Bank of America Corp DE grew its holdings in Ciena Co. (NYSE:CIEN – Get Rating) by 1.0% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 2,990,505 shares of the communications equipment provider's stock after purchasing an additional 29,565 shares during the period. Bank of America Corp DE owned approximately 1.97% of Ciena worth $181,314,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently modified their holdings of CIEN. Capital World Investors acquired a new stake in shares of Ciena during the 1st quarter valued at $108,564,000. Alliancebernstein L.P. lifted its holdings in Ciena by 38.5% during the 4th quarter. Alliancebernstein L.P. now owns 5,068,390 shares of the communications equipment provider's stock worth $390,114,000 after buying an additional 1,409,823 shares during the period. Goldman Sachs Group Inc. lifted its holdings in Ciena by 137.0% during the 4th quarter. Goldman Sachs Group Inc. now owns 1,222,361 shares of the communications equipment provider's stock worth $94,085,000 after buying an additional 706,610 shares during the period. Acadian Asset Management LLC lifted its holdings in Ciena by 47.1% during the 1st quarter. Acadian Asset Management LLC now owns 2,187,552 shares of the communications equipment provider's stock worth $132,597,000 after buying an additional 700,258 shares during the period. Finally, Woodline Partners LP acquired a new position in Ciena during the 1st quarter worth about $30,787,000. Institutional investors own 90.64% of the company's stock.
Get Ciena alerts:Wall Street Analysts Forecast Growth
Several research analysts have recently weighed in on the company. Morgan Stanley lowered their price objective on Ciena from $65.00 to $60.00 and set an "overweight" rating for the company in a research report on Friday, September 2nd. Needham & Company LLC lowered their price objective on Ciena from $88.00 to $70.00 and set a "buy" rating for the company in a research report on Friday, September 2nd. Barclays decreased their target price on Ciena from $70.00 to $55.00 in a research report on Friday, September 2nd. JPMorgan Chase & Co. lowered Ciena from an "overweight" rating to a "neutral" rating and decreased their target price for the company from $62.00 to $45.00 in a research report on Tuesday, September 6th. Finally, Raymond James decreased their price objective on Ciena from $64.00 to $55.00 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 company's stock. Based on data from MarketBeat.com, Ciena has a consensus rating of "Moderate Buy" and an average target price of $65.32.
Insiders Place Their Bets
In other Ciena news, CEO Gary B. Smith sold 3,542 shares of the stock in a transaction on Monday, September 19th. The stock was sold at an average price of $41.35, for a total transaction of $146,461.70. Following the sale, the chief executive officer now owns 406,627 shares in the company, valued at $16,814,026.45. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Ciena news, CEO Gary B. Smith sold 3,542 shares of the stock in a transaction on Monday, September 19th. The stock was sold at an average price of $41.35, for a total transaction of $146,461.70. Following the sale, the chief executive officer now owns 406,627 shares in the company, valued at $16,814,026.45. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Andrew C. Petrik sold 1,000 shares of the stock in a transaction on Friday, July 15th. The stock was sold at an average price of $47.17, for a total value of $47,170.00. Following the sale, the vice president now owns 31,190 shares in the company, valued at approximately $1,471,232.30. The disclosure for this sale can be found here. Insiders have sold a total of 26,710 shares of company stock worth $1,291,673 over the last 90 days. Corporate insiders own 0.94% of the company's stock.Ciena Price Performance
Ciena stock opened at $40.74 on Thursday. Ciena Co. has a 12 month low of $40.17 and a 12 month high of $78.28. The company has a current ratio of 3.48, a quick ratio of 2.58 and a debt-to-equity ratio of 0.40. The business's 50 day simple moving average is $49.25 and its 200 day simple moving average is $51.55. The company has a market cap of $6.04 billion, a price-to-earnings ratio of 32.08, a PEG ratio of 2.90 and a beta of 0.91.
Ciena (NYSE:CIEN – Get Rating) last posted its quarterly earnings data on Thursday, September 1st. The communications equipment provider reported $0.18 EPS for the quarter, missing the consensus estimate of $0.21 by ($0.03). Ciena had a net margin of 5.37% and a return on equity of 8.91%. The firm had revenue of $867.30 million during the quarter, compared to analysts' expectations of $903.95 million. During the same quarter in the previous year, the company posted $0.81 EPS. Ciena's revenue for the quarter was down 12.2% on a year-over-year basis. Sell-side analysts forecast that Ciena Co. will post 0.95 EPS for the current year.
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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