CloudAlpha Capital Management Limited Hong Kong bought a new stake in Ciena Co. (NYSE:CIEN - Free Report) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 60,853 shares of the communications equipment provider's stock, valued at approximately $3,748,000. Ciena makes up approximately 0.2% of CloudAlpha Capital Management Limited Hong Kong's holdings, making the stock its 24th largest holding.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in CIEN. Barrow Hanley Mewhinney & Strauss LLC lifted its position in shares of Ciena by 119.9% during the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 5,397,560 shares of the communications equipment provider's stock worth $260,054,000 after acquiring an additional 2,943,146 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Ciena by 24.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,706,308 shares of the communications equipment provider's stock worth $130,392,000 after acquiring an additional 523,313 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of Ciena by 1,944.4% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,062,394 shares of the communications equipment provider's stock worth $101,986,000 after acquiring an additional 1,961,513 shares during the last quarter. Victory Capital Management Inc. boosted its stake in shares of Ciena by 17.2% during the 2nd quarter. Victory Capital Management Inc. now owns 2,049,464 shares of the communications equipment provider's stock worth $98,743,000 after acquiring an additional 301,390 shares during the last quarter. Finally, Pacer Advisors Inc. boosted its stake in shares of Ciena by 7,767.2% during the 2nd quarter. Pacer Advisors Inc. now owns 1,966,414 shares of the communications equipment provider's stock worth $94,742,000 after acquiring an additional 1,941,419 shares during the last quarter. 91.99% of the stock is owned by institutional investors.
Analyst Upgrades and Downgrades
A number of research analysts recently weighed in on the stock. Bank of America restated a "neutral" rating and set a $59.00 target price on shares of Ciena in a research note on Thursday, September 5th. Barclays upped their price target on shares of Ciena from $55.00 to $67.00 and gave the company an "overweight" rating in a research note on Thursday, September 5th. JPMorgan Chase & Co. cut Ciena from an "overweight" rating to a "neutral" rating and set a $65.00 price objective on the stock. in a report on Monday, October 7th. Rosenblatt Securities boosted their target price on Ciena from $54.00 to $60.00 and gave the company a "neutral" rating in a research report on Thursday, September 5th. Finally, Morgan Stanley lowered Ciena from an "overweight" rating to an "equal weight" rating and set a $63.00 price objective on the stock. in a research report on Monday, October 28th. Eight equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, Ciena currently has a consensus rating of "Hold" and an average price target of $63.08.
Check Out Our Latest Stock Report on Ciena
Insider Transactions at Ciena
In other Ciena news, SVP David M. Rothenstein sold 3,500 shares of the business's stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $67.43, for a total transaction of $236,005.00. Following the sale, the senior vice president now owns 199,997 shares in the company, valued at approximately $13,485,797.71. The trade was a 1.72 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Ciena news, SVP Jason Phipps sold 2,200 shares of the firm's stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $61.49, for a total transaction of $135,278.00. Following the completion of the transaction, the senior vice president now owns 91,149 shares of the company's stock, valued at approximately $5,604,752.01. This trade represents a 2.36 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP David M. Rothenstein sold 3,500 shares of the firm's stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $67.43, for a total value of $236,005.00. Following the sale, the senior vice president now owns 199,997 shares in the company, valued at $13,485,797.71. This trade represents a 1.72 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 9,200 shares of company stock valued at $568,123. Corporate insiders own 0.83% of the company's stock.
Ciena Stock Down 2.3 %
CIEN traded down $1.65 during trading on Thursday, reaching $69.75. The stock had a trading volume of 1,406,267 shares, compared to its average volume of 1,806,562. The company has a current ratio of 4.06, a quick ratio of 2.99 and a debt-to-equity ratio of 0.53. Ciena Co. has a one year low of $42.20 and a one year high of $73.47. The company has a market capitalization of $10.07 billion, a price-to-earnings ratio of 76.00, a P/E/G ratio of 5.76 and a beta of 0.94. The stock's 50 day moving average is $63.14 and its two-hundred day moving average is $54.32.
Ciena (NYSE:CIEN - Get Free Report) last released its quarterly earnings results on Wednesday, September 4th. The communications equipment provider reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.26 by $0.09. The business had revenue of $942.30 million during the quarter, compared to analysts' expectations of $928.31 million. Ciena had a return on equity of 5.98% and a net margin of 3.44%. The firm's revenue for the quarter was down 11.8% compared to the same quarter last year. During the same quarter last year, the business posted $0.36 EPS. As a group, analysts expect that Ciena Co. will post 1.13 earnings per share for the current year.
Ciena declared that its Board of Directors has approved a share buyback program on Wednesday, October 2nd that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the communications equipment provider to buy up to 10.5% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's board of directors believes its stock is undervalued.
Ciena Company Profile
(
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.
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