Securian Asset Management Inc trimmed its position in shares of Ciena Co. (NYSE:CIEN) by 2.6% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 14,241 shares of the communications equipment provider’s stock after selling 387 shares during the period. Securian Asset Management Inc’s holdings in Ciena were worth $810,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also recently modified their holdings of CIEN. Eagle Bay Advisors LLC acquired a new position in shares of Ciena in the 2nd quarter worth approximately $30,000. Bbva USA acquired a new position in shares of Ciena in the 2nd quarter worth approximately $34,000. Eaton Vance Management acquired a new position in shares of Ciena in the 1st quarter worth approximately $36,000. Arkadios Wealth Advisors acquired a new position in shares of Ciena in the 2nd quarter worth approximately $42,000. Finally, Van ECK Associates Corp acquired a new position in shares of Ciena in the 1st quarter worth approximately $46,000. Hedge funds and other institutional investors own 90.49% of the company’s stock.
CIEN has been the subject of several research analyst reports. Citigroup boosted their price objective on shares of Ciena from $65.00 to $70.00 and gave the stock a “buy” rating in a research report on Friday, June 4th. boosted their price objective on shares of Ciena from $65.00 to $70.00 and gave the stock a “buy” rating in a research report on Friday, June 4th. B. Riley dropped their price objective on shares of Ciena from $53.00 to $51.00 and set a “neutral” rating for the company in a research report on Friday, September 3rd. They noted that the move was a valuation call. Colliers Securities restated a “buy” rating and issued a $70.00 price objective on shares of Ciena in a research report on Friday, September 3rd. Finally, Barclays dropped their price objective on shares of Ciena from $68.00 to $66.00 and set an “overweight” rating for the company in a research report on Friday, September 3rd. Five equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, Ciena presently has an average rating of “Buy” and a consensus price target of $61.27.
Ciena (NYSE:CIEN) last released its quarterly earnings data on Wednesday, September 1st. The communications equipment provider reported $0.92 EPS for the quarter, beating the Zacks’ consensus estimate of $0.79 by $0.13. Ciena had a net margin of 13.55% and a return on equity of 13.32%. The business had revenue of $988.10 million during the quarter, compared to analysts’ expectations of $969.41 million. During the same quarter in the prior year, the company earned $1.06 EPS. The firm’s quarterly revenue was up 1.2% on a year-over-year basis. As a group, research analysts forecast that Ciena Co. will post 2.5 EPS for the current fiscal year.
In other Ciena news, CFO James E. Moylan, Jr. sold 2,000 shares of the stock in a transaction dated Tuesday, September 7th. The shares were sold at an average price of $56.73, for a total value of $113,460.00. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Gary B. Smith sold 6,550 shares of the stock in a transaction dated Thursday, September 2nd. The shares were sold at an average price of $57.60, for a total transaction of $377,280.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 61,949 shares of company stock valued at $3,484,874. 0.96% of the stock is owned by corporate insiders.
Ciena Company Profile
Ciena Corp. engages in the provision of network and communication infrastructure. It operates through the following segments: Networking Platforms, Platform Software and Services, Blue Planet Automation Software and Services, and Global Services. The Networking Platforms segment consists of Converged Packet Optical and Packet Networking portfolios.
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