Bank of New York Mellon Corp Has $71.29 Million Stock Holdings in Ciena Corporation (NYSE:CIEN)

Bank of New York Mellon Corp cut its stake in Ciena Corporation (NYSE:CIEN - Free Report) by 7.2% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,179,719 shares of the communications equipment provider's stock after selling 91,842 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.83% of Ciena worth $71,290,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of CIEN. Annis Gardner Whiting Capital Advisors LLC lifted its stake in shares of Ciena by 108.6% in the fourth 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. Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in shares of Ciena by 328.2% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 364 shares of the communications equipment provider's stock worth $30,000 after purchasing an additional 279 shares in the last quarter. Bessemer Group Inc. boosted its position in shares of Ciena by 73.7% in the fourth quarter. Bessemer Group Inc. now owns 356 shares of the communications equipment provider's stock valued at $30,000 after acquiring an additional 151 shares during the period. Atlas Capital Advisors Inc. boosted its position in shares of Ciena by 77.2% in the fourth quarter. Atlas Capital Advisors Inc. now owns 420 shares of the communications equipment provider's stock valued at $36,000 after acquiring an additional 183 shares during the period. Finally, MassMutual Private Wealth & Trust FSB boosted its position in shares of Ciena by 66.7% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 640 shares of the communications equipment provider's stock valued at $39,000 after acquiring an additional 256 shares during the period. 91.99% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

CIEN has been the subject of a number of recent research reports. Citigroup lowered their price objective on shares of Ciena from $98.00 to $75.00 and set a "buy" rating for the company in a report on Monday, April 14th. Rosenblatt Securities boosted their price objective on shares of Ciena from $65.00 to $85.00 and gave the stock a "neutral" rating in a report on Tuesday, June 3rd. Morgan Stanley restated an "underweight" rating and issued a $70.00 price objective (down from $73.00) on shares of Ciena in a report on Tuesday, July 8th. B. Riley reiterated a "buy" rating and set a $90.00 price target (up from $89.00) on shares of Ciena in a report on Friday, June 6th. Finally, UBS Group upped their price target on shares of Ciena from $73.00 to $78.00 and gave the company a "neutral" rating in a report on Friday, June 6th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $84.08.

Ciena Trading Up 1.5%

NYSE:CIEN traded up $1.21 during trading hours on Tuesday, hitting $82.63. The company had a trading volume of 3,044,958 shares, compared to its average volume of 2,148,799. The company has a market cap of $11.68 billion, a P/E ratio of 114.76, a P/E/G ratio of 1.74 and a beta of 1.11. The company has a current ratio of 3.40, a quick ratio of 2.57 and a debt-to-equity ratio of 0.55. Ciena Corporation has a 1 year low of $44.89 and a 1 year high of $101.44. The company has a 50-day moving average of $78.03 and a 200 day moving average of $75.76.

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

Insider Transactions at Ciena

In other Ciena news, SVP Jason Phipps sold 2,325 shares of the business's stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $80.50, for a total transaction of $187,162.50. Following the sale, the senior vice president directly owned 84,833 shares in the company, valued at approximately $6,829,056.50. The trade was a 2.67% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Brodie Gage sold 350 shares of the company's stock in a transaction on Monday, June 16th. The shares were sold at an average price of $72.60, for a total value of $25,410.00. Following the completion of the sale, the senior vice president owned 45,883 shares in the company, valued at $3,331,105.80. This represents a 0.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 34,769 shares of company stock valued at $2,689,848. 0.93% of the stock is owned by company insiders.

Ciena 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.