Quest Partners LLC Acquires Shares of 13,718 Ciena Co. (NYSE:CIEN)

Quest Partners LLC bought a new position in Ciena Co. (NYSE:CIENFree Report) during the fourth quarter, HoldingsChannel.com reports. The fund bought 13,718 shares of the communications equipment provider’s stock, valued at approximately $617,000.

Several other hedge funds have also recently made changes to their positions in CIEN. Teacher Retirement System of Texas increased its position in Ciena by 41.4% during the third quarter. Teacher Retirement System of Texas now owns 39,978 shares of the communications equipment provider’s stock valued at $1,889,000 after acquiring an additional 11,702 shares during the last quarter. Assenagon Asset Management S.A. grew its holdings in Ciena by 397.0% during the 3rd quarter. Assenagon Asset Management S.A. now owns 596,038 shares of the communications equipment provider’s stock valued at $28,169,000 after purchasing an additional 476,102 shares during the last quarter. Vestmark Advisory Solutions Inc. purchased a new stake in Ciena in the 3rd quarter worth about $207,000. Smithfield Trust Co lifted its stake in Ciena by 74.5% in the third quarter. Smithfield Trust Co now owns 2,999 shares of the communications equipment provider’s stock worth $142,000 after purchasing an additional 1,280 shares during the last quarter. Finally, Fort Washington Investment Advisors Inc. OH purchased a new position in shares of Ciena during the third quarter valued at approximately $15,119,000. 91.99% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Ciena

In related news, CEO Gary B. Smith sold 4,166 shares of the company’s stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $49.16, for a total transaction of $204,800.56. Following the transaction, the chief executive officer now directly owns 376,777 shares of the company’s stock, valued at approximately $18,522,357.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Ciena news, CEO Gary B. Smith sold 8,332 shares of the business’s stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $60.20, for a total transaction of $501,586.40. Following the sale, the chief executive officer now owns 407,342 shares in the company, valued at approximately $24,521,988.40. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Gary B. Smith sold 4,166 shares of the firm’s stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $49.16, for a total transaction of $204,800.56. Following the transaction, the chief executive officer now directly owns 376,777 shares of the company’s stock, valued at $18,522,357.32. The disclosure for this sale can be found here. Insiders sold 33,473 shares of company stock valued at $1,715,991 over the last 90 days. Insiders own 0.83% of the company’s stock.

Ciena Trading Up 0.3 %

Shares of NYSE CIEN opened at $49.56 on Thursday. Ciena Co. has a 1-year low of $39.94 and a 1-year high of $63.24. The business has a fifty day moving average price of $47.92 and a 200 day moving average price of $48.98. The stock has a market capitalization of $7.17 billion, a P/E ratio of 32.18, a price-to-earnings-growth ratio of 3.37 and a beta of 1.00. The company has a debt-to-equity ratio of 0.53, a current ratio of 4.29 and a quick ratio of 3.12.

Ciena (NYSE:CIENGet Free Report) last announced its earnings results on Thursday, March 7th. The communications equipment provider reported $0.66 EPS for the quarter, topping analysts’ consensus estimates of $0.48 by $0.18. Ciena had a net margin of 5.22% and a return on equity of 9.92%. The business had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.02 billion. During the same period in the previous year, the company posted $0.48 earnings per share. The firm’s revenue was down 1.8% on a year-over-year basis. Equities research analysts expect that Ciena Co. will post 1.45 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. JPMorgan Chase & Co. boosted their price objective on Ciena from $56.00 to $67.00 and gave the company an “overweight” rating in a report on Tuesday, March 5th. Needham & Company LLC upped their price target on shares of Ciena from $60.00 to $65.00 and gave the stock a “buy” rating in a report on Monday, March 4th. BNP Paribas initiated coverage on shares of Ciena in a research note on Thursday, April 11th. They issued an “outperform” rating and a $57.00 price target on the stock. StockNews.com raised shares of Ciena from a “sell” rating to a “hold” rating in a research report on Friday, March 8th. Finally, Citigroup initiated coverage on shares of Ciena in a research report on Friday, April 12th. They set a “sell” rating and a $44.00 target price on the stock. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Ciena has a consensus rating of “Moderate Buy” and a consensus price target of $58.79.

View Our Latest Stock Analysis on CIEN

Ciena Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Ciena (NYSE:CIEN)

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