Sadoff Investment Management LLC trimmed its holdings in Ciena Co. (NYSE:CIEN) by 2.2% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 839,025 shares of the communications equipment provider’s stock after selling 19,150 shares during the quarter. Ciena makes up about 3.0% of Sadoff Investment Management LLC’s portfolio, making the stock its 13th biggest position. Sadoff Investment Management LLC owned 0.54% of Ciena worth $33,301,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also modified their holdings of CIEN. FMR LLC raised its stake in shares of Ciena by 294.6% in the 2nd quarter. FMR LLC now owns 6,182,550 shares of the communications equipment provider’s stock valued at $334,847,000 after buying an additional 4,615,896 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its position in shares of Ciena by 47.0% during the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 1,265,828 shares of the communications equipment provider’s stock valued at $50,241,000 after acquiring an additional 404,491 shares during the period. Nuveen Asset Management LLC raised its position in shares of Ciena by 21.3% during the 2nd quarter. Nuveen Asset Management LLC now owns 2,233,922 shares of the communications equipment provider’s stock worth $120,989,000 after purchasing an additional 391,611 shares during the last quarter. Hallmark Capital Management Inc. acquired a new position in shares of Ciena during the 3rd quarter worth approximately $15,461,000. Finally, Natixis Advisors L.P. raised its position in shares of Ciena by 503.1% during the 2nd quarter. Natixis Advisors L.P. now owns 463,401 shares of the communications equipment provider’s stock worth $25,098,000 after purchasing an additional 386,565 shares during the last quarter. Hedge funds and other institutional investors own 81.63% of the company’s stock.
Shares of Ciena stock traded down $0.21 during midday trading on Monday, reaching $44.26. 10,869 shares of the company’s stock traded hands, compared to its average volume of 2,080,145. The company has a market cap of $6.83 billion, a price-to-earnings ratio of 18.45, a price-to-earnings-growth ratio of 1.20 and a beta of 0.83. The company’s 50 day simple moving average is $41.87 and its 200 day simple moving average is $49.56. The company has a debt-to-equity ratio of 0.28, a quick ratio of 3.06 and a current ratio of 3.56. Ciena Co. has a 52 week low of $30.58 and a 52 week high of $61.51.
Ciena (NYSE:CIEN) last released its quarterly earnings results on Thursday, September 3rd. The communications equipment provider reported $1.06 earnings per share for the quarter, beating analysts’ consensus estimates of $0.83 by $0.23. The business had revenue of $976.70 million for the quarter, compared to the consensus estimate of $974.49 million. Ciena had a net margin of 10.26% and a return on equity of 17.93%. Ciena’s revenue for the quarter was up 1.7% on a year-over-year basis. During the same quarter last year, the firm earned $0.71 EPS. As a group, equities research analysts predict that Ciena Co. will post 2.62 earnings per share for the current year.
In other Ciena news, CEO Gary B. Smith sold 1,200 shares of the firm’s stock in a transaction on Tuesday, November 24th. The stock was sold at an average price of $44.02, for a total transaction of $52,824.00. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP Andrew C. Petrik sold 1,000 shares of the firm’s stock in a transaction on Tuesday, September 15th. The shares were sold at an average price of $43.00, for a total value of $43,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 32,795 shares of company stock valued at $1,376,728 in the last three months. Insiders own 1.20% of the company’s stock.
Several analysts recently commented on CIEN shares. ValuEngine lowered shares of Ciena from a “hold” rating to a “sell” rating in a research note on Saturday, September 5th. Zacks Investment Research cut shares of Ciena from a “hold” rating to a “sell” rating and set a $41.00 price objective for the company. in a research report on Thursday, September 24th. B. Riley decreased their price objective on shares of Ciena from $50.00 to $46.00 in a report on Friday, September 4th. JPMorgan Chase & Co. restated a “buy” rating and issued a $53.00 price target on shares of Ciena in a research note on Friday, September 4th. Finally, Morgan Stanley cut their price objective on shares of Ciena from $50.00 to $46.00 and set an “equal weight” rating for the company in a research report on Friday, September 4th. Three analysts have rated the stock with a sell rating, five have given a hold rating and seventeen have given a buy rating to the company’s stock. Ciena has a consensus rating of “Buy” and an average price target of $53.14.
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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