell rating, five have given a hold rating and seventeen have assigned a buy rating to the company’s stock. Ciena presently has an average rating of “Buy” and a consensus price target of $53.14.
CIEN stock opened at $42.10 on Friday. The company has a debt-to-equity ratio of 0.28, a current ratio of 3.56 and a quick ratio of 3.06. The stock has a market capitalization of $6.50 billion, a P/E ratio of 17.47, a P/E/G ratio of 1.19 and a beta of 0.83. Ciena Co. has a fifty-two week low of $30.58 and a fifty-two week high of $61.51. The business has a 50-day moving average of $41.51 and a 200-day moving average of $49.70.
Ciena (NYSE:CIEN) last released its earnings results on Thursday, September 3rd. The communications equipment provider reported $1.06 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.83 by $0.23. The firm had revenue of $976.70 million for the quarter, compared to analysts’ expectations of $974.49 million. Ciena had a return on equity of 17.93% and a net margin of 10.26%. The business’s quarterly revenue was up 1.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.71 EPS. Equities analysts expect that Ciena Co. will post 2.62 EPS for the current year.
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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