SWS Partners purchased a new stake in Ciena Co. (NYSE:CIEN – Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 17,970 shares of the communications equipment provider’s stock, valued at approximately $944,000.
A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Empirical Financial Services LLC d.b.a. Empirical Wealth Management increased its position in Ciena by 9.7% in the 1st quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 79,437 shares of the communications equipment provider’s stock worth $4,172,000 after buying an additional 7,040 shares during the period. Great Lakes Retirement Inc. bought a new position in Ciena during the first quarter worth $330,000. Kornitzer Capital Management Inc. KS raised its stake in Ciena by 0.4% during the 1st quarter. Kornitzer Capital Management Inc. KS now owns 494,361 shares of the communications equipment provider’s stock valued at $25,964,000 after purchasing an additional 1,775 shares during the last quarter. Tower Research Capital LLC TRC boosted its holdings in Ciena by 255.3% in the 1st quarter. Tower Research Capital LLC TRC now owns 9,178 shares of the communications equipment provider’s stock valued at $483,000 after purchasing an additional 6,595 shares during the period. Finally, Boston Partners bought a new position in shares of Ciena during the 1st quarter worth about $14,073,000. 91.15% of the stock is currently owned by institutional investors and hedge funds.
Ciena Stock Performance
Ciena stock opened at $42.06 on Tuesday. The company has a market cap of $6.29 billion, a PE ratio of 31.16, a PEG ratio of 1.47 and a beta of 0.97. The company has a current ratio of 3.66, a quick ratio of 2.62 and a debt-to-equity ratio of 0.53. Ciena Co. has a 1 year low of $38.33 and a 1 year high of $56.38. The company’s 50-day moving average is $42.38 and its two-hundred day moving average is $46.17.
Ciena (NYSE:CIEN – Get Free Report) last issued its earnings results on Tuesday, June 6th. The communications equipment provider reported $0.74 EPS for the quarter, beating the consensus estimate of $0.61 by $0.13. Ciena had a net margin of 5.02% and a return on equity of 9.31%. The company had revenue of $1.13 billion during the quarter, compared to analysts’ expectations of $1.09 billion. During the same quarter in the previous year, the company posted $0.36 EPS. The business’s revenue for the quarter was up 19.3% compared to the same quarter last year. Equities analysts anticipate that Ciena Co. will post 1.9 earnings per share for the current year.
Analysts Set New Price Targets
Several equities research analysts recently weighed in on the stock. JPMorgan Chase & Co. reduced their target price on shares of Ciena from $67.00 to $65.00 in a research note on Wednesday, June 7th. Northland Securities lowered their price objective on Ciena from $45.00 to $41.00 in a research report on Wednesday, June 7th. Barclays reduced their target price on Ciena from $74.00 to $66.00 in a research report on Wednesday, June 7th. Jefferies Financial Group lowered their price target on shares of Ciena from $65.00 to $60.00 in a report on Wednesday, June 7th. Finally, Bank of America reduced their price objective on shares of Ciena from $62.00 to $59.00 in a report on Friday, June 16th. Three investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Ciena currently has an average rating of “Moderate Buy” and a consensus price target of $63.63.
Insider Buying and Selling
In other Ciena news, VP Andrew C. Petrik sold 1,000 shares of the stock in a transaction on Thursday, June 15th. The shares were sold at an average price of $44.09, for a total value of $44,090.00. Following the sale, the vice president now directly owns 27,232 shares in the company, valued at $1,200,658.88. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, VP Andrew C. Petrik sold 1,000 shares of the stock in a transaction that occurred on Thursday, June 15th. The stock was sold at an average price of $44.09, for a total transaction of $44,090.00. Following the completion of the sale, the vice president now directly owns 27,232 shares of the company’s stock, valued at approximately $1,200,658.88. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Gary B. Smith sold 4,174 shares of Ciena stock in a transaction that occurred on Monday, July 3rd. The shares were sold at an average price of $42.48, for a total transaction of $177,311.52. Following the completion of the transaction, the chief executive officer now directly owns 449,439 shares in the company, valued at approximately $19,092,168.72. The disclosure for this sale can be found here. Insiders have sold 25,839 shares of company stock valued at $1,094,468 in the last 90 days. 0.99% of the stock is owned by insiders.
Ciena 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, IP routing, and switching services.