State of Tennessee Treasury Department lessened its holdings in Ciena Co. (NYSE:CIEN) by 47.8% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 120,000 shares of the communications equipment provider’s stock after selling 110,000 shares during the quarter. State of Tennessee Treasury Department owned 0.08% of Ciena worth $2,512,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors have also recently made changes to their positions in CIEN. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Ciena by 47.3% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,488 shares of the communications equipment provider’s stock worth $157,000 after buying an additional 2,403 shares during the last quarter. First Quadrant L P CA purchased a new position in Ciena in the third quarter worth about $183,000. Crossmark Global Holdings Inc. purchased a new position in Ciena in the third quarter worth about $246,000. Virtu Financial LLC purchased a new position in shares of Ciena during the fourth quarter valued at approximately $261,000. Finally, Quantitative Systematic Strategies LLC purchased a new position in shares of Ciena during the fourth quarter valued at approximately $359,000.
Ciena Co. (NYSE CIEN) traded down $0.55 during trading hours on Wednesday, hitting $26.94. 3,570,438 shares of the stock traded hands, compared to its average volume of 3,504,908. Ciena Co. has a 52-week low of $19.40 and a 52-week high of $27.98. The stock has a market cap of $3,950.00, a price-to-earnings ratio of 4.08, a price-to-earnings-growth ratio of 1.63 and a beta of 1.50. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.79 and a current ratio of 2.06.
Ciena (NYSE:CIEN) last released its quarterly earnings results on Tuesday, March 6th. The communications equipment provider reported $0.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.07 by $0.08. Ciena had a net margin of 27.76% and a return on equity of 14.10%. The firm had revenue of $646.14 million for the quarter, compared to analysts’ expectations of $641.77 million. During the same quarter last year, the company earned $0.17 EPS. The firm’s revenue for the quarter was up 4.0% compared to the same quarter last year. equities research analysts forecast that Ciena Co. will post 1.08 EPS for the current year.
Ciena announced that its board has authorized a share buyback program on Thursday, December 7th that permits the company to buyback $300.00 million in outstanding shares. This buyback authorization permits the communications equipment provider to purchase shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.
In other Ciena news, SVP James E. Moylan, Jr. sold 2,000 shares of the business’s stock in a transaction dated Thursday, December 14th. The shares were sold at an average price of $21.54, for a total transaction of $43,080.00. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Gary B. Smith sold 8,000 shares of the business’s stock in a transaction dated Friday, December 15th. The stock was sold at an average price of $21.38, for a total transaction of $171,040.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 228,743 shares of company stock worth $4,934,751. 1.38% of the stock is currently owned by corporate insiders.
A number of equities analysts have weighed in on CIEN shares. Bank of America upgraded shares of Ciena from a “neutral” rating to a “buy” rating and upped their price target for the stock from $20.98 to $28.00 in a research report on Monday, November 27th. Cowen restated a “buy” rating and set a $33.00 target price on shares of Ciena in a research report on Wednesday, December 6th. Raymond James Financial set a $33.00 price target on shares of Ciena and gave the company a “buy” rating in a research note on Thursday, December 7th. Goldman Sachs Group raised shares of Ciena from a “neutral” rating to a “buy” rating and set a $27.00 price target on the stock in a research note on Monday, January 15th. Finally, BMO Capital Markets reduced their target price on shares of Ciena to $25.00 and set an “outperform” rating on the stock in a research note on Friday, December 8th. One analyst has rated the stock with a sell rating, three have given a hold rating and twenty-two have issued a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $29.62.
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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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