Bank of New York Mellon Corp Sells 91,842 Shares of Ciena Corporation (NYSE:CIEN)

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

Several other hedge funds also recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD grew its stake in Ciena by 195.9% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 4,626,153 shares of the communications equipment provider's stock worth $392,345,000 after acquiring an additional 3,062,883 shares in the last quarter. Polar Capital Holdings Plc grew its stake 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 acquiring an additional 1,154,260 shares in the last quarter. Marshall Wace LLP grew its stake 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 acquiring an additional 878,979 shares in the last quarter. Janus Henderson Group PLC grew its stake 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 acquiring 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 about $45,341,000. 91.99% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Evercore ISI restated a "mixed" rating on shares of Ciena in a research note on Friday, June 6th. UBS Group upped their target price on shares of Ciena from $73.00 to $78.00 and gave the stock a "neutral" rating in a research note on Friday, June 6th. Wolfe Research raised shares of Ciena to a "strong-buy" rating in a research report on Tuesday. Needham & Company LLC reiterated a "buy" rating and set a $90.00 price objective on shares of Ciena in a research note on Friday, June 6th. Finally, B. Riley reiterated a "buy" rating and set a $90.00 price objective (up from $89.00) on shares of Ciena in a research note on Friday, June 6th. One analyst has rated the stock with a sell rating, four have given a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat, Ciena has a consensus rating of "Moderate Buy" and an average price target of $84.08.

Insiders Place Their Bets

In other Ciena news, SVP Brodie Gage sold 350 shares of the firm'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 transaction, the senior vice president owned 45,883 shares of the company's stock, valued at approximately $3,331,105.80. This trade represents a 0.76% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Jason Phipps sold 2,325 shares of the firm'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 completion of the transaction, the senior vice president directly owned 84,833 shares of the company's stock, valued at approximately $6,829,056.50. This represents a 2.67% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 41,919 shares of company stock valued at $3,115,199. Corporate insiders own 0.93% of the company's stock.

Ciena Price Performance

Shares of CIEN opened at $77.99 on Friday. The company has a market cap of $11.03 billion, a price-to-earnings ratio of 108.32, a price-to-earnings-growth ratio of 1.76 and a beta of 1.11. Ciena Corporation has a twelve month low of $44.89 and a twelve month high of $101.44. The company has a quick ratio of 2.57, a current ratio of 3.40 and a debt-to-equity ratio of 0.55. The company has a 50 day moving average of $78.03 and a two-hundred day moving average of $75.93.

Ciena (NYSE:CIEN - Get Free Report) last announced 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 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%. Ciena's revenue was up 23.6% on a year-over-year basis. During the same quarter last year, the business earned $0.27 earnings per share. As a group, analysts predict that Ciena Corporation will post 1.6 earnings per share for the current fiscal year.

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.

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