Duality Advisers LP acquired a new stake in shares of Ciena Co. (NYSE:CIEN) during the 2nd quarter, HoldingsChannel reports. The institutional investor acquired 31,306 shares of the communications equipment provider’s stock, valued at approximately $1,696,000.
Other institutional investors also recently made changes to their positions in the company. Alliancebernstein L.P. raised its stake in shares of Ciena by 32.3% in the first quarter. Alliancebernstein L.P. now owns 4,255,893 shares of the communications equipment provider’s stock worth $169,427,000 after purchasing an additional 1,038,125 shares during the last quarter. State Street Corp raised its position in Ciena by 2.6% during the 1st quarter. State Street Corp now owns 3,783,454 shares of the communications equipment provider’s stock worth $150,619,000 after buying an additional 96,321 shares during the last quarter. Congress Asset Management Co. MA raised its position in Ciena by 45.0% during the 2nd quarter. Congress Asset Management Co. MA now owns 3,423,768 shares of the communications equipment provider’s stock worth $185,431,000 after buying an additional 1,061,808 shares during the last quarter. Ion Asset Management Ltd. boosted its holdings in shares of Ciena by 9.2% in the 1st quarter. Ion Asset Management Ltd. now owns 2,625,524 shares of the communications equipment provider’s stock valued at $104,522,000 after acquiring an additional 221,467 shares during the last quarter. Finally, Norges Bank acquired a new stake in shares of Ciena in the fourth quarter worth $86,193,000. 88.44% of the stock is owned by hedge funds and other institutional investors.
In other news, CFO James E. Moylan, Jr. sold 2,000 shares of Ciena stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $46.05, for a total transaction of $92,100.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Patrick H. Nettles sold 20,000 shares of the company’s stock in a transaction that occurred on Monday, July 27th. The shares were sold at an average price of $58.61, for a total value of $1,172,200.00. The disclosure for this sale can be found here. In the last quarter, insiders have sold 145,100 shares of company stock worth $7,995,960. Insiders own 1.20% of the company’s stock.
Several brokerages have weighed in on CIEN. Northland Securities downgraded Ciena from an “outperform” rating to a “market perform” rating and set a $54.00 price target on the stock. in a research report on Thursday, June 4th. They noted that the move was a valuation call. Piper Sandler lifted their price target on Ciena from $50.00 to $62.00 and gave the company an “overweight” rating in a research report on Thursday, June 4th. Needham & Company LLC upgraded Ciena from a “hold” rating to a “buy” rating and set a $65.00 price objective on the stock in a research report on Tuesday, July 21st. Barclays boosted their target price on shares of Ciena from $48.00 to $67.00 and gave the company an “overweight” rating in a research note on Friday, June 5th. Finally, Nomura Instinet lifted their price objective on shares of Ciena from $46.00 to $63.00 and gave the company a “buy” rating in a report on Friday, June 5th. One research analyst has rated the stock with a sell rating, four have given a hold rating and eighteen have assigned a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $56.71.
CIEN stock opened at $59.51 on Friday. The company has a current ratio of 3.28, a quick ratio of 2.83 and a debt-to-equity ratio of 0.30. The firm has a 50-day moving average of $54.50 and a two-hundred day moving average of $47.00. Ciena Co. has a 12 month low of $30.58 and a 12 month high of $59.82. The company has a market cap of $9.13 billion, a price-to-earnings ratio of 29.03, a PEG ratio of 1.43 and a beta of 0.89.
Ciena (NYSE:CIEN) last posted its quarterly earnings results on Thursday, June 4th. The communications equipment provider reported $0.76 EPS for the quarter, beating the consensus estimate of $0.49 by $0.27. The firm had revenue of $894.00 million during the quarter, compared to analysts’ expectations of $889.42 million. Ciena had a return on equity of 16.18% and a net margin of 8.78%. The business’s revenue for the quarter was up 3.3% on a year-over-year basis. During the same quarter last year, the firm earned $0.48 earnings per share. As a group, equities analysts forecast that Ciena Co. will post 2.6 earnings per share for the current year.
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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