KLP Kapitalforvaltning AS Sells 200 Shares of Ciena Corporation $CIEN

KLP Kapitalforvaltning AS lowered its stake in Ciena Corporation (NYSE:CIEN) by 0.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 29,200 shares of the communications equipment provider’s stock after selling 200 shares during the quarter. KLP Kapitalforvaltning AS’s holdings in Ciena were worth $2,375,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently modified their holdings of the business. Joule Financial LLC boosted its position in shares of Ciena by 2.9% during the 2nd quarter. Joule Financial LLC now owns 10,690 shares of the communications equipment provider’s stock valued at $869,000 after acquiring an additional 300 shares during the last quarter. Vaughan Nelson Investment Management L.P. boosted its position in shares of Ciena by 375.4% during the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 1,235,696 shares of the communications equipment provider’s stock valued at $100,499,000 after acquiring an additional 975,792 shares during the last quarter. Institute for Wealth Management LLC. bought a new stake in shares of Ciena during the 2nd quarter valued at about $445,000. Poinciana Advisors Group LLC bought a new stake in shares of Ciena during the 2nd quarter valued at about $275,000. Finally, Campbell Newman Asset Management Inc. boosted its position in shares of Ciena by 7.1% during the 2nd quarter. Campbell Newman Asset Management Inc. now owns 34,442 shares of the communications equipment provider’s stock valued at $2,801,000 after acquiring an additional 2,289 shares during the last quarter. Institutional investors own 91.99% of the company’s stock.

Ciena Stock Performance

NYSE:CIEN opened at $156.04 on Friday. The business has a 50 day moving average of $118.21 and a 200 day moving average of $89.56. The company has a market capitalization of $22.01 billion, a price-to-earnings ratio of 160.87, a PEG ratio of 2.16 and a beta of 1.15. Ciena Corporation has a 1-year low of $49.21 and a 1-year high of $165.24. The company has a debt-to-equity ratio of 0.55, a current ratio of 3.28 and a quick ratio of 2.52.

Ciena (NYSE:CIEN) last announced its quarterly earnings data on Thursday, April 6th. The communications equipment provider reported $0.47 earnings per share for the quarter. Ciena had a return on equity of 6.62% and a net margin of 3.10%.The firm had revenue of $844.44 million during the quarter. On average, sell-side analysts predict that Ciena Corporation will post 1.6 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Ciena news, CEO Gary B. Smith sold 6,800 shares of the business’s stock in a transaction that occurred on Wednesday, October 1st. The stock was sold at an average price of $149.88, for a total value of $1,019,184.00. Following the completion of the sale, the chief executive officer owned 282,070 shares in the company, valued at approximately $42,276,651.60. The trade was a 2.35% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Joseph Cumello sold 1,863 shares of the business’s stock in a transaction that occurred on Friday, September 26th. The shares were sold at an average price of $141.14, for a total value of $262,943.82. Following the completion of the sale, the senior vice president owned 43,531 shares of the company’s stock, valued at $6,143,965.34. The trade was a 4.10% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 45,724 shares of company stock worth $5,336,431. Company insiders own 0.93% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the company. Barclays lifted their price target on Ciena from $102.00 to $138.00 and gave the company an “overweight” rating in a research report on Friday, September 5th. Needham & Company LLC lifted their price target on Ciena from $90.00 to $130.00 and gave the company a “buy” rating in a research report on Friday, September 5th. UBS Group lifted their price target on Ciena from $78.00 to $120.00 and gave the company a “neutral” rating in a research report on Friday, September 5th. Evercore ISI boosted their target price on Ciena from $95.00 to $120.00 and gave the stock an “in-line” rating in a research report on Thursday, September 4th. Finally, JPMorgan Chase & Co. boosted their target price on Ciena from $105.00 to $140.00 and gave the stock an “overweight” rating in a research report on Friday, September 5th. Three analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, Ciena presently has an average rating of “Moderate Buy” and an average target price of $130.23.

Ciena Company Profile

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.