Lmcg Investments LLC increased its holdings in shares of Ciena Co. (NYSE:CIEN - Free Report) by 7.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 173,968 shares of the communications equipment provider's stock after purchasing an additional 12,411 shares during the quarter. Lmcg Investments LLC owned approximately 0.12% of Ciena worth $10,715,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. SG Americas Securities LLC boosted its holdings in shares of Ciena by 1,171.4% during the 2nd quarter. SG Americas Securities LLC now owns 44,854 shares of the communications equipment provider's stock valued at $2,161,000 after purchasing an additional 41,326 shares during the last quarter. First Hawaiian Bank purchased a new position in Ciena during the 2nd quarter valued at approximately $661,000. Susquehanna Fundamental Investments LLC bought a new stake in Ciena in the 2nd quarter worth approximately $5,039,000. Bank of New York Mellon Corp raised its holdings in shares of Ciena by 13.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,499,035 shares of the communications equipment provider's stock worth $72,223,000 after acquiring an additional 181,358 shares in the last quarter. Finally, Tidal Investments LLC boosted its position in shares of Ciena by 372.8% during the 1st quarter. Tidal Investments LLC now owns 36,744 shares of the communications equipment provider's stock valued at $1,817,000 after acquiring an additional 28,972 shares during the last quarter. Institutional investors own 91.99% of the company's stock.
Insider Buying and Selling at Ciena
In other Ciena news, SVP David M. Rothenstein sold 3,500 shares of Ciena stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $56.24, for a total value of $196,840.00. Following the transaction, the senior vice president now owns 205,421 shares in the company, valued at $11,552,877.04. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other 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 value of $135,278.00. Following the completion of the sale, the senior vice president now owns 91,149 shares of the company's stock, valued at $5,604,752.01. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP David M. Rothenstein sold 3,500 shares of the company's stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $56.24, for a total value of $196,840.00. Following the transaction, the senior vice president now directly owns 205,421 shares in the company, valued at $11,552,877.04. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 9,200 shares of company stock valued at $568,123. 0.83% of the stock is currently owned by corporate insiders.
Ciena Stock Up 0.7 %
Shares of Ciena stock traded up $0.46 during trading on Friday, hitting $63.97. 1,427,143 shares of the stock traded hands, compared to its average volume of 1,811,879. The company has a current ratio of 4.06, a quick ratio of 2.99 and a debt-to-equity ratio of 0.53. The stock's fifty day simple moving average is $61.11 and its 200 day simple moving average is $52.90. The firm has a market cap of $9.24 billion, a P/E ratio of 68.05, a price-to-earnings-growth ratio of 8.46 and a beta of 0.94. Ciena Co. has a 52-week low of $42.17 and a 52-week high of $69.91.
Ciena (NYSE:CIEN - Get Free Report) last posted its quarterly earnings results on Wednesday, September 4th. The communications equipment provider reported $0.35 EPS for the quarter, beating 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 business had revenue of $942.30 million during the quarter, compared to analyst estimates of $928.31 million. During the same quarter in the previous year, the business posted $0.36 EPS. The company's quarterly revenue was down 11.8% compared to the same quarter last year. On average, equities analysts predict that Ciena Co. will post 1.13 earnings per share for the current fiscal year.
Ciena declared that its board has initiated a stock buyback plan 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 reacquire up to 10.5% of its stock through open market purchases. Stock buyback plans are usually an indication that the company's leadership believes its stock is undervalued.
Wall Street Analyst Weigh In
Several equities research analysts recently weighed in on the stock. Citigroup upgraded shares of Ciena from a "sell" rating to a "buy" rating and boosted their price target for the stock from $44.00 to $68.00 in a research report on Monday, September 23rd. Rosenblatt Securities upped their target price on shares of Ciena from $54.00 to $60.00 and gave the company a "neutral" rating in a research report on Thursday, September 5th. Barclays lifted their price target on Ciena from $55.00 to $67.00 and gave the stock an "overweight" rating in a research report on Thursday, September 5th. Stifel Nicolaus upped their price objective on Ciena from $68.00 to $75.00 and gave the company a "buy" rating in a research report on Wednesday, October 9th. Finally, Bank of America reiterated a "neutral" rating and issued a $59.00 target price on shares of Ciena in a report on Thursday, September 5th. Eight investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Hold" and an average target price of $63.08.
Check Out Our Latest Stock Report 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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