Northwestern Mutual Investment Management Company LLC boosted its holdings in shares of Ciena Co. (NYSE:CIEN) by 21.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 53,754 shares of the communications equipment provider’s stock after buying an additional 9,570 shares during the period. Northwestern Mutual Investment Management Company LLC’s holdings in Ciena were worth $2,140,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Wealth Quarterback LLC bought a new stake in shares of Ciena in the 4th quarter worth $17,177,931,000. First Trust Advisors LP grew its stake in shares of Ciena by 12.8% in the 4th quarter. First Trust Advisors LP now owns 3,832,841 shares of the communications equipment provider’s stock worth $163,624,000 after acquiring an additional 436,040 shares in the last quarter. FIL Ltd grew its stake in shares of Ciena by 9.0% in the 4th quarter. FIL Ltd now owns 3,642,839 shares of the communications equipment provider’s stock worth $155,513,000 after acquiring an additional 301,267 shares in the last quarter. Thrivent Financial for Lutherans grew its stake in shares of Ciena by 6.0% in the 4th quarter. Thrivent Financial for Lutherans now owns 3,166,259 shares of the communications equipment provider’s stock worth $135,167,000 after acquiring an additional 180,614 shares in the last quarter. Finally, Congress Asset Management Co. MA bought a new stake in shares of Ciena in the 1st quarter worth $94,030,000. Hedge funds and other institutional investors own 91.96% of the company’s stock.
Several analysts have recently issued reports on the stock. Cowen reiterated a “buy” rating and issued a $54.00 target price on shares of Ciena in a research note on Tuesday, March 3rd. Morgan Stanley lowered shares of Ciena from an “overweight” rating to an “equal weight” rating and set a $47.00 price target for the company. in a research report on Thursday, April 16th. Piper Sandler restated a “buy” rating and set a $50.00 price target on shares of Ciena in a research report on Thursday, April 2nd. Zacks Investment Research upgraded shares of Ciena from a “hold” rating to a “buy” rating and set a $43.00 price target for the company in a research report on Tuesday, March 31st. Finally, Rosenblatt Securities increased their price target on shares of Ciena from $47.00 to $51.00 and gave the company a “buy” rating in a research report on Thursday, March 5th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and seventeen have given a buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $49.95.
Shares of Ciena stock opened at $52.81 on Friday. Ciena Co. has a 12-month low of $30.58 and a 12-month high of $53.36. The company has a market cap of $7.94 billion, a price-to-earnings ratio of 29.50, a PEG ratio of 1.36 and a beta of 0.85. The company has a current ratio of 3.09, a quick ratio of 2.62 and a debt-to-equity ratio of 0.31. The company’s 50-day moving average price is $46.19 and its 200-day moving average price is $41.62.
Ciena (NYSE:CIEN) last announced its quarterly earnings results on Thursday, March 5th. The communications equipment provider reported $0.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.38 by $0.14. Ciena had a net margin of 7.78% and a return on equity of 14.68%. The firm had revenue of $832.91 million for the quarter, compared to the consensus estimate of $818.48 million. During the same period in the prior year, the firm posted $0.33 earnings per share. The company’s revenue for the quarter was up 7.0% on a year-over-year basis. On average, sell-side analysts predict that Ciena Co. will post 2.32 earnings per share for the current year.
In related news, VP David M. Rothenstein sold 1,632 shares of the firm’s stock in a transaction that occurred on Tuesday, March 17th. The shares were sold at an average price of $36.75, for a total value of $59,976.00. The sale was disclosed in a filing with the SEC, which is available through this link. Also, SVP Scott Mcfeely sold 1,400 shares of the firm’s stock in a transaction that occurred on Tuesday, March 17th. The shares were sold at an average price of $35.77, for a total transaction of $50,078.00. The disclosure for this sale can be found here. Insiders sold 31,731 shares of company stock worth $1,390,404 over the last ninety days. 1.20% of the stock is currently owned by insiders.
Ciena Company Profile
Ciena Corporation provides network hardware, software, and services that support the transport, switching, aggregation, service delivery, and management of video, data, and voice 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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