2,824 Ciena Corporation $CIEN Shares Sold by Lido Advisors LLC

Lido Advisors LLC reduced its stake in shares of Ciena Corporation (NYSE:CIEN) by 29.8% during the 3rd quarter, Holdings Channel.com reports. The fund owned 6,662 shares of the communications equipment provider’s stock after selling 2,824 shares during the quarter. Lido Advisors LLC’s holdings in Ciena were worth $2,344,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. New York Life Investment Management LLC grew its holdings in shares of Ciena by 1.2% during the third quarter. New York Life Investment Management LLC now owns 21,199 shares of the communications equipment provider’s stock worth $7,458,000 after purchasing an additional 250 shares during the last quarter. M&G PLC increased its position in shares of Ciena by 1.2% during the third quarter. M&G PLC now owns 30,173 shares of the communications equipment provider’s stock worth $10,621,000 after purchasing an additional 366 shares in the last quarter. Kestra Investment Management LLC increased its position in shares of Ciena by 764.8% during the third quarter. Kestra Investment Management LLC now owns 5,725 shares of the communications equipment provider’s stock worth $2,014,000 after purchasing an additional 5,063 shares in the last quarter. Fulcrum Asset Management LLP lifted its holdings in shares of Ciena by 255.9% in the 3rd quarter. Fulcrum Asset Management LLP now owns 8,606 shares of the communications equipment provider’s stock valued at $3,054,000 after purchasing an additional 6,188 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its holdings in shares of Ciena by 440.9% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 165,887 shares of the communications equipment provider’s stock valued at $62,894,000 after purchasing an additional 135,218 shares during the last quarter. 91.99% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on CIEN shares. Citigroup reissued a “buy” rating on shares of Ciena in a research report on Friday, September 4th. Wall Street Zen raised Ciena from a “hold” rating to a “buy” rating in a research report on Sunday, October 25th. Weiss Ratings raised Ciena from a “hold (c)” rating to a “hold (c+)” rating in a research report on Thursday. Zacks Research upgraded Ciena from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, September 9th. Finally, Raymond James Financial reiterated an “outperform” rating and issued a $600.00 price objective (up from $530.00) on shares of Ciena in a research note on Thursday, September 3rd. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $485.93.

Ciena Stock Performance

Ciena stock traded down $13.64 during midday trading on Friday, hitting $280.35. 2,149,770 shares of the company’s stock were exchanged, compared to its average volume of 3,259,268. Ciena Corporation has a 12-month low of $168.22 and a 12-month high of $637.51. The company has a debt-to-equity ratio of 1.06, a quick ratio of 3.17 and a current ratio of 3.80. The stock has a market cap of $39.76 billion, a price-to-earnings ratio of 62.58, a price-to-earnings-growth ratio of 2.36 and a beta of 1.33. The firm’s 50 day simple moving average is $343.09 and its 200 day simple moving average is $403.74.

Ciena (NYSE:CIEN) last announced its earnings results on Thursday, September 3rd. The communications equipment provider reported $2.11 EPS for the quarter, beating analysts’ consensus estimates of $1.73 by $0.38. Ciena had a net margin of 10.87% and a return on equity of 25.33%. The business had revenue of $1.67 billion during the quarter, compared to analysts’ expectations of $1.64 billion. During the same period in the prior year, the company earned $0.35 earnings per share. The business’s revenue was up 37.0% compared to the same quarter last year. Equities research analysts predict that Ciena Corporation will post 6.00 EPS for the current year.

Insider Transactions at Ciena

In related news, EVP Jason Phipps sold 2,629 shares of the business’s stock in a transaction dated Thursday, October 1st. The stock was sold at an average price of $355.19, for a total value of $933,794.51. Following the transaction, the executive vice president owned 57,388 shares in the company, valued at $20,383,643.72. The trade was a 4.38% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Thomas Nevens sold 3,738 shares of the company’s stock in a transaction that occurred on Wednesday, September 23rd. The shares were sold at an average price of $359.04, for a total value of $1,342,091.52. Following the sale, the director directly owned 6,289 shares of the company’s stock, valued at approximately $2,258,002.56. This represents a 37.28% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 31,019 shares of company stock worth $11,065,093 over the last three months. 0.58% of the stock is currently owned by company insiders.

Ciena Company Profile

Ciena is a communications networking company that develops equipment, software and services used to build and manage telecommunications networks. Its offerings support the movement of data across fiber-optic, subsea and other network infrastructure. The company’s products include optical transport systems, routing and switching equipment, and software for network automation and management. Ciena also provides consulting, implementation and support services to help customers plan, deploy and operate their networks.