Amalgamated Bank Sells 3,681 Shares of Ciena Corporation (NYSE:CIEN)

Amalgamated Bank cut its position in Ciena Corporation (NYSE:CIEN) by 5.3% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 65,125 shares of the communications equipment provider’s stock after selling 3,681 shares during the quarter. Amalgamated Bank’s holdings in Ciena were worth $3,936,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. US Bancorp DE raised its holdings in Ciena by 1.5% in the 4th quarter. US Bancorp DE now owns 10,459 shares of the communications equipment provider’s stock valued at $887,000 after acquiring an additional 152 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in Ciena by 0.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 959,831 shares of the communications equipment provider’s stock valued at $81,403,000 after acquiring an additional 4,315 shares in the last quarter. Assenagon Asset Management S.A. acquired a new position in Ciena in the 1st quarter valued at $2,398,000. American Century Companies Inc. raised its holdings in Ciena by 1.5% in the 4th quarter. American Century Companies Inc. now owns 44,711 shares of the communications equipment provider’s stock valued at $3,792,000 after acquiring an additional 669 shares in the last quarter. Finally, UMB Bank n.a. raised its holdings in Ciena by 70.2% in the 1st quarter. UMB Bank n.a. now owns 1,222 shares of the communications equipment provider’s stock valued at $74,000 after acquiring an additional 504 shares in the last quarter. 91.99% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have weighed in on CIEN shares. Morgan Stanley lifted their price objective on Ciena from $44.00 to $73.00 and gave the company an “equal weight” rating in a report on Friday, June 6th. Northland Capmk raised Ciena from a “hold” rating to a “strong-buy” rating in a report on Wednesday, March 12th. B. Riley reissued a “buy” rating and set a $90.00 price target (up previously from $89.00) on shares of Ciena in a report on Friday, June 6th. JPMorgan Chase & Co. boosted their price target on Ciena from $76.00 to $86.00 and gave the stock an “overweight” rating in a report on Tuesday, May 27th. Finally, Needham & Company LLC reissued a “buy” rating and set a $90.00 price target on shares of Ciena in a report on Friday, June 6th. Six equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $84.31.

Ciena Price Performance

Shares of CIEN opened at $81.38 on Friday. Ciena Corporation has a 12-month low of $44.89 and a 12-month high of $101.44. The business has a 50-day simple moving average of $76.73 and a two-hundred day simple moving average of $76.24. The company has a quick ratio of 2.57, a current ratio of 3.40 and a debt-to-equity ratio of 0.55. The stock has a market cap of $11.50 billion, a PE ratio of 113.03, a PEG ratio of 1.78 and a beta of 1.11.

Ciena (NYSE:CIEN) last issued its earnings results on Thursday, June 5th. The communications equipment provider reported $0.42 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.08). Ciena had a return on equity of 5.08% and a net margin of 2.46%. The firm had revenue of $1.13 billion during the quarter, compared to analyst estimates of $1.09 billion. During the same period in the previous year, the company earned $0.27 EPS. Ciena’s revenue for the quarter was up 23.6% on a year-over-year basis. Analysts anticipate that Ciena Corporation will post 1.6 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, SVP Brodie Gage sold 350 shares of the stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $72.60, for a total value of $25,410.00. Following the completion of the sale, the senior vice president owned 45,883 shares of the company’s stock, valued at approximately $3,331,105.80. This represents a 0.76% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP David M. Rothenstein sold 2,500 shares of the stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $79.93, for a total value of $199,825.00. Following the completion of the sale, the senior vice president directly owned 202,370 shares of the company’s stock, valued at approximately $16,175,434.10. The trade was a 1.22% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 41,919 shares of company stock valued at $3,115,199. Corporate insiders own 0.93% of the company’s stock.

Ciena Company Profile

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.