State of Wisconsin Investment Board decreased its position in shares of Ciena Co. (NYSE:CIEN) by 56.9% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 69,911 shares of the communications equipment provider’s stock after selling 92,330 shares during the period. State of Wisconsin Investment Board’s holdings in Ciena were worth $3,695,000 at the end of the most recent quarter.
Several other hedge funds have also recently bought and sold shares of CIEN. Voloridge Investment Management LLC purchased a new stake in shares of Ciena in the 3rd quarter worth approximately $7,170,000. Massachusetts Financial Services Co. MA bought a new position in Ciena in the 3rd quarter valued at approximately $1,277,000. GoalVest Advisory LLC bought a new position in Ciena in the 4th quarter valued at approximately $2,189,000. Engineers Gate Manager LP lifted its holdings in shares of Ciena by 132.0% during the 3rd quarter. Engineers Gate Manager LP now owns 21,231 shares of the communications equipment provider’s stock valued at $843,000 after buying an additional 12,081 shares during the period. Finally, WINTON GROUP Ltd lifted its holdings in shares of Ciena by 24.0% during the 3rd quarter. WINTON GROUP Ltd now owns 56,326 shares of the communications equipment provider’s stock valued at $2,236,000 after buying an additional 10,918 shares during the period. Hedge funds and other institutional investors own 83.98% of the company’s stock.
Shares of CIEN stock opened at $54.49 on Tuesday. Ciena Co. has a 52-week low of $30.58 and a 52-week high of $61.51. The company has a debt-to-equity ratio of 0.27, a quick ratio of 2.98 and a current ratio of 3.43. The firm has a market capitalization of $8.42 billion, a PE ratio of 23.49, a PEG ratio of 1.41 and a beta of 0.85. The stock has a fifty day simple moving average of $54.24 and a two-hundred day simple moving average of $48.60.
Ciena (NYSE:CIEN) last issued its quarterly earnings data on Wednesday, December 9th. The communications equipment provider reported $0.60 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.63 by ($0.03). The firm had revenue of $828.50 million for the quarter, compared to analysts’ expectations of $826.70 million. Ciena had a net margin of 10.23% and a return on equity of 17.41%. The company’s revenue for the quarter was down 14.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.58 EPS. On average, sell-side analysts forecast that Ciena Co. will post 2.36 EPS for the current fiscal year.
In related news, CEO Gary B. Smith sold 2,550 shares of the stock in a transaction dated Wednesday, December 9th. The shares were sold at an average price of $47.37, for a total value of $120,793.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Rick Hamilton sold 9,678 shares of the stock in a transaction dated Friday, February 5th. The shares were sold at an average price of $55.28, for a total transaction of $534,999.84. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 40,878 shares of company stock valued at $2,141,513. Company insiders own 0.95% of the company’s stock.
Several equities analysts have recently weighed in on CIEN shares. Needham & Company LLC increased their price target on Ciena from $58.00 to $65.00 and gave the company a “buy” rating in a report on Wednesday, January 13th. Bank of America raised Ciena from a “neutral” rating to a “buy” rating and increased their price target for the company from $49.00 to $65.00 in a report on Thursday, January 21st. B. Riley increased their price target on Ciena from $46.00 to $51.50 and gave the company a “neutral” rating in a report on Friday, December 11th. Rosenblatt Securities cut Ciena from a “buy” rating to a “neutral” rating and set a $45.00 price target on the stock. in a report on Wednesday, November 18th. Finally, Barclays upped their price objective on Ciena from $54.00 to $62.00 and gave the stock an “overweight” rating in a research note on Friday, December 11th. Six equities research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company’s stock. Ciena currently has a consensus rating of “Buy” and an average price target of $57.29.
Ciena Corporation provides network hardware, software, and services that support the transport, routing, 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 products and solutions that optimized for the convergence of coherent optical transport, optical transport network switching, and packet switching.
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