Strs Ohio raised its position in Ciena Co. (NYSE:CIEN) by 20.4% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 18,900 shares of the communications equipment provider’s stock after acquiring an additional 3,200 shares during the quarter. Strs Ohio’s holdings in Ciena were worth $590,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently made changes to their positions in the business. Seven Eight Capital LP bought a new position in Ciena during the third quarter worth about $4,121,000. Aperio Group LLC grew its stake in Ciena by 88.5% during the third quarter. Aperio Group LLC now owns 834,096 shares of the communications equipment provider’s stock worth $26,057,000 after buying an additional 391,506 shares in the last quarter. Essex Investment Management Co. LLC grew its stake in Ciena by 194.3% during the third quarter. Essex Investment Management Co. LLC now owns 31,064 shares of the communications equipment provider’s stock worth $970,000 after buying an additional 20,509 shares in the last quarter. CenterStar Asset Management LLC acquired a new stake in Ciena during the third quarter worth about $159,000. Finally, Bank of Montreal Can grew its stake in Ciena by 38.7% during the third quarter. Bank of Montreal Can now owns 298,775 shares of the communications equipment provider’s stock worth $9,335,000 after buying an additional 83,391 shares in the last quarter.
CIEN has been the topic of a number of analyst reports. MED downgraded shares of Ciena from a “buy” rating to a “$26.20” rating and reduced their price objective for the stock from $29.00 to $27.00 in a research note on Wednesday, July 18th. They noted that the move was a valuation call. Argus increased their price objective on shares of Ciena to $38.00 and gave the stock an “average” rating in a research note on Wednesday, September 5th. They noted that the move was a valuation call. MKM Partners downgraded shares of Ciena to a “buy” rating and set a $32.00 price objective on the stock. in a research note on Wednesday, July 18th. ValuEngine upgraded shares of Ciena from a “hold” rating to a “buy” rating in a research note on Friday, August 17th. Finally, UBS Group increased their price objective on shares of Ciena from $27.00 to $29.50 and gave the stock a “buy” rating in a research note on Thursday, July 26th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and sixteen have assigned a buy rating to the company’s stock. Ciena presently has a consensus rating of “Buy” and a consensus target price of $32.74.
Shares of CIEN stock opened at $34.43 on Friday. The firm has a market cap of $4.95 billion, a price-to-earnings ratio of 23.11, a price-to-earnings-growth ratio of 1.52 and a beta of 1.21. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.97 and a quick ratio of 1.76. Ciena Co. has a 12 month low of $19.40 and a 12 month high of $35.04.
Ciena (NYSE:CIEN) last announced its quarterly earnings results on Thursday, August 30th. The communications equipment provider reported $0.48 EPS for the quarter, beating the Zacks’ consensus estimate of $0.36 by $0.12. The business had revenue of $818.82 million during the quarter, compared to analyst estimates of $792.28 million. Ciena had a net margin of 25.56% and a return on equity of 8.56%. Ciena’s quarterly revenue was up 12.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.51 EPS. Analysts forecast that Ciena Co. will post 1.1 EPS for the current year.
In other Ciena news, VP David M. Rothenstein sold 2,000 shares of the business’s stock in a transaction on Wednesday, August 15th. The shares were sold at an average price of $26.00, for a total transaction of $52,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Gary B. Smith sold 9,600 shares of the business’s stock in a transaction on Friday, November 2nd. The shares were sold at an average price of $31.65, for a total transaction of $303,840.00. The disclosure for this sale can be found here. Insiders have sold a total of 82,812 shares of company stock valued at $2,485,482 in the last 90 days. 1.38% of the stock is currently owned by company insiders.
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Ciena Company Profile
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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