Diversified Trust Co lifted its stake in Ciena Co. (NYSE:CIEN – Get Rating) by 68.0% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 10,057 shares of the communications equipment provider's stock after buying an additional 4,069 shares during the period. Diversified Trust Co's holdings in Ciena were worth $460,000 at the end of the most recent reporting period.
Other hedge funds have also made changes to their positions in the company. IronBridge Private Wealth LLC acquired a new position in Ciena in the fourth quarter worth about $31,000. IndexIQ Advisors LLC acquired a new position in Ciena in the first quarter worth about $41,000. Whittier Trust Co. raised its position in Ciena by 46.8% in the first quarter. Whittier Trust Co. now owns 728 shares of the communications equipment provider's stock worth $44,000 after purchasing an additional 232 shares in the last quarter. Rosenberg Matthew Hamilton acquired a new position in Ciena in the first quarter worth about $47,000. Finally, City State Bank acquired a new position in Ciena in the fourth quarter worth about $53,000. Institutional investors own 90.64% of the company's stock.
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Analyst Upgrades and Downgrades
Several research firms recently issued reports on CIEN. MKM Partners began coverage on shares of Ciena in a research report on Thursday, August 4th. They issued a "buy" rating and a $62.00 price target for the company. TheStreet lowered shares of Ciena from a "b-" rating to a "c" rating in a report on Thursday, September 1st. Northland Securities dropped their price objective on shares of Ciena from $53.00 to $45.00 and set a "market perform" rating for the company in a report on Friday, September 2nd. Morgan Stanley dropped their price objective on shares of Ciena from $65.00 to $60.00 and set an "overweight" rating for the company in a report on Friday, September 2nd. Finally, Cowen dropped their price objective on shares of Ciena from $82.00 to $71.00 and set an "outperform" rating for the company in a report on Friday, September 2nd. Four research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $65.32.
Ciena Price Performance
Shares of CIEN stock opened at $41.04 on Friday. Ciena Co. has a 52-week low of $40.17 and a 52-week high of $78.28. The stock has a market cap of $6.08 billion, a PE ratio of 32.32, a PEG ratio of 3.27 and a beta of 0.91. 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's 50 day moving average price is $49.14 and its two-hundred day moving average price is $51.43.
Ciena (NYSE:CIEN – Get Rating) last issued its quarterly earnings results on Thursday, September 1st. The communications equipment provider reported $0.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.21 by ($0.03). The business had revenue of $867.30 million during the quarter, compared to analyst estimates of $903.95 million. Ciena had a net margin of 5.37% and a return on equity of 8.91%. The firm's quarterly revenue was down 12.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.81 earnings per share. As a group, analysts forecast that Ciena Co. will post 0.83 EPS for the current year.
Insider Transactions at Ciena
In other news, VP Andrew C. Petrik sold 1,000 shares of the business's stock in a transaction dated Friday, July 15th. The shares were sold at an average price of $47.17, for a total transaction of $47,170.00. Following the transaction, the vice president now directly owns 31,190 shares in the company, valued at approximately $1,471,232.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, SVP Stephen B. Alexander sold 2,000 shares of Ciena stock in a transaction dated Friday, July 15th. The shares were sold at an average price of $47.17, for a total transaction of $94,340.00. Following the completion of the sale, the senior vice president now owns 30,535 shares of the company's stock, valued at approximately $1,440,335.95. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Andrew C. Petrik sold 1,000 shares of Ciena stock in a transaction dated 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 directly owns 31,190 shares of the company's stock, valued at approximately $1,471,232.30. The disclosure for this sale can be found here. Insiders have sold 29,250 shares of company stock worth $1,395,279 in the last ninety days. Insiders own 0.94% of the company's stock.
Ciena Company Profile
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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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