20 Sep Dr. Jonathan Cartu Writes – 5,146 Shares in Ciena Co. (NYSE:CIEN) Acquired by CIBC…
CIBC Asset Management Inc bought a new position in shares of Ciena Co. (NYSE:CIEN) during the second quarter, according to its most recent filing with the SEC. The fund bought 5,146 shares of the communications equipment provider’s stock, valued at approximately $212,000.
Other institutional investors have also recently made changes to their positions in the company. Flagship Harbor Advisors LLC grew its holdings in Ciena by 98.5% during the 2nd quarter. Flagship Harbor Advisors LLC now owns 645 shares of the communications equipment provider’s stock valued at $26,000 after buying an additional 320 shares in the last quarter. Mizuho Securities Co. Ltd. purchased a new position in Ciena during the 1st quarter valued at about $37,000. Coastal Capital Group Inc. purchased a new position in shares of Ciena during the second quarter worth about $41,000. FinTrust Capital Advisors LLC purchased a new position in shares of Ciena during the first quarter worth about $57,000. Finally, Parkside Financial Bank & Trust grew its holdings in shares of Ciena by 29.6% during the first quarter. Parkside Financial Bank & Trust now owns 1,789 shares of the communications equipment provider’s stock worth $67,000 after purchasing an additional 409 shares in the last quarter. Institutional investors and hedge funds own 88.13% of the company’s stock.
In related news, CFO James E. Moylan, Jr. sold 2,000 shares of the stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $40.20, for a total transaction of $80,400.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, SVP Scott Mcfeely sold 1,000 shares of the stock in a transaction on Monday, September 16th. The shares were sold at an average price of $39.73, for a total value of $39,730.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 90,295 shares of company stock worth $3,920,822. Insiders own 1.20% of the company’s stock.
Shares of Ciena stock opened at $40.00 on Friday. The company has a market cap of $6.39 billion, a PE ratio of 35.71, a P/E/G ratio of 1.27 and a beta of 1.13. The business has a 50 day moving average of $41.28 and a 200 day moving average of $40.08. Ciena Co. has a 52 week low of $28.23 and a 52 week high of $46.78. The company has a quick ratio of 2.45, a current ratio of 2.90 and a debt-to-equity ratio of 0.32.
Ciena (NYSE:CIEN) last released its earnings results on Thursday, September 5th. The communications equipment provider reported $0.71 EPS for the quarter, topping analysts’ consensus estimates of $0.50 by $0.21. Ciena had a return on equity of 13.64% and a net margin of 6.77%. The firm had revenue of $960.60 million for the quarter, compared to analysts’ expectations of $930.64 million. During the same period in the prior year, the firm posted $0.48 earnings per share. The company’s quarterly revenue was up 17.3% on a year-over-year basis. On average, research analysts anticipate that Ciena Co. will post 1.88 earnings per share for the current year.
CIEN has been the subject of several recent analyst reports. Goldman Sachs Group boosted their price objective on Ciena from $45.00 to $53.00 and gave the stock a “buy” rating in a report on Friday, June 7th. Jefferies Financial Group boosted their price objective on Ciena from $50.00 to $55.00 and gave the stock a “buy” rating in a report on Friday, June 7th. Morgan Stanley boosted their price objective on Ciena from $41.00 to $43.00 and gave the stock an “equal weight” rating in a report on Friday, September 6th. JPMorgan Chase & Co. cut their price objective on Ciena from $53.00 to $50.00 and set an “overweight” rating for the company in a report on Friday, September 6th. Finally, Rosenblatt Securities raised Ciena from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $45.00 to $47.00 in a report on Thursday, August 29th. Nine investment analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $48.52.
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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