Ciena Corporation (NYSE:CIEN) Shares Sold by Amalgamated Bank

Amalgamated Bank decreased its position in shares of Ciena Corporation (NYSE:CIEN - Free Report) by 5.3% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 65,125 shares of the communications equipment provider's stock after selling 3,681 shares during the period. Amalgamated Bank's holdings in Ciena were worth $3,936,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Annis Gardner Whiting Capital Advisors LLC grew its holdings in Ciena by 108.6% during the 4th quarter. Annis Gardner Whiting Capital Advisors LLC now owns 290 shares of the communications equipment provider's stock valued at $25,000 after buying an additional 151 shares in the last quarter. Bessemer Group Inc. grew its holdings in Ciena by 73.7% during the 4th quarter. Bessemer Group Inc. now owns 356 shares of the communications equipment provider's stock valued at $30,000 after buying an additional 151 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in Ciena by 328.2% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 364 shares of the communications equipment provider's stock valued at $30,000 after buying an additional 279 shares in the last quarter. Atlas Capital Advisors Inc. grew its holdings in Ciena by 77.2% during the 4th quarter. Atlas Capital Advisors Inc. now owns 420 shares of the communications equipment provider's stock valued at $36,000 after buying an additional 183 shares in the last quarter. Finally, Picton Mahoney Asset Management purchased a new position in Ciena during the 4th quarter valued at approximately $41,000. Institutional investors own 91.99% of the company's stock.

Insider Activity

In related news, SVP Brodie Gage sold 350 shares of the firm's stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $72.60, for a total transaction of $25,410.00. Following the sale, the senior vice president directly owned 45,883 shares of the company's stock, valued at $3,331,105.80. This trade represents a 0.76% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP David M. Rothenstein sold 2,500 shares of Ciena stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $79.93, for a total value of $199,825.00. Following the completion of the sale, the senior vice president directly owned 202,370 shares in the company, valued at $16,175,434.10. This represents a 1.22% 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 over the last 90 days. Company insiders own 0.93% of the company's stock.

Ciena Stock Up 2.3%

CIEN stock traded up $1.86 on Friday, hitting $81.38. 1,082,538 shares of the company's stock were exchanged, compared to its average volume of 2,116,061. Ciena Corporation has a 12-month low of $44.89 and a 12-month high of $101.44. The firm has a 50 day moving average price of $77.04 and a two-hundred day moving average price of $76.19. The company has a debt-to-equity ratio of 0.55, a quick ratio of 2.57 and a current ratio of 3.40. The stock has a market cap of $11.50 billion, a P/E ratio of 113.03, a price-to-earnings-growth ratio of 1.82 and a beta of 1.11.

Ciena (NYSE:CIEN - Get Free Report) last announced its quarterly earnings data on Thursday, June 5th. The communications equipment provider reported $0.42 earnings per share for the quarter, missing analysts' consensus estimates of $0.50 by ($0.08). The firm had revenue of $1.13 billion during the quarter, compared to analyst estimates of $1.09 billion. Ciena had a net margin of 2.46% and a return on equity of 5.08%. The firm's revenue for the quarter was up 23.6% on a year-over-year basis. During the same period in the prior year, the company posted $0.27 earnings per share. As a group, equities research analysts expect that Ciena Corporation will post 1.6 EPS for the current fiscal year.

Analyst Ratings Changes

CIEN has been the subject of several research analyst reports. Morgan Stanley raised their price target on Ciena from $44.00 to $73.00 and gave the company an "equal weight" rating in a report on Friday, June 6th. UBS Group lifted their target price on Ciena from $73.00 to $78.00 and gave the stock a "neutral" rating in a report on Friday, June 6th. Evercore ISI reiterated a "mixed" rating on shares of Ciena in a report on Friday, June 6th. Northland Securities set a $100.00 target price on Ciena in a report on Monday, June 30th. Finally, B. Riley reiterated a "buy" rating and issued a $90.00 target price (up previously from $89.00) on shares of Ciena in a report on Friday, June 6th. Five analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Ciena has an average rating of "Moderate Buy" and an average target price of $84.31.

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.