Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Ciena (NYSE:CIEN) by 121.5% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 16,588 shares of the communications equipment provider’s stock after purchasing an additional 9,100 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Ciena were worth $430,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently made changes to their positions in CIEN. Schwab Charles Investment Management Inc. grew its position in Ciena by 6.4% in the fourth quarter. Schwab Charles Investment Management Inc. now owns 957,269 shares of the communications equipment provider’s stock worth $20,036,000 after acquiring an additional 57,924 shares in the last quarter. First Manhattan Co. grew its position in Ciena by 126.6% in the fourth quarter. First Manhattan Co. now owns 106,900 shares of the communications equipment provider’s stock worth $2,237,000 after acquiring an additional 59,730 shares in the last quarter. Peregrine Capital Management LLC grew its position in Ciena by 0.6% in the fourth quarter. Peregrine Capital Management LLC now owns 1,305,791 shares of the communications equipment provider’s stock worth $27,330,000 after acquiring an additional 8,159 shares in the last quarter. FNY Partners Fund LP bought a new stake in Ciena in the fourth quarter worth approximately $638,000. Finally, Commerzbank Aktiengesellschaft FI grew its position in Ciena by 60.6% in the fourth quarter. Commerzbank Aktiengesellschaft FI now owns 69,577 shares of the communications equipment provider’s stock worth $1,456,000 after acquiring an additional 26,248 shares in the last quarter.
CIEN has been the subject of several recent research reports. Northland Securities reissued a “buy” rating and issued a $34.00 target price on shares of Ciena in a research report on Monday, March 19th. Rosenblatt Securities initiated coverage on shares of Ciena in a research report on Wednesday, April 4th. They issued a “buy” rating and a $32.00 target price for the company. Zacks Investment Research raised shares of Ciena from a “sell” rating to a “hold” rating in a research report on Monday, February 12th. Morgan Stanley reissued an “equal weight” rating and issued a $29.00 target price (up from $25.00) on shares of Ciena in a research report on Friday, March 9th. Finally, BMO Capital Markets reissued a “buy” rating and issued a $25.00 target price on shares of Ciena in a research report on Monday, March 5th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-two have given a buy rating to the company. Ciena currently has a consensus rating of “Buy” and an average target price of $30.04.
In related news, SVP James E. Moylan, Jr. sold 2,000 shares of the company’s stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $23.13, for a total transaction of $46,260.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Gary B. Smith sold 8,000 shares of the company’s stock in a transaction on Thursday, March 15th. The shares were sold at an average price of $27.16, for a total transaction of $217,280.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 90,505 shares of company stock valued at $2,346,927. Corporate insiders own 1.38% of the company’s stock.
Ciena opened at $25.30 on Friday, Marketbeat Ratings reports. The firm has a market cap of $3.65 billion, a P/E ratio of 16.98, a P/E/G ratio of 1.51 and a beta of 1.40. Ciena has a one year low of $19.40 and a one year high of $27.98. The company has a quick ratio of 1.79, a current ratio of 2.06 and a debt-to-equity ratio of 0.33.
Ciena (NYSE:CIEN) last released its earnings results on Tuesday, March 6th. The communications equipment provider reported $0.15 EPS for the quarter, beating the Thomson Reuters’ 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 business’s quarterly revenue was up 4.0% compared to the same quarter last year. During the same period in the prior year, the company earned $0.17 EPS. analysts forecast that Ciena will post 1.08 earnings per share for the current fiscal year.
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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