Columbus Circle Investors bought a new position in Ciena Corp. (NYSE:CIEN) during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 441,152 shares of the company’s stock, valued at approximately $9,617,000.
Several other institutional investors have also made changes to their positions in the company. Advisor Group Inc. increased its stake in shares of Ciena Corp. by 5.6% in the third quarter. Advisor Group Inc. now owns 8,731 shares of the company’s stock valued at $102,000 after buying an additional 460 shares in the last quarter. LS Investment Advisors LLC increased its stake in shares of Ciena Corp. by 70.1% in the second quarter. LS Investment Advisors LLC now owns 7,664 shares of the company’s stock valued at $144,000 after buying an additional 3,159 shares in the last quarter. Oakbrook Investments LLC bought a new stake in shares of Ciena Corp. during the second quarter valued at $199,000. Clinton Group Inc. bought a new stake in shares of Ciena Corp. during the second quarter valued at $201,000. Finally, Acrospire Investment Management LLC bought a new stake in shares of Ciena Corp. during the second quarter valued at $206,000. Institutional investors and hedge funds own 96.79% of the company’s stock.
Shares of Ciena Corp. (NYSE:CIEN) traded down 2.65% during mid-day trading on Wednesday, hitting $24.25. The stock had a trading volume of 1,358,703 shares. Ciena Corp. has a one year low of $15.62 and a one year high of $25.19. The company has a 50-day moving average of $22.65 and a 200 day moving average of $21.13. The firm has a market cap of $3.40 billion, a price-to-earnings ratio of 47.27 and a beta of 1.73.
Ciena Corp. (NYSE:CIEN) last announced its earnings results on Thursday, December 8th. The company reported $0.44 EPS for the quarter, missing the consensus estimate of $0.46 by $0.02. Ciena Corp. had a net margin of 2.79% and a return on equity of 23.37%. The company had revenue of $716.20 million for the quarter, compared to analysts’ expectations of $716.48 million. During the same period in the prior year, the company earned $0.42 earnings per share. The company’s revenue for the quarter was up 3.5% on a year-over-year basis. On average, equities research analysts forecast that Ciena Corp. will post $1.71 earnings per share for the current year.
Several equities research analysts recently weighed in on the company. Citigroup Inc. increased their price target on Ciena Corp. from $23.00 to $24.00 and gave the stock a “neutral” rating in a report on Friday, September 2nd. Dougherty & Co increased their price target on Ciena Corp. from $25.00 to $26.00 and gave the stock a “buy” rating in a report on Friday, September 2nd. Jefferies Group raised their target price on Ciena Corp. from $23.00 to $27.00 and gave the company a “buy” rating in a report on Friday, September 2nd. B. Riley reissued a “buy” rating and issued a $28.50 target price on shares of Ciena Corp. in a report on Friday, September 9th. Finally, William Blair reissued an “outperform” rating on shares of Ciena Corp. in a report on Tuesday, September 6th. Five equities research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $26.84.
In related news, CEO Gary B. Smith sold 8,000 shares of the stock in a transaction dated Wednesday, October 5th. The stock was sold at an average price of $21.69, for a total value of $173,520.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP James E. Moylan, Jr. sold 2,000 shares of the stock in a transaction dated Thursday, October 6th. The stock was sold at an average price of $22.03, for a total value of $44,060.00. The disclosure for this sale can be found here. Insiders own 1.72% of the company’s stock.
About Ciena Corp.
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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