Huntington National Bank bought a new stake in Ciena Co. (NYSE:CIEN) in the fourth quarter, HoldingsChannel.com reports. The fund bought 858 shares of the communications equipment provider’s stock, valued at approximately $29,000.
Several other hedge funds also recently bought and sold shares of CIEN. Alliancebernstein L.P. grew its stake in shares of Ciena by 52.0% in the third quarter. Alliancebernstein L.P. now owns 4,588,525 shares of the communications equipment provider’s stock valued at $143,346,000 after buying an additional 1,568,877 shares in the last quarter. Renaissance Technologies LLC grew its stake in shares of Ciena by 493.9% in the third quarter. Renaissance Technologies LLC now owns 1,232,195 shares of the communications equipment provider’s stock valued at $38,494,000 after buying an additional 1,024,721 shares in the last quarter. Deutsche Bank AG grew its stake in shares of Ciena by 78.6% in the third quarter. Deutsche Bank AG now owns 2,015,761 shares of the communications equipment provider’s stock valued at $62,970,000 after buying an additional 887,244 shares in the last quarter. AQR Capital Management LLC grew its stake in shares of Ciena by 139.6% in the third quarter. AQR Capital Management LLC now owns 1,378,015 shares of the communications equipment provider’s stock valued at $43,049,000 after buying an additional 802,782 shares in the last quarter. Finally, TIAA CREF Investment Management LLC grew its stake in shares of Ciena by 63.0% in the third quarter. TIAA CREF Investment Management LLC now owns 1,833,557 shares of the communications equipment provider’s stock valued at $57,280,000 after buying an additional 708,407 shares in the last quarter. Institutional investors and hedge funds own 98.11% of the company’s stock.
A number of equities research analysts have recently issued reports on CIEN shares. Stifel Nicolaus started coverage on Ciena in a research note on Tuesday, October 23rd. They issued a “buy” rating and a $35.00 target price for the company. Zacks Investment Research restated a “hold” rating on shares of Ciena in a research note on Monday, November 12th. Needham & Company LLC lowered Ciena from a “buy” rating to a “hold” rating in a research note on Tuesday, November 20th. MKM Partners raised their price objective on Ciena from $36.00 to $38.00 and gave the company a “buy” rating in a research note on Tuesday, November 20th. Finally, JPMorgan Chase & Co. set a $42.00 price objective on Ciena and gave the company a “buy” rating in a research note on Friday, December 14th. Eight equities research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $37.02.
In related news, SVP James E. Moylan, Jr. sold 2,000 shares of the firm’s stock in a transaction that occurred on Tuesday, January 22nd. The stock was sold at an average price of $38.68, for a total value of $77,360.00. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Gary B. Smith sold 4,800 shares of the firm’s stock in a transaction that occurred on Wednesday, January 23rd. The stock was sold at an average price of $38.27, for a total value of $183,696.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 71,150 shares of company stock worth $2,413,277. 1.38% of the stock is currently owned by company insiders.
NYSE:CIEN opened at $37.91 on Wednesday. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.95 and a current ratio of 2.22. Ciena Co. has a 52 week low of $20.71 and a 52 week high of $40.16. The company has a market cap of $5.94 billion, a price-to-earnings ratio of 33.85, a PEG ratio of 1.70 and a beta of 1.03.
Ciena (NYSE:CIEN) last released its earnings results on Thursday, December 13th. The communications equipment provider reported $0.53 EPS for the quarter, topping analysts’ consensus estimates of $0.48 by $0.05. Ciena had a positive return on equity of 9.31% and a negative net margin of 11.14%. The company had revenue of $889.40 million for the quarter, compared to the consensus estimate of $862.54 million. During the same quarter last year, the business posted $0.46 EPS. Ciena’s quarterly revenue was up 19.5% compared to the same quarter last year. On average, research analysts forecast that Ciena Co. will post 1.44 earnings per share for the current fiscal year.
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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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