Sit Investment Associates Inc. Reduces Stake in Ciena Corporation (CIEN)

Sit Investment Associates Inc. cut its position in Ciena Corporation (NYSE:CIEN) by 0.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 273,500 shares of the communications equipment provider’s stock after selling 1,300 shares during the period. Sit Investment Associates Inc. owned 0.19% of Ciena Corporation worth $6,843,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of CIEN. Swiss National Bank increased its position in Ciena Corporation by 1.1% in the first quarter. Swiss National Bank now owns 229,700 shares of the communications equipment provider’s stock worth $5,423,000 after buying an additional 2,600 shares during the last quarter. Shell Asset Management Co. acquired a new position in Ciena Corporation during the first quarter worth about $540,000. Principal Financial Group Inc. increased its position in Ciena Corporation by 4.0% in the first quarter. Principal Financial Group Inc. now owns 582,192 shares of the communications equipment provider’s stock worth $13,746,000 after buying an additional 22,409 shares during the last quarter. First Manhattan Co. increased its position in Ciena Corporation by 2.6% in the first quarter. First Manhattan Co. now owns 48,012 shares of the communications equipment provider’s stock worth $1,046,000 after buying an additional 1,227 shares during the last quarter. Finally, Suntrust Banks Inc. increased its position in Ciena Corporation by 26.5% in the first quarter. Suntrust Banks Inc. now owns 30,173 shares of the communications equipment provider’s stock worth $712,000 after buying an additional 6,316 shares during the last quarter.

Shares of Ciena Corporation (NYSE CIEN) traded down 0.3096% during midday trading on Thursday, reaching $25.5008. 540,068 shares of the company traded hands. The firm has a market capitalization of $3.62 billion, a PE ratio of 33.6867 and a beta of 1.61. The stock has a 50 day moving average price of $25.75 and a 200 day moving average price of $24.35. Ciena Corporation has a 1-year low of $18.50 and a 1-year high of $27.98.

Ciena Corporation (NYSE:CIEN) last posted its quarterly earnings data on Thursday, June 1st. The communications equipment provider reported $0.45 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.37 by $0.08. Ciena Corporation had a return on equity of 25.56% and a net margin of 4.13%. The firm had revenue of $707.02 million during the quarter, compared to the consensus estimate of $694.84 million. During the same period in the prior year, the company earned $0.34 EPS. The firm’s revenue was up 10.3% compared to the same quarter last year. Analysts expect that Ciena Corporation will post $1.77 earnings per share for the current fiscal year.

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A number of equities analysts recently issued reports on CIEN shares. Deutsche Bank AG dropped their price objective on shares of Ciena Corporation from $30.00 to $28.00 and set a “buy” rating on the stock in a report on Friday, March 24th. Needham & Company LLC raised their price objective on shares of Ciena Corporation from $30.00 to $31.00 and gave the stock a “buy” rating in a report on Friday, June 2nd. Instinet reissued a “buy” rating and issued a $30.00 price objective (up previously from $27.00) on shares of Ciena Corporation in a report on Saturday, June 3rd. BMO Capital Markets reissued a “buy” rating and issued a $30.00 price objective on shares of Ciena Corporation in a report on Thursday, April 27th. Finally, MKM Partners reissued a “buy” rating and issued a $32.00 price objective (up previously from $30.00) on shares of Ciena Corporation in a report on Friday, June 2nd. Five equities research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the stock. Ciena Corporation currently has a consensus rating of “Buy” and a consensus price target of $30.19.

In other Ciena Corporation news, CEO Gary B. Smith sold 8,000 shares of the firm’s stock in a transaction on Thursday, May 4th. The stock was sold at an average price of $22.62, for a total value of $180,960.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Andrew C. Petrik sold 1,839 shares of the firm’s stock in a transaction on Monday, May 15th. The stock was sold at an average price of $23.70, for a total value of $43,584.30. The disclosure for this sale can be found here. Over the last three months, insiders sold 66,215 shares of company stock valued at $1,649,185. 1.45% of the stock is owned by corporate insiders.

About Ciena Corporation

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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Institutional Ownership by Quarter for Ciena Corporation (NYSE:CIEN)

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