Janney Capital Management LLC decreased its position in shares of Ciena Corporation (NYSE:CIEN) by 2.9% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 526,719 shares of the communications equipment provider’s stock after selling 15,545 shares during the period. Janney Capital Management LLC owned 0.37% of Ciena Corporation worth $13,178,000 as of its most recent SEC filing.
A number of other large investors have also recently added to or reduced their stakes in the stock. BlackRock Inc. increased its stake in Ciena Corporation by 11,733.7% in the first quarter. BlackRock Inc. now owns 15,755,200 shares of the communications equipment provider’s stock worth $371,979,000 after buying an additional 15,622,062 shares during the last quarter. TIAA CREF Investment Management LLC increased its stake in Ciena Corporation by 36.4% in the first quarter. TIAA CREF Investment Management LLC now owns 8,553,894 shares of the communications equipment provider’s stock worth $201,957,000 after buying an additional 2,283,352 shares during the last quarter. Vanguard Group Inc. increased its stake in Ciena Corporation by 11.2% in the first quarter. Vanguard Group Inc. now owns 12,263,170 shares of the communications equipment provider’s stock worth $289,534,000 after buying an additional 1,235,744 shares during the last quarter. Teachers Advisors LLC increased its stake in Ciena Corporation by 21.1% in the first quarter. Teachers Advisors LLC now owns 4,900,040 shares of the communications equipment provider’s stock worth $115,690,000 after buying an additional 853,793 shares during the last quarter. Finally, AO Asset Management LLC purchased a new stake in Ciena Corporation during the first quarter worth $18,298,000.
Shares of Ciena Corporation (CIEN) opened at 23.37 on Friday. The firm’s 50-day moving average price is $25.29 and its 200 day moving average price is $24.48. Ciena Corporation has a 52-week low of $18.94 and a 52-week high of $27.98. The company has a market capitalization of $3.31 billion, a PE ratio of 30.87 and a beta of 1.61.
Ciena Corporation (NYSE:CIEN) last issued its earnings results on Thursday, June 1st. The communications equipment provider reported $0.45 EPS for the quarter, topping the Zacks’ consensus estimate of $0.37 by $0.08. The business had revenue of $707.02 million for the quarter, compared to analyst estimates of $694.84 million. Ciena Corporation had a net margin of 4.13% and a return on equity of 25.56%. The company’s quarterly revenue was up 10.3% compared to the same quarter last year. During the same period last year, the company posted $0.34 earnings per share. On average, equities analysts forecast that Ciena Corporation will post $1.77 earnings per share for the current year.
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CIEN has been the topic of a number of research reports. Dougherty & Co raised their price target on Ciena Corporation from $26.00 to $32.00 and gave the company a “buy” rating in a research report on Friday, June 2nd. ValuEngine upgraded Ciena Corporation from a “hold” rating to a “buy” rating in a research report on Thursday, July 6th. TheStreet upgraded Ciena Corporation from a “c+” rating to a “b” rating in a research report on Monday, June 19th. Deutsche Bank AG downgraded Ciena Corporation from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $24.35 to $23.00 in a report on Wednesday, May 24th. Finally, Jefferies Group LLC reiterated a “buy” rating and issued a $32.50 price objective (up previously from $29.00) on shares of Ciena Corporation in a report on Friday, June 2nd. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $30.19.
In other news, CEO Gary B. Smith sold 8,000 shares of the firm’s stock in a transaction that occurred on Friday, August 11th. The shares were sold at an average price of $24.20, for a total transaction of $193,600.00. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Andrew C. Petrik sold 1,258 shares of the firm’s stock in a transaction that occurred on Tuesday, August 15th. The stock was sold at an average price of $24.44, for a total transaction of $30,745.52. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 74,108 shares of company stock worth $1,890,727. Corporate insiders own 1.45% of the company’s stock.
About Ciena Corporation
Ciena Corporation is a network strategy and technology company, which provides solutions that enable a range of network operators to adopt communication architectures and deliver an array of services, relied upon by enterprise and consumer end users. It provides equipment, software and services that support the transport, switching, aggregation, service delivery and management of voice, video and data traffic on communications networks.
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