Wells Fargo & Company MN trimmed its stake in Ciena Co. (NYSE:CIEN) by 33.7% in the second quarter, Holdings Channel.com reports. The firm owned 291,458 shares of the communications equipment provider’s stock after selling 147,816 shares during the quarter. Wells Fargo & Company MN’s holdings in Ciena were worth $11,987,000 at the end of the most recent quarter.
A number of other institutional investors also recently added to or reduced their stakes in the stock. Flagship Harbor Advisors LLC boosted its holdings 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 purchasing an additional 320 shares during the last quarter. Mizuho Securities Co. Ltd. purchased a new stake in shares of Ciena during the 1st quarter valued at $37,000. Coastal Capital Group Inc. acquired a new stake in shares of Ciena during the 2nd quarter worth $41,000. FinTrust Capital Advisors LLC acquired a new stake in shares of Ciena during the 1st quarter worth $57,000. Finally, Clearbridge Investments LLC raised its position in shares of Ciena by 83.9% in the 1st quarter. Clearbridge Investments LLC now owns 2,321 shares of the communications equipment provider’s stock worth $87,000 after buying an additional 1,059 shares during the period. Hedge funds and other institutional investors own 88.39% of the company’s stock.
A number of research analysts recently weighed in on the company. Citigroup lifted their target price on Ciena from $50.00 to $55.00 and gave the company a “buy” rating in a report on Friday, June 7th. Nomura dropped their price target on Ciena from $52.00 to $47.00 and set a “buy” rating for the company in a research note on Friday, September 6th. JPMorgan Chase & Co. cut their price objective on Ciena from $53.00 to $50.00 and set an “overweight” rating on the stock in a report on Friday, September 6th. Northland Securities reaffirmed a “buy” rating and issued a $42.00 price objective on shares of Ciena in a research note on Wednesday, June 5th. Finally, TheStreet upgraded Ciena from a “c+” rating to a “b” rating in a report on Tuesday, June 25th. Nine equities research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $48.52.
Ciena (NYSE:CIEN) last released its quarterly earnings results on Thursday, September 5th. The communications equipment provider reported $0.71 earnings per share for the quarter, topping analysts’ consensus estimates of $0.50 by $0.21. The business had revenue of $960.60 million during the quarter, compared to the consensus estimate of $930.64 million. Ciena had a net margin of 6.77% and a return on equity of 13.64%. The business’s quarterly revenue was up 17.3% compared to the same quarter last year. During the same quarter last year, the company earned $0.48 earnings per share. As a group, equities analysts forecast that Ciena Co. will post 1.76 EPS for the current fiscal year.
In other Ciena news, SVP Stephen B. Alexander sold 2,500 shares of the company’s stock in a transaction that occurred on Monday, June 17th. The stock was sold at an average price of $42.63, for a total transaction of $106,575.00. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Thomas Michael Nevens sold 2,000 shares of the company’s stock in a transaction that occurred on Thursday, July 11th. The shares were sold at an average price of $43.40, for a total value of $86,800.00. The disclosure for this sale can be found here. Insiders sold 93,746 shares of company stock worth $4,086,389 over the last ninety days. 1.20% of the stock is currently owned by corporate 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.
Featured Article: Gap Up Stocks
Want to see what other hedge funds are holding CIEN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Ciena Co. (NYSE:CIEN).
Receive News & Ratings for Ciena Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Ciena and related companies with MarketBeat.com's FREE daily email newsletter.