Tradewinds LLC. Sells 1,325 Shares of Ciena Co. (NYSE:CIEN)

Tradewinds LLC. cut its stake in Ciena Co. (NYSE:CIEN) by 19.2% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 5,575 shares of the communications equipment provider’s stock after selling 1,325 shares during the period. Tradewinds LLC.’s holdings in Ciena were worth $343,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently modified their holdings of CIEN. Barrow Hanley Mewhinney & Strauss LLC increased its position in Ciena by 119.9% in the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 5,397,560 shares of the communications equipment provider’s stock worth $260,054,000 after purchasing an additional 2,943,146 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of Ciena by 24.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,706,308 shares of the communications equipment provider’s stock valued at $130,392,000 after purchasing an additional 523,313 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in shares of Ciena by 1,944.4% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,062,394 shares of the communications equipment provider’s stock worth $101,986,000 after buying an additional 1,961,513 shares during the period. Victory Capital Management Inc. raised its stake in shares of Ciena by 17.2% during the second quarter. Victory Capital Management Inc. now owns 2,049,464 shares of the communications equipment provider’s stock worth $98,743,000 after buying an additional 301,390 shares during the last quarter. Finally, Pacer Advisors Inc. lifted its holdings in Ciena by 7,767.2% in the second quarter. Pacer Advisors Inc. now owns 1,966,414 shares of the communications equipment provider’s stock valued at $94,742,000 after buying an additional 1,941,419 shares during the period. 91.99% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Ciena news, SVP Joseph Cumello sold 1,289 shares of the business’s stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $68.99, for a total transaction of $88,928.11. Following the transaction, the senior vice president now owns 39,486 shares of the company’s stock, valued at $2,724,139.14. The trade was a 3.16 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP David M. Rothenstein sold 3,500 shares of the stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $56.24, for a total value of $196,840.00. Following the completion of the sale, the senior vice president now directly owns 205,421 shares of the company’s stock, valued at approximately $11,552,877.04. The trade was a 1.68 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 10,489 shares of company stock worth $657,051 over the last ninety days. Insiders own 0.83% of the company’s stock.

Analyst Ratings Changes

CIEN has been the subject of several recent research reports. JPMorgan Chase & Co. cut shares of Ciena from an “overweight” rating to a “neutral” rating and set a $65.00 target price for the company. in a research report on Monday, October 7th. Barclays increased their target price on Ciena from $55.00 to $67.00 and gave the company an “overweight” rating in a research note on Thursday, September 5th. Needham & Company LLC restated a “buy” rating and set a $65.00 target price on shares of Ciena in a report on Thursday, September 5th. Rosenblatt Securities upped their price target on Ciena from $54.00 to $60.00 and gave the company a “neutral” rating in a research note on Thursday, September 5th. Finally, Northland Securities reissued a “market perform” rating and set a $46.00 price objective on shares of Ciena in a research note on Tuesday, September 3rd. Eight research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $63.08.

Ciena Price Performance

Shares of NYSE CIEN opened at $66.50 on Thursday. The company has a fifty day moving average price of $64.65 and a 200 day moving average price of $55.04. Ciena Co. has a 1-year low of $42.20 and a 1-year high of $73.47. The firm has a market cap of $9.60 billion, a PE ratio of 70.75, a PEG ratio of 5.45 and a beta of 0.94. The company has a current ratio of 4.06, a quick ratio of 2.99 and a debt-to-equity ratio of 0.53.

Ciena (NYSE:CIEN) last posted its quarterly earnings data on Wednesday, September 4th. The communications equipment provider reported $0.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.26 by $0.09. The business had revenue of $942.30 million during the quarter, compared to the consensus estimate of $928.31 million. Ciena had a return on equity of 5.98% and a net margin of 3.44%. Ciena’s quarterly revenue was down 11.8% on a year-over-year basis. During the same period last year, the company earned $0.36 earnings per share. Research analysts predict that Ciena Co. will post 1.13 earnings per share for the current fiscal year.

Ciena announced that its Board of Directors has approved a share repurchase plan on Wednesday, October 2nd that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the communications equipment provider to buy up to 10.5% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.

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.