Ciena Co. (NYSE:CIEN) Stake Cut by AGF Management Ltd.

AGF Management Ltd. decreased its holdings in shares of Ciena Co. (NYSE:CIENFree Report) by 13.8% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 62,198 shares of the communications equipment provider’s stock after selling 9,956 shares during the period. AGF Management Ltd.’s holdings in Ciena were worth $2,800,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of CIEN. Mitsubishi UFJ Trust & Banking Corp bought a new stake in shares of Ciena in the 3rd quarter worth approximately $101,000. Smithfield Trust Co boosted its holdings in shares of Ciena by 74.5% during the third quarter. Smithfield Trust Co now owns 2,999 shares of the communications equipment provider’s stock valued at $142,000 after acquiring an additional 1,280 shares during the period. Operose Advisors LLC grew its position in shares of Ciena by 19.0% during the third quarter. Operose Advisors LLC now owns 3,214 shares of the communications equipment provider’s stock worth $152,000 after acquiring an additional 514 shares during the last quarter. Claret Asset Management Corp bought a new position in Ciena in the 3rd quarter worth about $203,000. Finally, Vestmark Advisory Solutions Inc. acquired a new stake in shares of Ciena in the third quarter valued at approximately $207,000. 91.99% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. StockNews.com upgraded Ciena from a “sell” rating to a “hold” rating in a research report on Friday, March 8th. JPMorgan Chase & Co. increased their price target on Ciena from $56.00 to $67.00 and gave the stock an “overweight” rating in a research note on Tuesday, March 5th. Citigroup started coverage on Ciena in a report on Friday, April 12th. They set a “sell” rating and a $44.00 price target on the stock. Needham & Company LLC upped their price objective on shares of Ciena from $60.00 to $65.00 and gave the stock a “buy” rating in a report on Monday, March 4th. Finally, Evercore ISI raised their target price on shares of Ciena from $57.00 to $63.00 and gave the company an “outperform” rating in a research note on Friday, February 23rd. One analyst has rated the stock with a sell rating, two have given a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $58.79.

Read Our Latest Analysis on Ciena

Insiders Place Their Bets

In related news, CEO Gary B. Smith sold 8,332 shares of the company’s stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $60.20, for a total value of $501,586.40. Following the completion of the sale, the chief executive officer now owns 407,342 shares in the company, valued at approximately $24,521,988.40. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, CEO Gary B. Smith sold 8,332 shares of the stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $60.20, for a total value of $501,586.40. Following the completion of the sale, the chief executive officer now directly owns 407,342 shares of the company’s stock, valued at approximately $24,521,988.40. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Gary B. Smith sold 4,166 shares of the firm’s stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $49.84, for a total value of $207,633.44. Following the sale, the chief executive officer now owns 403,176 shares of the company’s stock, valued at $20,094,291.84. The disclosure for this sale can be found here. In the last quarter, insiders have sold 36,351 shares of company stock worth $1,921,835. Company insiders own 0.83% of the company’s stock.

Ciena Trading Up 0.3 %

Shares of NYSE:CIEN opened at $48.72 on Wednesday. The stock has a market capitalization of $7.04 billion, a price-to-earnings ratio of 31.64, a PEG ratio of 2.22 and a beta of 1.00. Ciena Co. has a 1-year low of $39.94 and a 1-year high of $63.24. The company has a 50 day moving average price of $48.49 and a 200 day moving average price of $48.74. The company has a debt-to-equity ratio of 0.53, a quick ratio of 3.12 and a current ratio of 4.29.

Ciena (NYSE:CIENGet Free Report) last issued its earnings results on Thursday, March 7th. The communications equipment provider reported $0.66 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.48 by $0.18. Ciena had a return on equity of 9.92% and a net margin of 5.22%. The business had revenue of $1.04 billion for the quarter, compared to analysts’ expectations of $1.02 billion. During the same period in the previous year, the firm posted $0.48 EPS. The company’s quarterly revenue was down 1.8% on a year-over-year basis. On average, research analysts anticipate that Ciena Co. will post 1.46 EPS for the current fiscal year.

About Ciena

(Free Report)

Ciena Corporation provides hardware and software services for delivery of video, data, and voice traffic metro, aggregation, and access communications network worldwide. The company's Networking Platforms segment offers convergence of coherent optical transport, open optical networking, optical transport network switching, IP routing, and switching services.

Further Reading

Institutional Ownership by Quarter for Ciena (NYSE:CIEN)

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