Ciena Co. (NYSE:CIEN) Shares Sold by SkyOak Wealth LLC

SkyOak Wealth LLC lowered its stake in shares of Ciena Co. (NYSE:CIEN) by 38.1% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 8,649 shares of the communications equipment provider’s stock after selling 5,323 shares during the period. SkyOak Wealth LLC’s holdings in Ciena were worth $417,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. Private Advisor Group LLC purchased a new stake in shares of Ciena during the 4th quarter worth about $238,000. Dimensional Fund Advisors LP grew its stake in Ciena by 18.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,162,410 shares of the communications equipment provider’s stock worth $97,331,000 after buying an additional 332,181 shares during the period. Vanguard Personalized Indexing Management LLC increased its position in shares of Ciena by 114.8% in the fourth quarter. Vanguard Personalized Indexing Management LLC now owns 17,875 shares of the communications equipment provider’s stock worth $805,000 after acquiring an additional 9,554 shares in the last quarter. Norges Bank purchased a new position in shares of Ciena in the 4th quarter valued at $73,476,000. Finally, UBS Group AG lifted its holdings in shares of Ciena by 15.4% during the 4th quarter. UBS Group AG now owns 201,552 shares of the communications equipment provider’s stock valued at $9,072,000 after acquiring an additional 26,870 shares in the last quarter. 91.99% of the stock is owned by hedge funds and other institutional investors.

Ciena Trading Up 0.3 %

Shares of NYSE CIEN opened at $56.45 on Wednesday. The stock has a market capitalization of $8.11 billion, a P/E ratio of 54.28, a PEG ratio of 6.86 and a beta of 0.94. The stock’s 50 day moving average price is $51.88 and its two-hundred day moving average price is $49.80. The company has a quick ratio of 2.99, a current ratio of 4.06 and a debt-to-equity ratio of 0.53. Ciena Co. has a 52-week low of $39.94 and a 52-week high of $63.24.

Ciena (NYSE:CIEN) last released its quarterly earnings data on Wednesday, September 4th. The communications equipment provider reported $0.35 EPS for the quarter, topping analysts’ consensus estimates of $0.26 by $0.09. Ciena had a net margin of 3.44% and a return on equity of 5.98%. The firm had revenue of $942.30 million during the quarter, compared to the consensus estimate of $928.31 million. During the same quarter in the previous year, the company posted $0.36 earnings per share. The firm’s revenue was down 11.8% on a year-over-year basis. On average, analysts anticipate that Ciena Co. will post 1.15 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have commented on the company. JPMorgan Chase & Co. cut their price objective on Ciena from $67.00 to $60.00 and set an “overweight” rating on the stock in a research report on Thursday, May 30th. Raymond James lowered Ciena from a “strong-buy” rating to an “outperform” rating and reduced their price target for the stock from $59.00 to $54.00 in a research report on Thursday, June 6th. Morgan Stanley increased their price objective on shares of Ciena from $55.00 to $60.00 and gave the company an “overweight” rating in a research report on Wednesday, September 4th. Needham & Company LLC reissued a “buy” rating and set a $65.00 target price on shares of Ciena in a research report on Thursday, September 5th. Finally, B. Riley cut their price objective on shares of Ciena from $68.00 to $66.00 and set a “buy” rating on the stock in a report on Friday, June 7th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Ciena presently has an average rating of “Moderate Buy” and a consensus target price of $59.15.

Insider Buying and Selling

In other Ciena news, SVP David M. Rothenstein sold 3,500 shares of Ciena stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $48.81, for a total value of $170,835.00. Following the completion of the transaction, the senior vice president now directly owns 212,421 shares in the company, valued at $10,368,269.01. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Ciena news, SVP Jason Phipps sold 2,712 shares of the company’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $48.29, for a total value of $130,962.48. Following the completion of the transaction, the senior vice president now owns 96,000 shares in the company, valued at approximately $4,635,840. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, SVP David M. Rothenstein sold 3,500 shares of Ciena stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $48.81, for a total value of $170,835.00. Following the sale, the senior vice president now directly owns 212,421 shares in the company, valued at approximately $10,368,269.01. The disclosure for this sale can be found here. 0.83% of the stock is owned by company insiders.

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.