GAMMA Investing LLC increased its position in Ciena Co. (NYSE:CIEN - Free Report) by 8,381.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 178,873 shares of the communications equipment provider's stock after buying an additional 176,764 shares during the period. GAMMA Investing LLC owned 0.13% of Ciena worth $10,809,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in CIEN. Stratos Wealth Partners LTD. acquired a new position in Ciena during the fourth quarter worth $204,000. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Ciena during the fourth quarter worth about $1,308,000. Choreo LLC acquired a new stake in shares of Ciena in the 4th quarter worth about $328,000. Empowered Funds LLC bought a new position in Ciena in the 4th quarter valued at about $263,000. Finally, Stephens Investment Management Group LLC acquired a new position in Ciena during the 4th quarter valued at about $56,997,000. 91.99% of the stock is owned by institutional investors.
Ciena Stock Performance
CIEN stock traded down $0.27 during mid-day trading on Monday, hitting $72.46. The company had a trading volume of 3,397,380 shares, compared to its average volume of 2,066,719. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.72 and a current ratio of 3.55. The firm has a market cap of $10.30 billion, a PE ratio of 127.12, a price-to-earnings-growth ratio of 1.54 and a beta of 1.12. Ciena Co. has a 12 month low of $44.69 and a 12 month high of $101.44. The stock's fifty day moving average price is $70.07 and its two-hundred day moving average price is $75.96.
Ciena (NYSE:CIEN - Get Free Report) last posted its quarterly earnings results on Thursday, June 5th. The communications equipment provider reported $0.42 EPS for the quarter, missing analysts' consensus estimates of $0.50 by ($0.08). Ciena had a return on equity of 4.72% and a net margin of 2.09%. The company had revenue of $1.13 billion during the quarter, compared to the consensus estimate of $1.09 billion. During the same period last year, the firm posted $0.27 EPS. The company's revenue for the quarter was up 23.6% compared to the same quarter last year. On average, analysts forecast that Ciena Co. will post 1.6 earnings per share for the current fiscal year.
Analyst Ratings Changes
CIEN has been the subject of a number of recent research reports. Wall Street Zen downgraded Ciena from a "buy" rating to a "hold" rating in a research note on Saturday. JPMorgan Chase & Co. upped their price target on Ciena from $76.00 to $86.00 and gave the stock an "overweight" rating in a report on Tuesday, May 27th. B. Riley reissued a "buy" rating and issued a $90.00 price target (up from $89.00) on shares of Ciena in a research report on Friday. Northland Capmk upgraded Ciena from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, March 12th. Finally, Northland Securities set a $85.00 target price on shares of Ciena in a report on Friday. Six research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, Ciena presently has an average rating of "Moderate Buy" and an average target price of $83.15.
Read Our Latest Stock Analysis on Ciena
Insider Activity
In related news, CEO Gary B. Smith sold 6,800 shares of Ciena stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $65.18, for a total value of $443,224.00. Following the completion of the transaction, the chief executive officer now directly owns 391,749 shares in the company, valued at approximately $25,534,199.82. The trade was a 1.71% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP David M. Rothenstein sold 2,500 shares of the stock in a transaction 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 sale, the senior vice president now owns 202,370 shares in the company, valued at approximately $16,175,434.10. This represents a 1.22% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 51,788 shares of company stock valued at $3,431,319 in the last 90 days. Insiders own 0.93% of the company's stock.
Ciena Company Profile
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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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