Wealth Enhancement Advisory Services LLC increased its holdings in shares of Ciena Co. (NYSE:CIEN - Free Report) by 1.7% in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 819,309 shares of the communications equipment provider's stock after purchasing an additional 13,361 shares during the quarter. Wealth Enhancement Advisory Services LLC owned 0.57% of Ciena worth $50,461,000 as of its most recent filing with the SEC.
Other hedge funds have also recently bought and sold shares of the company. NorthCrest Asset Manangement LLC lifted its holdings in shares of Ciena by 8.6% in the third quarter. NorthCrest Asset Manangement LLC now owns 11,999 shares of the communications equipment provider's stock valued at $739,000 after purchasing an additional 950 shares in the last quarter. E. Ohman J or Asset Management AB raised its position in Ciena by 56.0% in the 3rd quarter. E. Ohman J or Asset Management AB now owns 97,287 shares of the communications equipment provider's stock valued at $5,992,000 after buying an additional 34,906 shares during the last quarter. Schwartz Investment Counsel Inc. lifted its stake in Ciena by 23.3% in the 3rd quarter. Schwartz Investment Counsel Inc. now owns 370,000 shares of the communications equipment provider's stock valued at $22,788,000 after acquiring an additional 70,000 shares in the last quarter. Tectonic Advisors LLC acquired a new position in Ciena during the 3rd quarter worth approximately $3,562,000. Finally, Lecap Asset Management Ltd. bought a new position in shares of Ciena during the 3rd quarter worth approximately $664,000. 91.99% of the stock is currently owned by institutional investors and hedge funds.
Ciena Stock Performance
Shares of CIEN traded down $1.94 during trading hours on Friday, hitting $64.12. The company had a trading volume of 2,063,211 shares, compared to its average volume of 1,818,862. The business has a fifty day moving average of $60.16 and a 200-day moving average of $52.34. The company has a quick ratio of 2.99, a current ratio of 4.06 and a debt-to-equity ratio of 0.53. The firm has a market cap of $9.21 billion, a price-to-earnings ratio of 61.65, a PEG ratio of 8.83 and a beta of 0.94. Ciena Co. has a 12 month low of $39.94 and a 12 month high of $69.91.
Ciena (NYSE:CIEN - Get Free Report) last issued its quarterly earnings data on Wednesday, September 4th. The communications equipment provider reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.26 by $0.09. Ciena had a net margin of 3.44% and a return on equity of 5.98%. The firm had revenue of $942.30 million during the quarter, compared to the consensus estimate of $928.31 million. During the same period last year, the business posted $0.36 earnings per share. The business's revenue for the quarter was down 11.8% compared to the same quarter last year. Equities analysts anticipate that Ciena Co. will post 1.13 EPS for the current fiscal year.
Ciena announced that its board has authorized a stock repurchase program on Wednesday, October 2nd that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the communications equipment provider to repurchase up to 10.5% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's board of directors believes its shares are undervalued.
Insider Activity at Ciena
In related news, SVP Jason Phipps sold 2,200 shares of the company's stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $61.49, for a total value of $135,278.00. Following the transaction, the senior vice president now directly owns 91,149 shares in the company, valued at approximately $5,604,752.01. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, SVP David M. Rothenstein sold 3,500 shares of the stock in a transaction on Monday, September 16th. The stock was sold at an average price of $56.24, for a total transaction of $196,840.00. Following the sale, the senior vice president now directly owns 205,421 shares of the company's stock, valued at approximately $11,552,877.04. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Jason Phipps sold 2,200 shares of the business's stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $61.49, for a total value of $135,278.00. Following the completion of the transaction, the senior vice president now directly owns 91,149 shares of the company's stock, valued at approximately $5,604,752.01. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 9,200 shares of company stock worth $568,123 in the last ninety days. 0.83% of the stock is owned by company insiders.
Wall Street Analyst Weigh In
A number of analysts have recently commented on CIEN shares. Needham & Company LLC reissued a "buy" rating and issued a $65.00 price objective on shares of Ciena in a research report on Thursday, September 5th. Stifel Nicolaus boosted their price target on shares of Ciena from $68.00 to $75.00 and gave the stock a "buy" rating in a research report on Wednesday, October 9th. Evercore ISI cut Ciena from an "outperform" rating to an "in-line" rating and set a $65.00 price objective for the company. in a report on Tuesday, October 15th. Rosenblatt Securities upped their target price on Ciena from $54.00 to $60.00 and gave the stock a "neutral" rating in a report on Thursday, September 5th. Finally, Barclays increased their price target on Ciena from $55.00 to $67.00 and gave the company an "overweight" rating in a research report on Thursday, September 5th. Seven equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $63.08.
Check Out Our Latest Analysis on CIEN
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.
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