Ciena Co. (NYSE:CIEN) Short Interest Down 16.1% in December

Ciena Co. (NYSE:CIEN) was the target of a large decrease in short interest during the month of December. As of December 31st, there was short interest totalling 8,500,000 shares, a decrease of 16.1% from the December 15th total of 10,130,000 shares. Based on an average daily trading volume, of 2,790,000 shares, the short-interest ratio is presently 3.0 days. Approximately 5.6% of the shares of the company are short sold.

A number of equities research analysts have issued reports on CIEN shares. Barclays raised their target price on Ciena from $53.00 to $56.00 and gave the company an “overweight” rating in a research note on Friday, December 13th. Evercore ISI restated a “buy” rating and set a $48.00 price target on shares of Ciena in a research report on Thursday, December 12th. MKM Partners set a $51.00 price target on shares of Ciena and gave the stock a “buy” rating in a research report on Wednesday, September 18th. B. Riley set a $56.00 price objective on shares of Ciena and gave the stock a “buy” rating in a report on Friday, October 25th. Finally, UBS Group downgraded shares of Ciena from a “neutral” rating to a “sell” rating and cut their price objective for the company from $43.00 to $31.00 in a research report on Friday, December 6th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and eighteen have assigned a buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $48.78.

In related news, CEO Gary B. Smith sold 59,000 shares of the business’s stock in a transaction that occurred on Wednesday, December 4th. The stock was sold at an average price of $62.14, for a total transaction of $3,666,260.00. Also, SVP Scott Mcfeely sold 1,000 shares of the business’s stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $37.73, for a total value of $37,730.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 100,012 shares of company stock valued at $5,278,628. Insiders own 1.20% of the company’s stock.

Institutional investors have recently bought and sold shares of the company. CENTRAL TRUST Co bought a new stake in Ciena in the third quarter worth about $39,000. MUFG Americas Holdings Corp bought a new position in shares of Ciena during the 3rd quarter valued at about $55,000. Flagship Harbor Advisors LLC grew its stake in shares of Ciena by 134.0% in the 3rd quarter. Flagship Harbor Advisors LLC now owns 1,509 shares of the communications equipment provider’s stock worth $59,000 after purchasing an additional 864 shares during the last quarter. Cullen Frost Bankers Inc. grew its stake in shares of Ciena by 48.2% in the 3rd quarter. Cullen Frost Bankers Inc. now owns 1,586 shares of the communications equipment provider’s stock worth $62,000 after purchasing an additional 516 shares during the last quarter. Finally, Whittier Trust Co. of Nevada Inc. raised its holdings in shares of Ciena by 9,277.8% in the 3rd quarter. Whittier Trust Co. of Nevada Inc. now owns 2,532 shares of the communications equipment provider’s stock worth $99,000 after purchasing an additional 2,505 shares in the last quarter. Institutional investors and hedge funds own 91.43% of the company’s stock.

CIEN stock traded down $0.33 during trading on Tuesday, hitting $42.06. The company had a trading volume of 1,276,700 shares, compared to its average volume of 1,567,356. The business has a 50 day moving average of $40.19 and a 200 day moving average of $40.26. The firm has a market capitalization of $6.41 billion, a price-to-earnings ratio of 22.86, a P/E/G ratio of 1.05 and a beta of 1.11. The company has a current ratio of 2.82, a quick ratio of 2.41 and a debt-to-equity ratio of 0.31. Ciena has a fifty-two week low of $32.76 and a fifty-two week high of $46.78.

Ciena (NYSE:CIEN) last released its earnings results on Thursday, December 12th. The communications equipment provider reported $0.58 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.63 by ($0.05). The company had revenue of $968.00 million for the quarter, compared to analyst estimates of $966.28 million. Ciena had a net margin of 7.09% and a return on equity of 13.67%. The firm’s quarterly revenue was up 8.8% on a year-over-year basis. During the same period in the previous year, the business posted $0.53 EPS. As a group, equities analysts predict that Ciena will post 2.3 EPS for the current year.

Ciena Company Profile

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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