Todays Report: Today, Great West Life Assurance Co. Can decides to keep it stake in Ciena Corp. (CIEN) to the level of $1,838,000

Today, Great West Life Assurance Co. Can decides to keep it stake in Ciena Corp. (CIEN) to the level of $1,838,000

Great West Life Assurance Co. Can increased its stake in Ciena Corp. (NYSE:CIEN) by 12.8% during the third quarter, Holdings Channel reports. The firm owned 84,374 shares of the company’s stock after buying an additional 9,598 shares during the period. Great West Life Assurance Co. Can’s holdings in Ciena Corp. were worth $1,838,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. UBS Group AG raised its stake in Ciena Corp. by 314.6% in the first quarter. UBS Group AG now owns 55,824 shares of the company’s stock valued at $1,062,000 after buying an additional 81,832 shares during the last quarter. Geode Capital Management LLC raised its stake in Ciena Corp. by 6.9% in the first quarter. Geode Capital Management LLC now owns 814,749 shares of the company’s stock valued at $15,495,000 after buying an additional 52,291 shares during the last quarter. Envestnet Asset Management Inc. raised its stake in Ciena Corp. by 16.2% in the first quarter. Envestnet Asset Management Inc. now owns 42,226 shares of the company’s stock valued at $803,000 after buying an additional 5,883 shares during the last quarter. Metropolitan Life Insurance Co. NY raised its stake in Ciena Corp. by 4.6% in the first quarter. Metropolitan Life Insurance Co. NY now owns 202,292 shares of the company’s stock valued at $3,848,000 after buying an additional 8,928 shares during the last quarter. Finally, Boothbay Fund Management LLC raised its stake in Ciena Corp. by 0.4% in the first quarter. Boothbay Fund Management LLC now owns 41,636 shares of the company’s stock valued at $792,000 after buying an additional 183 shares during the last quarter. Institutional investors own 96.91% of the company’s stock.

Shares of Ciena Corp. (NYSE:CIEN) traded down 4.54% during midday trading on Monday, reaching $21.43. 2,704,711 shares of the company traded hands. Ciena Corp. has a 1-year low of $15.62 and a 1-year high of $25.31. The company has a 50 day moving average price of $20.85 and a 200 day moving average price of $20.41. The company has a market capitalization of $2.99 billion, a PE ratio of 132.28 and a beta of 1.72.

Ciena Corp. (NYSE:CIEN) last announced its quarterly earnings data on Thursday, September 1st. The company reported $0.42 earnings per share for the quarter, beating analysts’ consensus estimates of $0.38 by $0.04. Ciena Corp. had a net margin of 0.86% and a return on equity of 22.41%. The company earned $670.60 million during the quarter, compared to analyst estimates of $672.23 million. During the same quarter last year, the business posted $0.37 EPS. The firm’s revenue for the quarter was up 11.2% on a year-over-year basis. On average, analysts expect that Ciena Corp. will post $1.43 earnings per share for the current year.

Several research firms have issued reports on CIEN. Citigroup Inc. upped their price target on shares of Ciena Corp. from $23.00 to $24.00 and gave the company a “neutral” rating in a research report on Friday, September 2nd. Dougherty & Co upped their price objective on shares of Ciena Corp. from $25.00 to $26.00 and gave the company a “buy” rating in a research note on Friday, September 2nd. Jefferies Group upped their price objective on shares of Ciena Corp. from $23.00 to $27.00 and gave the company a “buy” rating in a research note on Friday, September 2nd. B. Riley reaffirmed a “buy” rating and set a $28.50 price objective on shares of Ciena Corp. in a research note on Friday, September 9th. Finally, William Blair reaffirmed an “outperform” rating on shares of Ciena Corp. in a research note on Tuesday, September 6th. Five equities research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $25.60.

In other news, VP James Frodsham sold 2,679 shares of the business’s stock in a transaction dated Wednesday, September 21st. The shares were sold at an average price of $21.45, for a total value of $57,464.55. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP James E. Moylan, Jr. sold 2,000 shares of the business’s stock in a transaction dated Thursday, September 8th. The shares were sold at an average price of $22.75, for a total transaction of $45,500.00. The disclosure for this sale can be found here. Corporate insiders own 1.72% of the company’s stock.

Ciena Corp. Company Profile

Ciena Corporation is a network specialist that focuses on providing communications networking solutions. The Company operates through four segments: Converged Packet Optical, Packet Networking, Optical Transport, and Software and Services. Its Converged Packet Optical portfolio includes networking solutions optimized for the convergence of coherent optical transport, optical transport network (OTN) switching and packet switching.

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