Tidal Investments LLC Decreases Holdings in Ciena Co. (NYSE:CIEN)

Tidal Investments LLC lowered its stake in Ciena Co. (NYSE:CIEN - Free Report) by 31.9% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 30,420 shares of the communications equipment provider's stock after selling 14,251 shares during the quarter. Tidal Investments LLC's holdings in Ciena were worth $1,874,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Coldstream Capital Management Inc. lifted its position in shares of Ciena by 3.8% in the third quarter. Coldstream Capital Management Inc. now owns 4,742 shares of the communications equipment provider's stock valued at $292,000 after acquiring an additional 175 shares in the last quarter. Panagora Asset Management Inc. lifted its holdings in Ciena by 4.6% in the 2nd quarter. Panagora Asset Management Inc. now owns 5,404 shares of the communications equipment provider's stock valued at $260,000 after purchasing an additional 239 shares in the last quarter. US Bancorp DE lifted its holdings in Ciena by 2.4% in the 3rd quarter. US Bancorp DE now owns 10,307 shares of the communications equipment provider's stock valued at $635,000 after purchasing an additional 244 shares in the last quarter. Private Advisor Group LLC boosted its stake in Ciena by 5.4% during the 3rd quarter. Private Advisor Group LLC now owns 6,169 shares of the communications equipment provider's stock worth $380,000 after purchasing an additional 318 shares during the last quarter. Finally, UMB Bank n.a. grew its holdings in shares of Ciena by 424.4% during the third quarter. UMB Bank n.a. now owns 451 shares of the communications equipment provider's stock worth $28,000 after buying an additional 365 shares in the last quarter. Hedge funds and other institutional investors own 91.99% of the company's stock.

Analyst Ratings Changes

CIEN has been the topic of a number of research reports. Barclays raised their target price on shares of Ciena from $67.00 to $97.00 and gave the stock an "overweight" rating in a research note on Friday. BNP Paribas lowered Ciena from an "outperform" rating to a "neutral" rating and boosted their price objective for the stock from $59.00 to $67.00 in a research note on Wednesday, October 9th. Bank of America upgraded Ciena from a "neutral" rating to a "buy" rating and upped their target price for the company from $70.00 to $95.00 in a report on Friday. Citigroup lifted their price target on Ciena from $84.00 to $98.00 and gave the stock a "buy" rating in a report on Friday. Finally, Needham & Company LLC upped their price objective on shares of Ciena from $80.00 to $95.00 and gave the company a "buy" rating in a report on Friday. Seven equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $77.00.

Insider Transactions at Ciena

In other Ciena news, SVP David M. Rothenstein sold 3,500 shares of the company'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 $13,485,797.71. This represents a 1.72 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Jason Phipps sold 2,200 shares of Ciena 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 owns 91,149 shares of the company's stock, valued at $5,604,752.01. The trade was a 2.36 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 6,989 shares of company stock valued at $460,211. 0.83% of the stock is currently owned by corporate insiders.

Ciena Trading Down 3.3 %

Ciena stock traded down $3.00 during trading on Tuesday, hitting $88.14. The company had a trading volume of 2,911,818 shares, compared to its average volume of 1,860,075. 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 company's 50 day simple moving average is $69.46 and its 200-day simple moving average is $58.23. Ciena Co. has a 1-year low of $42.20 and a 1-year high of $91.82. The stock has a market cap of $12.73 billion, a price-to-earnings ratio of 159.98, a price-to-earnings-growth ratio of 5.95 and a beta of 0.95.

Ciena (NYSE:CIEN - Get Free Report) last issued its quarterly earnings data on Thursday, December 12th. The communications equipment provider reported $0.54 earnings per share for the quarter, missing analysts' consensus estimates of $0.66 by ($0.12). Ciena had a net margin of 3.44% and a return on equity of 5.98%. The firm had revenue of $1.12 billion during the quarter, compared to analyst estimates of $1.10 billion. During the same period in the previous year, the firm posted $0.56 earnings per share. The company's quarterly revenue was down .5% compared to the same quarter last year. As a group, analysts expect that Ciena Co. will post 1.13 EPS for the current fiscal year.

Ciena announced that its Board of Directors has authorized a share buyback plan on Wednesday, October 2nd that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the communications equipment provider to repurchase up to 10.5% of its stock through open market purchases. Stock repurchase plans are often a sign that the company's management believes its shares are undervalued.

About Ciena

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.