Xact Kapitalforvaltning AB acquired a new stake in Ciena (NYSE:CIEN) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 13,262 shares of the communications equipment provider’s stock, valued at approximately $278,000.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. 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 valued at $157,000 after acquiring an additional 2,403 shares in the last quarter. Stone Ridge Asset Management LLC acquired a new stake in Ciena in the fourth quarter valued at approximately $225,000. Corient Capital Partners LLC acquired a new stake in Ciena in the fourth quarter valued at approximately $230,000. Aristotle Atlantic Partners LLC acquired a new stake in Ciena in the fourth quarter valued at approximately $244,000. Finally, Koch Industries Inc. acquired a new stake in Ciena during the fourth quarter worth approximately $252,000.
In related news, SVP Rick Hamilton sold 2,526 shares of the firm’s stock in a transaction dated Monday, January 29th. The stock was sold at an average price of $21.40, for a total transaction of $54,056.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Gary B. Smith sold 8,000 shares of the firm’s stock in a transaction dated Friday, February 9th. The shares were sold at an average price of $22.46, for a total value of $179,680.00. The disclosure for this sale can be found here. Insiders have sold 97,031 shares of company stock valued at $2,402,413 in the last ninety days. Company insiders own 1.38% of the company’s stock.
A number of research firms have weighed in on CIEN. Zacks Investment Research cut shares of Ciena from a “hold” rating to a “sell” rating in a report on Monday, March 5th. B. Riley raised their target price on shares of Ciena from $27.50 to $31.00 and gave the stock a “buy” rating in a research report on Wednesday, March 7th. BMO Capital Markets lifted their price objective on shares of Ciena to $32.00 and gave the company an “outperform” rating in a research report on Wednesday, March 7th. Citigroup boosted their target price on shares of Ciena from $30.00 to $32.00 and gave the stock a “buy” rating in a research report on Friday, March 9th. Finally, Rosenblatt Securities began coverage on shares of Ciena in a research report on Wednesday, April 4th. They set a “buy” rating and a $32.00 target price on the stock. One analyst has rated the stock with a sell rating, three have given a hold rating and twenty-three have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $29.91.
Shares of NYSE CIEN opened at $26.21 on Friday. Ciena has a 1-year low of $19.40 and a 1-year high of $27.98. The company has a current ratio of 2.06, a quick ratio of 1.79 and a debt-to-equity ratio of 0.33. The firm has a market capitalization of $3,802.82, a price-to-earnings ratio of 17.59, a P/E/G ratio of 1.57 and a beta of 1.38.
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, topping the Thomson Reuters’ consensus estimate of $0.07 by $0.08. Ciena had a return on equity of 14.10% and a net margin of 27.76%. The company had revenue of $646.14 million during the quarter, compared to analysts’ expectations of $641.77 million. During the same quarter in the prior year, the business posted $0.17 earnings per share. The company’s revenue for the quarter was up 4.0% compared to the same quarter last year. sell-side analysts anticipate that Ciena will post 1.08 EPS for the current fiscal year.
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Ciena Corporation provides hardware, software, and services that support the transport, switching, aggregation, service delivery, and management of voice, video, and data 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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