Rice Hall James & Associates LLC cut its holdings in shares of Ciena Co. (NYSE:CIEN) by 1.2% during the second quarter, HoldingsChannel.com reports. The firm owned 57,808 shares of the communications equipment provider’s stock after selling 706 shares during the period. Rice Hall James & Associates LLC’s holdings in Ciena were worth $2,378,000 as of its most recent SEC filing.
Other hedge funds have also modified their holdings of the company. Flagship Harbor Advisors LLC increased its position in shares of Ciena by 98.5% in the 2nd quarter. Flagship Harbor Advisors LLC now owns 645 shares of the communications equipment provider’s stock valued at $26,000 after acquiring an additional 320 shares during the period. Mizuho Securities Co. Ltd. purchased a new stake in Ciena in the first quarter valued at $37,000. Coastal Capital Group Inc. purchased a new stake in Ciena in the second quarter valued at $41,000. Investors Research Corp purchased a new stake in Ciena in the first quarter valued at $39,000. Finally, FinTrust Capital Advisors LLC purchased a new stake in Ciena in the first quarter valued at $57,000. 92.64% of the stock is currently owned by institutional investors and hedge funds.
Several research firms have commented on CIEN. Rosenblatt Securities reaffirmed a “hold” rating and issued a $38.00 price target on shares of Ciena in a report on Monday, June 3rd. Piper Jaffray Companies upped their price target on shares of Ciena from $41.00 to $45.00 and gave the company a “neutral” rating in a report on Thursday, June 6th. Morgan Stanley set a $41.00 target price on shares of Ciena and gave the stock a “hold” rating in a research note on Friday, June 7th. Raymond James increased their target price on shares of Ciena from $48.00 to $53.00 and gave the stock an “outperform” rating in a research note on Friday, June 7th. Finally, Citigroup raised their price target on shares of Ciena from $50.00 to $55.00 and gave the company a “buy” rating in a research note on Friday, June 7th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $46.79.
Ciena (NYSE:CIEN) last released its quarterly earnings data on Thursday, June 6th. The communications equipment provider reported $0.48 EPS for the quarter, beating the Zacks’ consensus estimate of $0.41 by $0.07. The company had revenue of $865.00 million during the quarter, compared to the consensus estimate of $818.23 million. Ciena had a net margin of 5.98% and a return on equity of 12.37%. Ciena’s quarterly revenue was up 18.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.23 EPS. On average, research analysts forecast that Ciena Co. will post 1.74 earnings per share for the current year.
In other Ciena news, SVP Jason Phipps sold 7,908 shares of the stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $44.44, for a total value of $351,431.52. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Gary B. Smith sold 9,600 shares of the stock in a transaction dated Friday, May 24th. The shares were sold at an average price of $35.16, for a total transaction of $337,536.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 93,389 shares of company stock valued at $3,955,053. 1.20% of the stock is owned by insiders.
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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