Sit Investment Associates Inc. cut its holdings in Ciena Corporation (NYSE:CIEN) by 27.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 197,150 shares of the communications equipment provider’s stock after selling 73,800 shares during the quarter. Sit Investment Associates Inc.’s holdings in Ciena were worth $4,126,000 as of its most recent SEC filing.
A number of other hedge funds have also made changes to their positions in CIEN. Neuberger Berman Group LLC boosted its stake in Ciena by 169.5% in the third quarter. Neuberger Berman Group LLC now owns 4,217,455 shares of the communications equipment provider’s stock valued at $92,657,000 after acquiring an additional 2,652,791 shares during the last quarter. Rubric Capital Management LP bought a new position in Ciena in the third quarter valued at approximately $33,373,000. Becker Capital Management Inc. bought a new position in Ciena in the third quarter valued at approximately $27,188,000. FIL Ltd bought a new position in Ciena in the second quarter valued at approximately $23,010,000. Finally, Quentec Asset Management LLC bought a new position in Ciena in the second quarter valued at approximately $14,512,000.
Shares of Ciena Corporation (NYSE CIEN) opened at $21.94 on Friday. Ciena Corporation has a twelve month low of $19.40 and a twelve month high of $27.98. The company has a current ratio of 1.93, a quick ratio of 1.68 and a debt-to-equity ratio of 0.27. The company has a market cap of $3,143.71, a price-to-earnings ratio of 15.63, a P/E/G ratio of 1.39 and a beta of 1.67.
Ciena (NYSE:CIEN) last issued its quarterly earnings data on Thursday, December 7th. The communications equipment provider reported $0.46 EPS for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.04). Ciena had a return on equity of 18.32% and a net margin of 45.04%. The company had revenue of $744.40 million for the quarter, compared to analyst estimates of $736.91 million. During the same quarter in the previous year, the business earned $0.44 earnings per share. The company’s revenue was up 3.9% on a year-over-year basis. analysts predict that Ciena Corporation will post 1 EPS for the current year.
Ciena announced that its Board of Directors has approved a share repurchase program on Thursday, December 7th that authorizes the company to buyback $300.00 million in outstanding shares. This buyback authorization authorizes the communications equipment provider to purchase shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.
In related news, CEO Gary B. Smith sold 4,000 shares of the firm’s stock in a transaction on Thursday, December 27th. The shares were sold at an average price of $21.66, for a total transaction of $86,640.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO James E. Moylan, Jr. sold 2,000 shares of the firm’s stock in a transaction on Thursday, October 19th. The stock was sold at an average price of $21.10, for a total transaction of $42,200.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 210,217 shares of company stock worth $4,456,095. 1.45% of the stock is currently owned by company insiders.
A number of equities analysts have issued reports on the stock. Stifel Nicolaus reaffirmed a “buy” rating and issued a $30.00 price objective on shares of Ciena in a research note on Wednesday, October 4th. BidaskClub raised shares of Ciena from a “strong sell” rating to a “sell” rating in a research report on Wednesday, October 25th. Piper Jaffray Companies reissued a “buy” rating on shares of Ciena in a research report on Thursday, October 12th. B. Riley reduced their price target on shares of Ciena from $30.50 to $28.00 and set a “buy” rating on the stock in a research report on Tuesday, December 5th. Finally, MKM Partners reissued a “buy” rating and set a $30.00 price target on shares of Ciena in a research report on Tuesday, September 26th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and nineteen have issued a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $28.48.
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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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