Kornitzer Capital Management Inc. KS Lowers Stake in Ciena Co. (NYSE:CIEN)

Kornitzer Capital Management Inc. KS cut its position in Ciena Co. (NYSE:CIEN - Free Report) by 78.5% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 68,769 shares of the communications equipment provider's stock after selling 251,446 shares during the quarter. Kornitzer Capital Management Inc. KS's holdings in Ciena were worth $5,832,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of the company. FMR LLC lifted its stake in Ciena by 0.5% in the 3rd quarter. FMR LLC now owns 21,664,066 shares of the communications equipment provider's stock worth $1,334,290,000 after purchasing an additional 108,407 shares in the last quarter. State Street Corp increased its holdings in shares of Ciena by 1.2% in the 3rd quarter. State Street Corp now owns 4,439,478 shares of the communications equipment provider's stock worth $273,427,000 after buying an additional 53,078 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Ciena by 1.4% in the 3rd quarter. Geode Capital Management LLC now owns 2,408,014 shares of the communications equipment provider's stock worth $148,348,000 after buying an additional 33,074 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Ciena by 0.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 955,516 shares of the communications equipment provider's stock worth $58,850,000 after buying an additional 6,605 shares during the last quarter. Finally, Point72 Asset Management L.P. bought a new position in shares of Ciena in the 3rd quarter worth $57,861,000. 91.99% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Ciena

In other news, CEO Gary B. Smith sold 13,600 shares of the firm's stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $83.66, for a total value of $1,137,776.00. Following the completion of the sale, the chief executive officer now directly owns 425,749 shares of the company's stock, valued at approximately $35,618,161.34. This trade represents a 3.10 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Brodie Gage sold 350 shares of the firm's stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $85.91, for a total transaction of $30,068.50. Following the completion of the sale, the senior vice president now directly owns 49,547 shares of the company's stock, valued at approximately $4,256,582.77. This represents a 0.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 56,642 shares of company stock valued at $4,818,176 in the last quarter. Company insiders own 0.93% of the company's stock.

Ciena Trading Down 2.7 %

CIEN traded down $2.30 during trading on Friday, hitting $84.15. 1,884,944 shares of the stock traded hands, compared to its average volume of 2,433,265. The firm has a market capitalization of $12.00 billion, a P/E ratio of 147.63, a price-to-earnings-growth ratio of 1.55 and a beta of 0.88. The company has a debt-to-equity ratio of 0.54, a current ratio of 3.55 and a quick ratio of 2.72. The firm has a 50-day moving average of $86.75 and a 200 day moving average of $70.83. Ciena Co. has a 12-month low of $43.30 and a 12-month high of $101.44.

Ciena (NYSE:CIEN - Get Free Report) last announced its quarterly earnings results on Thursday, December 12th. The communications equipment provider reported $0.54 earnings per share for the quarter, missing the consensus estimate of $0.66 by ($0.12). The firm had revenue of $1.12 billion for the quarter, compared to analysts' expectations of $1.10 billion. Ciena had a net margin of 2.09% and a return on equity of 4.72%. The company's quarterly revenue was down .5% on a year-over-year basis. During the same period in the previous year, the company earned $0.56 EPS. Equities research analysts anticipate that Ciena Co. will post 1.6 EPS for the current year.

Wall Street Analysts Forecast Growth

CIEN has been the topic of a number of research analyst reports. Rosenblatt Securities increased their price target on shares of Ciena from $75.00 to $94.00 and gave the stock a "neutral" rating in a report on Friday, December 13th. Barclays increased their price target on shares of Ciena from $67.00 to $97.00 and gave the stock an "overweight" rating in a report on Friday, December 13th. JPMorgan Chase & Co. raised shares of Ciena from a "neutral" rating to an "overweight" rating and increased their price target for the stock from $84.00 to $88.00 in a report on Tuesday, January 28th. Needham & Company LLC reissued a "buy" rating and issued a $95.00 price target on shares of Ciena in a report on Friday, January 10th. Finally, Stifel Nicolaus reissued a "buy" rating and issued a $82.00 price target (up previously from $75.00) on shares of Ciena in a report on Tuesday, December 10th. Six research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $78.77.

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.