Janney Montgomery Scott LLC lowered its stake in Ciena Co. (NYSE:CIEN) by 28.2% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 43,541 shares of the communications equipment provider’s stock after selling 17,090 shares during the period. Janney Montgomery Scott LLC’s holdings in Ciena were worth $1,728,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also recently modified their holdings of CIEN. FMR LLC raised its position in Ciena by 294.6% in the second quarter. FMR LLC now owns 6,182,550 shares of the communications equipment provider’s stock valued at $334,847,000 after purchasing an additional 4,615,896 shares during the last quarter. Congress Asset Management Co. MA boosted its position in shares of Ciena by 2.6% during the 3rd quarter. Congress Asset Management Co. MA now owns 3,512,580 shares of the communications equipment provider’s stock worth $139,414,000 after purchasing an additional 88,812 shares in the last quarter. First Trust Advisors LP grew its position in Ciena by 10.6% in the 3rd quarter. First Trust Advisors LP now owns 3,047,753 shares of the communications equipment provider’s stock valued at $120,965,000 after purchasing an additional 292,871 shares during the period. Bank of New York Mellon Corp increased its holdings in Ciena by 0.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,672,941 shares of the communications equipment provider’s stock worth $144,767,000 after purchasing an additional 19,176 shares in the last quarter. Finally, LSV Asset Management grew its stake in shares of Ciena by 5.3% in the 3rd quarter. LSV Asset Management now owns 2,265,314 shares of the communications equipment provider’s stock worth $89,910,000 after acquiring an additional 113,230 shares in the last quarter. 81.63% of the stock is currently owned by hedge funds and other institutional investors.
In other news, VP Andrew C. Petrik sold 1,000 shares of the stock in a transaction on Tuesday, September 15th. The shares were sold at an average price of $43.00, for a total transaction of $43,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO James E. Moylan, Jr. sold 2,000 shares of Ciena stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $60.44, for a total value of $120,880.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 33,595 shares of company stock worth $1,444,784. 1.20% of the stock is owned by company insiders.
Ciena (NYSE:CIEN) last announced its quarterly earnings data on Thursday, September 3rd. The communications equipment provider reported $1.06 EPS for the quarter, topping the Zacks’ consensus estimate of $0.83 by $0.23. The firm had revenue of $976.70 million during the quarter, compared to analyst estimates of $974.49 million. Ciena had a return on equity of 17.93% and a net margin of 10.26%. During the same period last year, the company posted $0.71 EPS. The business’s quarterly revenue was up 1.7% compared to the same quarter last year. On average, equities analysts anticipate that Ciena Co. will post 2.62 EPS for the current fiscal year.
Several analysts have recently issued reports on the stock. Colliers Securities reissued a “buy” rating on shares of Ciena in a research report on Friday, September 4th. B. Riley lowered their price objective on Ciena from $50.00 to $46.00 in a research report on Friday, September 4th. Barclays cut their price target on shares of Ciena from $67.00 to $54.00 and set an “overweight” rating on the stock in a report on Friday, September 4th. Raymond James dropped their target price on shares of Ciena from $55.00 to $50.00 and set an “outperform” rating on the stock in a report on Thursday, September 17th. Finally, Zacks Investment Research downgraded shares of Ciena from a “hold” rating to a “sell” rating and set a $41.00 price objective on the stock. in a research report on Thursday, September 24th. Three investment analysts have rated the stock with a sell rating, five have given a hold rating and seventeen have given a buy rating to the company’s stock. Ciena presently has an average rating of “Buy” and a consensus price target of $53.14.
Ciena Company Profile
Ciena Corporation provides network hardware, software, and services that support the transport, 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 solutions optimized for the convergence of coherent optical transport, optical transport network switching, and packet switching.
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