Amalgamated Bank lowered its position in shares of Ciena Corporation (NYSE:CIEN - Free Report) by 5.3% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 65,125 shares of the communications equipment provider's stock after selling 3,681 shares during the quarter. Amalgamated Bank's holdings in Ciena were worth $3,936,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Price T Rowe Associates Inc. MD grew its holdings in shares of Ciena by 195.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 4,626,153 shares of the communications equipment provider's stock valued at $392,345,000 after purchasing an additional 3,062,883 shares during the last quarter. Polar Capital Holdings Plc grew its holdings in Ciena by 113.7% in the 4th quarter. Polar Capital Holdings Plc now owns 2,169,406 shares of the communications equipment provider's stock worth $183,987,000 after buying an additional 1,154,260 shares in the last quarter. Marshall Wace LLP grew its holdings in Ciena by 4,215.9% in the 4th quarter. Marshall Wace LLP now owns 899,828 shares of the communications equipment provider's stock worth $76,314,000 after buying an additional 878,979 shares in the last quarter. Janus Henderson Group PLC grew its holdings in Ciena by 971.7% in the 4th quarter. Janus Henderson Group PLC now owns 729,722 shares of the communications equipment provider's stock worth $61,891,000 after buying an additional 661,630 shares in the last quarter. Finally, Keystone Investors PTE Ltd. bought a new position in Ciena in the 4th quarter worth approximately $45,341,000. Institutional investors and hedge funds own 91.99% of the company's stock.
Ciena Price Performance
Shares of CIEN traded down $1.27 during trading hours on Monday, hitting $80.11. 1,410,526 shares of the company were exchanged, compared to its average volume of 2,117,708. The firm has a fifty day simple moving average of $77.31 and a 200-day simple moving average of $76.02. The company has a market capitalization of $11.33 billion, a PE ratio of 111.26, a PEG ratio of 1.82 and a beta of 1.11. Ciena Corporation has a one year low of $44.89 and a one year high of $101.44. The company has a debt-to-equity ratio of 0.55, a current ratio of 3.40 and a quick ratio of 2.57.
Ciena (NYSE:CIEN - Get Free Report) last released its earnings results on Thursday, June 5th. The communications equipment provider reported $0.42 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.50 by ($0.08). The business had revenue of $1.13 billion during the quarter, compared to analysts' expectations of $1.09 billion. Ciena had a net margin of 2.46% and a return on equity of 5.08%. Ciena's revenue for the quarter was up 23.6% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.27 EPS. As a group, sell-side analysts predict that Ciena Corporation will post 1.6 earnings per share for the current year.
Analyst Upgrades and Downgrades
CIEN has been the subject of a number of recent analyst reports. Rosenblatt Securities increased their price objective on Ciena from $65.00 to $85.00 and gave the stock a "neutral" rating in a report on Tuesday, June 3rd. Needham & Company LLC restated a "buy" rating and issued a $90.00 target price on shares of Ciena in a research report on Friday, June 6th. Morgan Stanley increased their price target on Ciena from $44.00 to $73.00 and gave the company an "equal weight" rating in a research note on Friday, June 6th. Citigroup decreased their price target on Ciena from $98.00 to $75.00 and set a "buy" rating for the company in a research note on Monday, April 14th. Finally, JPMorgan Chase & Co. increased their price target on Ciena from $76.00 to $86.00 and gave the company an "overweight" rating in a research note on Tuesday, May 27th. Five analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $84.31.
View Our Latest Analysis on CIEN
Insider Buying and Selling at Ciena
In related news, SVP Brodie Gage sold 350 shares of the stock in a transaction on Monday, June 16th. The stock was sold at an average price of $72.60, for a total transaction of $25,410.00. Following the completion of the sale, the senior vice president directly owned 45,883 shares in the company, valued at approximately $3,331,105.80. This trade represents a 0.76% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Jason Phipps sold 2,325 shares of the stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $80.50, for a total value of $187,162.50. Following the sale, the senior vice president owned 84,833 shares of the company's stock, valued at approximately $6,829,056.50. This represents a 2.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 41,919 shares of company stock valued at $3,115,199 in the last quarter. Corporate insiders own 0.93% of the company's stock.
Ciena Company Profile
(
Free Report)
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.
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