Texas Permanent School Fund Raises Stake in Ciena Corporation (NYSE:CIEN)

Texas Permanent School Fund increased its stake in Ciena Corporation (NYSE:CIEN) by 1.2% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 103,506 shares of the communications equipment provider’s stock after buying an additional 1,245 shares during the period. Texas Permanent School Fund owned approximately 0.07% of Ciena Corporation worth $2,590,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. State of New Jersey Common Pension Fund D increased its stake in Ciena Corporation by 56.3% in the first quarter. State of New Jersey Common Pension Fund D now owns 625,000 shares of the communications equipment provider’s stock worth $14,756,000 after buying an additional 225,000 shares during the last quarter. Shell Asset Management Co. acquired a new stake in Ciena Corporation during the first quarter worth approximately $540,000. Janney Capital Management LLC acquired a new stake in Ciena Corporation during the first quarter worth approximately $12,802,000. Glen Harbor Capital Management LLC increased its stake in Ciena Corporation by 12.1% in the first quarter. Glen Harbor Capital Management LLC now owns 5,280 shares of the communications equipment provider’s stock worth $125,000 after buying an additional 572 shares during the last quarter. Finally, Advisors Capital Management LLC acquired a new stake in Ciena Corporation during the first quarter worth approximately $183,000.

Shares of Ciena Corporation (NYSE:CIEN) traded down 0.60% during trading on Friday, reaching $23.37. 1,884,343 shares of the company’s stock traded hands. The stock has a 50-day moving average of $25.29 and a 200-day moving average of $24.48. The company has a market capitalization of $3.31 billion, a price-to-earnings ratio of 30.87 and a beta of 1.61. Ciena Corporation has a 1-year low of $18.94 and a 1-year high of $27.98.

Ciena Corporation (NYSE:CIEN) last released its quarterly earnings data on Thursday, June 1st. The communications equipment provider reported $0.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.37 by $0.08. Ciena Corporation had a net margin of 4.13% and a return on equity of 25.56%. The company had revenue of $707.02 million during the quarter, compared to the consensus estimate of $694.84 million. During the same period in the previous year, the firm earned $0.34 earnings per share. Ciena Corporation’s revenue for the quarter was up 10.3% on a year-over-year basis. On average, equities analysts predict that Ciena Corporation will post $1.77 EPS for the current fiscal year.

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CIEN has been the subject of a number of recent research reports. Needham & Company LLC increased their price objective on shares of Ciena Corporation from $30.00 to $31.00 and gave the company a “buy” rating in a report on Friday, June 2nd. Deutsche Bank AG reiterated a “hold” rating and issued a $24.00 price objective (up previously from $23.00) on shares of Ciena Corporation in a report on Saturday, June 3rd. Instinet reissued a “buy” rating and issued a $30.00 price target (up previously from $27.00) on shares of Ciena Corporation in a research note on Saturday, June 3rd. Zacks Investment Research cut shares of Ciena Corporation from a “buy” rating to a “hold” rating in a research note on Wednesday, August 2nd. Finally, BMO Capital Markets reissued a “buy” rating and issued a $30.00 price target on shares of Ciena Corporation in a research note on Thursday, April 27th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $30.19.

In other news, CEO Gary B. Smith sold 12,558 shares of the company’s stock in a transaction on Wednesday, June 21st. The shares were sold at an average price of $25.31, for a total value of $317,842.98. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Patrick Gallagher sold 3,000 shares of the company’s stock in a transaction on Thursday, June 1st. The shares were sold at an average price of $26.29, for a total transaction of $78,870.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 74,108 shares of company stock valued at $1,890,727. 1.45% of the stock is owned by insiders.

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.

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

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