Amalgamated Bank Purchases 273 Shares of Ciena Co. (NYSE:CIEN)

Amalgamated Bank grew its position in Ciena Co. (NYSE:CIEN) by 0.4% in the fourth quarter, Holdings Channel.com reports. The fund owned 68,806 shares of the communications equipment provider’s stock after buying an additional 273 shares during the period. Amalgamated Bank’s holdings in Ciena were worth $5,835,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. FMR LLC boosted its stake in Ciena by 0.5% during the third quarter. FMR LLC now owns 21,664,066 shares of the communications equipment provider’s stock worth $1,334,290,000 after buying an additional 108,407 shares in the last quarter. State Street Corp boosted its holdings in Ciena by 1.2% during the third quarter. State Street Corp now owns 4,439,478 shares of the communications equipment provider’s stock valued at $273,427,000 after purchasing an additional 53,078 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Ciena by 1.4% during the 3rd quarter. Geode Capital Management LLC now owns 2,408,014 shares of the communications equipment provider’s stock worth $148,348,000 after buying an additional 33,074 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in shares of Ciena by 0.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 955,516 shares of the communications equipment provider’s stock worth $58,850,000 after buying an additional 6,605 shares in the last quarter. Finally, Point72 Asset Management L.P. acquired a new stake in Ciena during the 3rd quarter valued at $57,861,000. Institutional investors and hedge funds own 91.99% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Northland Securities raised their price target on shares of Ciena from $46.00 to $60.00 and gave the company a “market perform” rating in a report on Friday, December 13th. Stifel Nicolaus reiterated a “buy” rating and issued a $82.00 price target (up from $75.00) on shares of Ciena in a research report on Tuesday, December 10th. Citigroup upped their target price on shares of Ciena from $84.00 to $98.00 and gave the company a “buy” rating in a research note on Friday, December 13th. JPMorgan Chase & Co. raised shares of Ciena from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $84.00 to $88.00 in a research report on Tuesday, January 28th. Finally, Barclays upped their price objective on shares of Ciena from $67.00 to $97.00 and gave the company an “overweight” rating in a research report on Friday, December 13th. Six investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, Ciena has an average rating of “Moderate Buy” and an average price target of $78.77.

Ciena Price Performance

CIEN stock opened at $78.08 on Friday. The stock has a 50-day moving average price of $86.01 and a two-hundred day moving average price of $71.98. Ciena Co. has a 1 year low of $43.30 and a 1 year high of $101.44. The stock has a market cap of $11.13 billion, a PE ratio of 136.99, a price-to-earnings-growth ratio of 1.54 and a beta of 0.88. The company has a current ratio of 3.55, a quick ratio of 2.72 and a debt-to-equity ratio of 0.54.

Ciena (NYSE:CIEN) last posted its quarterly earnings data on Thursday, December 12th. The communications equipment provider reported $0.54 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.66 by ($0.12). The firm had revenue of $1.12 billion for the quarter, compared to the consensus estimate of $1.10 billion. Ciena had a return on equity of 4.72% and a net margin of 2.09%. The firm’s quarterly revenue was down .5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.56 earnings per share. Equities analysts forecast that Ciena Co. will post 1.6 EPS for the current fiscal year.

Insider Transactions at Ciena

In related news, SVP Brodie Gage sold 350 shares of the company’s stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $85.91, for a total transaction of $30,068.50. Following the sale, the senior vice president now owns 49,547 shares in the company, valued at approximately $4,256,582.77. This represents a 0.70 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP David M. Rothenstein sold 3,500 shares of the firm’s stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $89.09, for a total value of $311,815.00. Following the completion of the transaction, the senior vice president now owns 192,997 shares of the company’s stock, valued at approximately $17,194,102.73. This represents a 1.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 56,642 shares of company stock valued at $4,818,176 in the last ninety days. 0.93% of the stock is currently owned by corporate insiders.

About Ciena

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.