Northern Trust Corp boosted its stake in shares of Ciena Co. (NYSE:CIEN) by 1.3% during the 1st quarter, Holdings Channel reports. The fund owned 3,124,045 shares of the communications equipment provider’s stock after purchasing an additional 41,253 shares during the period. Northern Trust Corp’s holdings in Ciena were worth $116,652,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Vanguard Group Inc increased its stake in Ciena by 1.9% in the 3rd quarter. Vanguard Group Inc now owns 12,969,428 shares of the communications equipment provider’s stock worth $405,165,000 after acquiring an additional 240,201 shares during the last quarter. Janney Montgomery Scott LLC grew its stake in shares of Ciena by 32.7% in the fourth quarter. Janney Montgomery Scott LLC now owns 37,770 shares of the communications equipment provider’s stock worth $1,281,000 after acquiring an additional 9,307 shares in the last quarter. LS Investment Advisors LLC grew its stake in shares of Ciena by 36.2% in the fourth quarter. LS Investment Advisors LLC now owns 10,887 shares of the communications equipment provider’s stock worth $369,000 after acquiring an additional 2,896 shares in the last quarter. BB&T Securities LLC acquired a new position in shares of Ciena in the fourth quarter worth $1,817,000. Finally, CIBC Private Wealth Group LLC acquired a new position in shares of Ciena in the fourth quarter worth $371,000. 92.80% of the stock is currently owned by institutional investors.
In related news, VP James Frodsham sold 2,000 shares of the business’s stock in a transaction on Friday, April 12th. The shares were sold at an average price of $37.40, for a total value of $74,800.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Gary B. Smith sold 9,600 shares of the business’s stock in a transaction on Tuesday, March 26th. The shares were sold at an average price of $37.25, for a total transaction of $357,600.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 113,504 shares of company stock valued at $4,267,881. 1.20% of the stock is owned by corporate insiders.
CIEN has been the subject of several research reports. Piper Jaffray Companies boosted their price target on shares of Ciena to $41.00 and gave the stock a “neutral” rating in a research note on Tuesday, March 5th. BMO Capital Markets boosted their price target on shares of Ciena from $42.00 to $50.00 and gave the stock an “outperform” rating in a research note on Wednesday, March 6th. Citigroup boosted their price target on shares of Ciena to $50.00 and gave the stock a “buy” rating in a research note on Wednesday, March 6th. Cowen boosted their price target on shares of Ciena from $39.00 to $51.00 and gave the stock an “outperform” rating in a research note on Wednesday, March 6th. Finally, Argus reaffirmed an “average” rating and set a $53.00 price objective on shares of Ciena in a research report on Wednesday, March 6th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company’s stock. Ciena presently has an average rating of “Buy” and an average target price of $45.83.
Ciena stock opened at $42.47 on Friday. Ciena Co. has a 12-month low of $24.56 and a 12-month high of $46.23. The firm has a market cap of $6.71 billion, a PE ratio of 37.92, a PEG ratio of 1.44 and a beta of 1.06. The company has a debt-to-equity ratio of 0.33, a current ratio of 2.83 and a quick ratio of 2.36.
Ciena (NYSE:CIEN) last announced its quarterly earnings results on Thursday, June 6th. The communications equipment provider reported $0.48 earnings per share for the quarter, beating analysts’ consensus estimates of $0.41 by $0.07. Ciena had a net margin of 5.98% and a return on equity of 12.37%. The firm had revenue of $865.00 million during the quarter, compared to analysts’ expectations of $818.23 million. During the same period in the previous year, the company earned $0.23 earnings per share. Ciena’s quarterly revenue was up 18.5% compared to the same quarter last year. As a group, sell-side analysts forecast that Ciena Co. will post 1.72 earnings per share for the current year.
Ciena Company Profile
Ciena Corporation provides network hardware, software, and services that support the transport, switching, aggregation, service delivery, and management of video, data, and voice traffic on communications networks worldwide. The company's Networking Platforms segment offers hardware networking solutions optimized for the convergence of coherent optical transport, optical transport network switching, and packet switching.
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