TIAA CREF Investment Management LLC trimmed its stake in Ciena Co. (NYSE:CIEN) by 43.6% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,577,052 shares of the communications equipment provider’s stock after selling 1,991,889 shares during the period. TIAA CREF Investment Management LLC owned about 1.79% of Ciena worth $53,938,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Neuberger Berman Group LLC lifted its holdings in shares of Ciena by 169.5% during 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 period. Maverick Capital Ltd. bought a new position in shares of Ciena during the 4th quarter worth about $50,962,000. Renaissance Technologies LLC bought a new position in shares of Ciena during the 4th quarter worth about $40,110,000. Rubric Capital Management LP bought a new position in shares of Ciena during the 3rd quarter worth about $33,373,000. Finally, Boston Partners bought a new position in shares of Ciena during the 4th quarter worth about $31,035,000.
In other news, CFO James E. Moylan, Jr. sold 2,000 shares of Ciena stock in a transaction that occurred on Thursday, December 28th. The shares were sold at an average price of $21.56, for a total transaction of $43,120.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Gary B. Smith sold 8,000 shares of Ciena stock in a transaction that occurred on Thursday, December 28th. The stock was sold at an average price of $21.47, for a total transaction of $171,760.00. The disclosure for this sale can be found here. Insiders sold a total of 81,526 shares of company stock valued at $1,873,596 in the last 90 days. Corporate insiders own 1.38% of the company’s stock.
Shares of Ciena stock opened at $26.57 on Thursday. The company has a debt-to-equity ratio of 0.33, a current ratio of 2.06 and a quick ratio of 1.79. The firm has a market cap of $3,838.90, a PE ratio of 20.62, a price-to-earnings-growth ratio of 1.59 and a beta of 1.51. Ciena Co. has a 1 year low of $19.40 and a 1 year high of $27.98.
Ciena (NYSE:CIEN) last posted its quarterly earnings data on Tuesday, March 6th. The communications equipment provider reported $0.15 earnings per share for the quarter, beating the consensus estimate of $0.07 by $0.08. The firm had revenue of $646.14 million during the quarter, compared to analysts’ expectations of $641.77 million. Ciena had a net margin of 27.76% and a return on equity of 14.10%. The company’s quarterly revenue was up 4.0% compared to the same quarter last year. During the same quarter last year, the company posted $0.17 EPS. equities research analysts forecast that Ciena Co. will post 1.08 earnings per share for the current fiscal year.
Ciena announced that its Board of Directors has approved a stock repurchase program on Thursday, December 7th that allows the company to buyback $300.00 million in shares. This buyback authorization allows the communications equipment provider to buy shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.
A number of research firms have recently commented on CIEN. Zacks Investment Research raised shares of Ciena from a “sell” rating to a “buy” rating and set a $30.00 price objective for the company in a report on Tuesday, March 13th. Northland Securities reaffirmed a “buy” rating and set a $34.00 price objective on shares of Ciena in a report on Monday. B. Riley reduced their price objective on shares of Ciena from $30.50 to $28.00 and set a “buy” rating for the company in a report on Tuesday, December 5th. Raymond James Financial set a $33.00 price target on shares of Ciena and gave the company a “buy” rating in a report on Thursday, December 7th. Finally, Piper Jaffray Companies downgraded shares of Ciena from an “overweight” rating to a “neutral” rating and lifted their price target for the company from $20.76 to $22.00 in a report on Friday, December 8th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and twenty-two have assigned a buy rating to the company’s stock. Ciena has an average rating of “Buy” and a consensus target price of $29.81.
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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