Systematic Financial Management LP cut its position in shares of Ciena Co. (NYSE:CIEN) by 71.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 60,660 shares of the communications equipment provider’s stock after selling 154,751 shares during the quarter. Systematic Financial Management LP’s holdings in Ciena were worth $2,265,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Oregon Public Employees Retirement Fund grew its holdings in Ciena by 3,337.5% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 1,908,421 shares of the communications equipment provider’s stock worth $56,000 after purchasing an additional 1,852,903 shares during the period. Norges Bank acquired a new stake in Ciena in the fourth quarter worth $59,613,000. BlackRock Inc. grew its holdings in Ciena by 9.6% in the fourth quarter. BlackRock Inc. now owns 17,899,503 shares of the communications equipment provider’s stock worth $606,974,000 after purchasing an additional 1,561,445 shares during the period. Wedge Capital Management L L P NC grew its holdings in Ciena by 4,444.8% in the first quarter. Wedge Capital Management L L P NC now owns 1,040,039 shares of the communications equipment provider’s stock worth $38,835,000 after purchasing an additional 1,017,155 shares during the period. Finally, Sadoff Investment Management LLC acquired a new stake in Ciena in the fourth quarter worth $31,984,000. Institutional investors own 94.44% of the company’s stock.
In related news, CEO Gary B. Smith sold 9,600 shares of the business’s stock in a transaction that occurred on Wednesday, February 20th. The shares were sold at an average price of $42.15, for a total transaction of $404,640.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP James E. Moylan, Jr. sold 2,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 14th. The shares were sold at an average price of $33.37, for a total transaction of $66,740.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 217,774 shares of company stock valued at $8,505,759. 1.20% of the stock is owned by corporate insiders.
A number of research firms have commented on CIEN. Zacks Investment Research upgraded shares of Ciena from a “hold” rating to a “strong-buy” rating and set a $42.00 price target for the company in a report on Wednesday, May 8th. ValuEngine cut shares of Ciena from a “strong-buy” rating to a “buy” rating in a report on Monday, April 1st. B. Riley raised their price target on shares of Ciena from $42.20 to $48.00 and gave the stock a “buy” rating in a report on Wednesday, March 6th. MKM Partners raised their price target on shares of Ciena to $49.00 and gave the stock a “buy” rating in a report on Wednesday, March 6th. Finally, Argus restated an “average” rating and issued a $53.00 price target on shares of Ciena in a report on Wednesday, March 6th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $42.13.
CIEN opened at $33.21 on Thursday. The stock has a market capitalization of $5.16 billion, a PE ratio of 29.65, a price-to-earnings-growth ratio of 1.29 and a beta of 1.02. The company has a debt-to-equity ratio of 0.33, a current ratio of 2.98 and a quick ratio of 2.52. Ciena Co. has a twelve month low of $22.99 and a twelve month high of $45.70.
Ciena (NYSE:CIEN) last posted its earnings results on Tuesday, March 5th. The communications equipment provider reported $0.27 earnings per share for the quarter, topping the consensus estimate of $0.21 by $0.06. The firm had revenue of $778.53 million during the quarter, compared to the consensus estimate of $761.62 million. Ciena had a net margin of 5.03% and a return on equity of 10.73%. The company’s revenue was up 20.5% on a year-over-year basis. During the same quarter last year, the company earned $0.15 earnings per share. On average, equities research analysts anticipate that Ciena Co. will post 1.53 EPS for the current fiscal 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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