EverSource Wealth Advisors LLC cut its position in shares of Ciena Co. (NYSE:CIEN – Get Rating) by 43.8% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 537 shares of the communications equipment provider's stock after selling 419 shares during the quarter. EverSource Wealth Advisors LLC's holdings in Ciena were worth $33,000 as of its most recent SEC filing.
A number of other hedge funds have also modified their holdings of CIEN. Capital World Investors bought a new position in shares of Ciena during the first quarter worth about $108,564,000. Alliancebernstein L.P. boosted its position in Ciena by 38.5% during the fourth quarter. Alliancebernstein L.P. now owns 5,068,390 shares of the communications equipment provider's stock valued at $390,114,000 after purchasing an additional 1,409,823 shares during the last quarter. Goldman Sachs Group Inc. boosted its position in Ciena by 137.0% during the fourth quarter. Goldman Sachs Group Inc. now owns 1,222,361 shares of the communications equipment provider's stock valued at $94,085,000 after purchasing an additional 706,610 shares during the last quarter. Acadian Asset Management LLC boosted its position in Ciena by 47.1% during the first quarter. Acadian Asset Management LLC now owns 2,187,552 shares of the communications equipment provider's stock valued at $132,597,000 after purchasing an additional 700,258 shares during the last quarter. Finally, Woodline Partners LP acquired a new position in Ciena during the first quarter valued at approximately $30,787,000. 90.64% of the stock is currently owned by institutional investors.
Get
Ciena alerts:
Analysts Set New Price Targets
Several research analysts recently commented on CIEN shares. JPMorgan Chase & Co. cut Ciena from an "overweight" rating to a "neutral" rating and reduced their price target for the company from $62.00 to $45.00 in a research report on Tuesday, September 6th. Rosenblatt Securities cut their price objective on Ciena from $70.00 to $65.00 and set a "buy" rating for the company in a research report on Friday, September 2nd. B. Riley cut their price objective on Ciena from $67.00 to $64.00 and set a "buy" rating for the company in a research report on Tuesday, September 6th. Raymond James cut their price objective on Ciena from $64.00 to $55.00 and set an "outperform" rating for the company in a research report on Friday, September 2nd. Finally, Barclays cut their price objective on Ciena from $70.00 to $55.00 in a research report on Friday, September 2nd. Four investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. Based on data from MarketBeat, Ciena presently has an average rating of "Moderate Buy" and an average target price of $65.32.
Insider Activity
In related news, CEO Gary B. Smith sold 3,542 shares of the firm's stock in a transaction on Tuesday, June 21st. The stock was sold at an average price of $44.68, for a total transaction of $158,256.56. Following the sale, the chief executive officer now owns 427,879 shares of the company's stock, valued at approximately $19,117,633.72. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, VP Andrew C. Petrik sold 1,000 shares of the firm's stock in a transaction on Friday, July 15th. The stock was sold at an average price of $47.17, for a total transaction of $47,170.00. Following the sale, the vice president now owns 31,190 shares of the company's stock, valued at approximately $1,471,232.30. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Gary B. Smith sold 3,542 shares of the firm's stock in a transaction on Tuesday, June 21st. The shares were sold at an average price of $44.68, for a total value of $158,256.56. Following the sale, the chief executive officer now directly owns 427,879 shares in the company, valued at approximately $19,117,633.72. The disclosure for this sale can be found here. In the last quarter, insiders have sold 26,310 shares of company stock worth $1,290,914. Insiders own 0.94% of the company's stock.
Ciena Trading Down 0.8 %
Shares of CIEN opened at $41.85 on Monday. Ciena Co. has a 52-week low of $41.11 and a 52-week high of $78.28. The business's fifty day moving average is $49.61 and its 200-day moving average is $51.88. The company has a debt-to-equity ratio of 0.40, a quick ratio of 2.58 and a current ratio of 3.48. The firm has a market cap of $6.20 billion, a price-to-earnings ratio of 32.95, a PEG ratio of 2.94 and a beta of 0.91.
Ciena (NYSE:CIEN – Get Rating) last issued its quarterly earnings results on Thursday, September 1st. The communications equipment provider reported $0.33 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.34 by ($0.01). Ciena had a net margin of 5.37% and a return on equity of 8.91%. The business had revenue of $867.30 million during the quarter, compared to the consensus estimate of $903.95 million. During the same quarter in the previous year, the business posted $0.81 EPS. The company's revenue for the quarter was down 12.2% on a year-over-year basis. Equities analysts anticipate that Ciena Co. will post 0.95 EPS for the current fiscal year.
Ciena Company Profile
(Get Rating)
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.
See Also
- Get a free copy of the StockNews.com research report on Ciena (CIEN)
- Kroger's is Your One-Stop Consumer Staples Stock
- Adobe Perfects the Art of the Faceplant for Investors
- Tax Credits are the Incentives in the Inflation Reduction Act
- Stock Market: 3 Islands Of Strength In A Sea Of Red
- 3 Banks Worth Considering For Q4
Receive News & Ratings for Ciena Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Ciena and related companies with MarketBeat.com's FREE daily email newsletter.
