Mirae Asset Global Investments Co. Ltd. Cuts Holdings in Ciena Corporation (NYSE:CIEN)

Mirae Asset Global Investments Co. Ltd. trimmed its holdings in shares of Ciena Corporation (NYSE:CIEN - Free Report) by 68.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 4,851 shares of the communications equipment provider's stock after selling 10,538 shares during the quarter. Mirae Asset Global Investments Co. Ltd.'s holdings in Ciena were worth $299,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the business. Annis Gardner Whiting Capital Advisors LLC boosted its stake in 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 acquiring an additional 151 shares in the last quarter. Bessemer Group Inc. boosted its stake in 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 in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in 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 valued at $30,000 after acquiring an additional 279 shares in the last quarter. Atlas Capital Advisors Inc. boosted its stake in 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 in the last quarter. Finally, Picton Mahoney Asset Management acquired a new stake in Ciena in the fourth quarter valued at approximately $41,000. 91.99% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

CIEN has been the subject of several 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 research note on Monday, April 14th. Northland Securities set a $100.00 price objective on shares of Ciena in a research note on Monday, June 30th. Northland Capmk upgraded shares of Ciena from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, March 12th. Barclays set a $100.00 price objective on shares of Ciena and gave the stock an "overweight" rating in a research note on Wednesday, March 12th. Finally, Wall Street Zen upgraded shares of Ciena from a "hold" rating to a "buy" rating in a research note on Saturday. Five equities research 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 company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $84.31.

Ciena Trading Up 2.3%

NYSE CIEN opened at $81.38 on Monday. The company has a market capitalization of $11.50 billion, a PE ratio of 113.03, a P/E/G ratio of 1.82 and a beta of 1.11. The company has a fifty day moving average of $77.04 and a 200 day moving average of $76.07. Ciena Corporation has a 1 year low of $44.89 and a 1 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 posted 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 for 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 company's revenue for the quarter was up 23.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.27 earnings per share. Research analysts forecast that Ciena Corporation will post 1.6 earnings per share for the current year.

Insiders Place Their Bets

In other Ciena news, SVP Jason Phipps sold 2,325 shares of the company's stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $80.50, for a total value of $187,162.50. Following the completion of the transaction, the senior vice president owned 84,833 shares in the company, valued at approximately $6,829,056.50. This represents a 2.67% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Brodie Gage sold 350 shares of the company'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 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 position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 41,919 shares of company stock valued at $3,115,199. Insiders own 0.93% of the company's stock.

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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