Meeder Asset Management Inc. raised its holdings in Ciena Co. (NYSE:CIEN) by 2,121.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,266 shares of the communications equipment provider’s stock after purchasing an additional 1,209 shares during the quarter. Meeder Asset Management Inc.’s holdings in Ciena were worth $51,000 at the end of the most recent reporting period.
A number of other large investors have also bought and sold shares of CIEN. Wealth Quarterback LLC purchased a new stake in Ciena in the fourth quarter valued at $17,177,931,000. Congress Asset Management Co. MA purchased a new stake in Ciena in the first quarter valued at $94,030,000. Norges Bank purchased a new stake in Ciena in the fourth quarter valued at $86,193,000. Deutsche Bank AG boosted its holdings in Ciena by 361.3% in the first quarter. Deutsche Bank AG now owns 1,621,278 shares of the communications equipment provider’s stock valued at $64,543,000 after purchasing an additional 1,269,824 shares during the last quarter. Finally, Janus Henderson Group PLC purchased a new stake in Ciena in the fourth quarter valued at $52,578,000. 88.43% of the stock is currently owned by institutional investors.
In other news, CFO James E. Moylan, Jr. sold 2,000 shares of the stock in a transaction that occurred on Monday, April 20th. The shares were sold at an average price of $43.99, for a total value of $87,980.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Scott Mcfeely sold 900 shares of the stock in a transaction that occurred on Monday, April 6th. The shares were sold at an average price of $45.00, for a total transaction of $40,500.00. The disclosure for this sale can be found here. In the last three months, insiders sold 35,150 shares of company stock valued at $1,706,385. Corporate insiders own 0.95% of the company’s stock.
Shares of NYSE CIEN opened at $53.47 on Monday. Ciena Co. has a 12-month low of $30.58 and a 12-month high of $57.19. The stock has a market cap of $8.21 billion, a PE ratio of 26.08, a P/E/G ratio of 1.29 and a beta of 0.89. 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 company has a 50-day moving average of $52.57 and a 200 day moving average of $44.56.
Ciena (NYSE:CIEN) last announced its quarterly earnings data on Thursday, June 4th. The communications equipment provider reported $0.76 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.49 by $0.27. Ciena had a net margin of 8.78% and a return on equity of 16.18%. The company had revenue of $894.00 million during the quarter, compared to analysts’ expectations of $889.42 million. During the same quarter in the prior year, the company earned $0.48 EPS. Ciena’s revenue was up 3.3% compared to the same quarter last year. On average, sell-side analysts forecast that Ciena Co. will post 2.6 EPS for the current fiscal year.
Several equities research analysts have commented on the stock. Northland Securities lowered shares of Ciena from an “outperform” rating to a “market perform” rating and set a $54.00 price target on the stock. in a report on Thursday, June 4th. They noted that the move was a valuation call. Cowen reiterated a “buy” rating and issued a $73.00 price objective on shares of Ciena in a research report on Wednesday, June 24th. Nomura upped their price objective on shares of Ciena from $46.00 to $63.00 and gave the stock a “buy” rating in a research report on Friday, June 5th. Barclays upped their price objective on shares of Ciena from $48.00 to $67.00 and gave the stock an “overweight” rating in a research report on Friday, June 5th. Finally, Raymond James upped their price objective on shares of Ciena from $51.00 to $61.00 and gave the stock an “outperform” rating in a research report on Friday, May 29th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and sixteen have issued a buy rating to the company’s stock. Ciena currently has a consensus rating of “Buy” and an average target price of $56.30.
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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