1620 Investment Advisors Inc. Has $170,000 Stake in Ciena Co. (NYSE:CIEN)

1620 Investment Advisors Inc. lessened its position in Ciena Co. (NYSE:CIEN) by 8.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,758 shares of the communications equipment provider’s stock after selling 267 shares during the quarter. 1620 Investment Advisors Inc.’s holdings in Ciena were worth $170,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in CIEN. Hoese & Co LLP acquired a new position in Ciena in the 3rd quarter valued at approximately $25,000. UMB Bank n.a. raised its stake in shares of Ciena by 424.4% in the third quarter. UMB Bank n.a. now owns 451 shares of the communications equipment provider’s stock valued at $28,000 after purchasing an additional 365 shares in the last quarter. Headlands Technologies LLC bought a new position in Ciena in the first quarter worth $40,000. Canton Hathaway LLC bought a new stake in Ciena in the 2nd quarter valued at $40,000. Finally, Covestor Ltd raised its stake in shares of Ciena by 339.5% in the 1st quarter. Covestor Ltd now owns 1,213 shares of the communications equipment provider’s stock valued at $60,000 after buying an additional 937 shares in the last quarter. 91.99% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on CIEN shares. Morgan Stanley cut shares of Ciena from an “overweight” rating to an “equal weight” rating and set a $63.00 target price on the stock. in a research note on Monday. BNP Paribas cut Ciena from an “outperform” rating to a “neutral” rating and increased their target price for the stock from $59.00 to $67.00 in a report on Wednesday, October 9th. Stifel Nicolaus upped their price target on Ciena from $68.00 to $75.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Needham & Company LLC reissued a “buy” rating and set a $65.00 price objective on shares of Ciena in a report on Thursday, September 5th. Finally, Rosenblatt Securities upped their target price on shares of Ciena from $54.00 to $60.00 and gave the stock a “neutral” rating in a report on Thursday, September 5th. Eight research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, Ciena presently has an average rating of “Hold” and a consensus price target of $63.08.

Insider Activity at Ciena

In other news, SVP David M. Rothenstein sold 3,500 shares of the stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $56.24, for a total value of $196,840.00. Following the completion of the transaction, the senior vice president now owns 205,421 shares of the company’s stock, valued at approximately $11,552,877.04. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, SVP Jason Phipps sold 2,200 shares of Ciena stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $61.49, for a total transaction of $135,278.00. Following the sale, the senior vice president now directly owns 91,149 shares of the company’s stock, valued at approximately $5,604,752.01. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP David M. Rothenstein sold 3,500 shares of the company’s stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $56.24, for a total value of $196,840.00. Following the completion of the transaction, the senior vice president now directly owns 205,421 shares of the company’s stock, valued at $11,552,877.04. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 9,200 shares of company stock valued at $568,123 over the last ninety days. 0.83% of the stock is owned by corporate insiders.

Ciena Price Performance

Shares of NYSE CIEN opened at $64.63 on Thursday. The business has a fifty day moving average price of $60.78 and a two-hundred day moving average price of $52.69. The stock has a market capitalization of $9.33 billion, a PE ratio of 68.76, a P/E/G ratio of 8.83 and a beta of 0.94. The company has a debt-to-equity ratio of 0.53, a current ratio of 4.06 and a quick ratio of 2.99. Ciena Co. has a fifty-two week low of $41.37 and a fifty-two week high of $69.91.

Ciena (NYSE:CIEN) last announced its quarterly earnings data on Wednesday, September 4th. The communications equipment provider reported $0.35 EPS for the quarter, beating the consensus estimate of $0.26 by $0.09. Ciena had a net margin of 3.44% and a return on equity of 5.98%. The business had revenue of $942.30 million during the quarter, compared to the consensus estimate of $928.31 million. During the same period in the previous year, the business earned $0.36 earnings per share. The company’s revenue was down 11.8% on a year-over-year basis. As a group, equities analysts predict that Ciena Co. will post 1.13 earnings per share for the current fiscal year.

Ciena announced that its Board of Directors has authorized a stock repurchase program on Wednesday, October 2nd that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the communications equipment provider to reacquire up to 10.5% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

Ciena Company Profile

Ciena Corporation provides hardware and software services for delivery of video, data, and voice traffic metro, aggregation, and access communications network worldwide. The company’s Networking Platforms segment offers convergence of coherent optical transport, open optical networking, optical transport network switching, IP routing, and switching services.