Great West Life Assurance Co. Can Reduces Holdings in Ciena Co. (NYSE:CIEN)

Great West Life Assurance Co. Can trimmed its stake in Ciena Co. (NYSE:CIEN) by 5.7% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 151,313 shares of the communications equipment provider’s stock after selling 9,065 shares during the period. Great West Life Assurance Co. Can owned approximately 0.10% of Ciena worth $6,005,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Front Street Capital Management Inc. grew its position in Ciena by 19.1% during the 3rd quarter. Front Street Capital Management Inc. now owns 121,438 shares of the communications equipment provider’s stock worth $4,820,000 after purchasing an additional 19,516 shares during the last quarter. Point72 Hong Kong Ltd purchased a new position in Ciena during the 3rd quarter worth $425,000. AQR Capital Management LLC grew its position in Ciena by 28.2% during the 3rd quarter. AQR Capital Management LLC now owns 819,416 shares of the communications equipment provider’s stock worth $32,523,000 after purchasing an additional 180,264 shares during the last quarter. Lombard Odier Asset Management Europe Ltd grew its position in Ciena by 28.9% during the 3rd quarter. Lombard Odier Asset Management Europe Ltd now owns 123,795 shares of the communications equipment provider’s stock worth $4,913,000 after purchasing an additional 27,753 shares during the last quarter. Finally, Squarepoint Ops LLC grew its position in Ciena by 11.6% during the 3rd quarter. Squarepoint Ops LLC now owns 144,249 shares of the communications equipment provider’s stock worth $5,725,000 after purchasing an additional 14,955 shares during the last quarter. 81.63% of the stock is currently owned by hedge funds and other institutional investors.

CIEN has been the topic of several research reports. JPMorgan Chase & Co. reissued a “buy” rating and set a $53.00 price objective on shares of Ciena in a research report on Friday, September 4th. Morgan Stanley raised their price objective on shares of Ciena from $46.00 to $50.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 15th. B. Riley raised their target price on shares of Ciena from $46.00 to $51.50 and gave the stock a “neutral” rating in a research note on Friday, December 11th. BidaskClub upgraded shares of Ciena from a “buy” rating to a “strong-buy” rating in a research note on Monday, December 28th. Finally, Citigroup reduced their target price on shares of Ciena from $65.00 to $55.00 and set a “buy” rating for the company in a research note on Friday, September 4th. Two analysts have rated the stock with a sell rating, five have issued a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $55.81.

In other news, CFO James E. Moylan, Jr. sold 2,000 shares of Ciena stock in a transaction dated Monday, October 5th. The shares were sold at an average price of $40.56, for a total transaction of $81,120.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Stephen B. Alexander sold 2,500 shares of Ciena stock in a transaction dated Monday, December 21st. The stock was sold at an average price of $50.49, for a total transaction of $126,225.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 30,100 shares of company stock valued at $1,373,286. 0.95% of the stock is currently owned by company insiders.

Shares of NYSE CIEN opened at $52.85 on Friday. The company has a quick ratio of 2.98, a current ratio of 3.43 and a debt-to-equity ratio of 0.27. Ciena Co. has a 52 week low of $30.58 and a 52 week high of $61.51. The firm has a 50-day moving average price of $47.34 and a 200 day moving average price of $48.92. The stock has a market capitalization of $8.17 billion, a price-to-earnings ratio of 22.78, a price-to-earnings-growth ratio of 1.41 and a beta of 0.86.

Ciena (NYSE:CIEN) last announced its earnings results on Wednesday, December 9th. The communications equipment provider reported $0.60 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.63 by ($0.03). The business had revenue of $828.50 million for the quarter, compared to analyst estimates of $826.70 million. Ciena had a return on equity of 17.41% and a net margin of 10.23%. The business’s revenue was down 14.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.58 EPS. Equities research analysts expect that Ciena Co. will post 2.36 EPS for the current fiscal year.

Ciena 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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Institutional Ownership by Quarter for Ciena (NYSE:CIEN)

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