Ciena Corporation (NYSE:CIEN) Holdings Decreased by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. decreased its position in Ciena Corporation (NYSE:CIEN - Free Report) by 68.5% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor 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.

Other hedge funds also recently made changes to their positions in the company. Annis Gardner Whiting Capital Advisors LLC grew its position in shares of Ciena by 108.6% in the 4th quarter. Annis Gardner Whiting Capital Advisors LLC now owns 290 shares of the communications equipment provider's stock worth $25,000 after acquiring an additional 151 shares in the last quarter. Bessemer Group Inc. lifted its holdings in shares of Ciena by 73.7% in the 4th quarter. Bessemer Group Inc. now owns 356 shares of the communications equipment provider's stock worth $30,000 after purchasing an additional 151 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in shares of Ciena by 328.2% in the 4th 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 during the last quarter. Atlas Capital Advisors Inc. lifted its holdings in shares of Ciena by 77.2% in the 4th quarter. Atlas Capital Advisors Inc. now owns 420 shares of the communications equipment provider's stock worth $36,000 after purchasing an additional 183 shares during the last quarter. Finally, Picton Mahoney Asset Management bought a new stake in shares of Ciena in the 4th quarter worth approximately $41,000. Institutional investors and hedge funds own 91.99% of the company's stock.

Insiders Place Their Bets

In other news, SVP Joseph Cumello sold 2,044 shares of Ciena stock in a transaction on Friday, June 27th. The stock was sold at an average price of $81.64, for a total transaction of $166,872.16. Following the transaction, the senior vice president owned 47,198 shares in the company, valued at approximately $3,853,244.72. The trade was a 4.15% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP David M. Rothenstein sold 2,500 shares of Ciena stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $79.93, for a total value of $199,825.00. Following the transaction, the senior vice president owned 202,370 shares in the company, valued at $16,175,434.10. This represents a 1.22% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 41,919 shares of company stock worth $3,115,199. Corporate insiders own 0.93% of the company's stock.

Ciena Price Performance

Shares of CIEN stock traded down $0.81 during mid-day trading on Thursday, hitting $78.52. 2,116,833 shares of the stock traded hands, compared to its average volume of 2,125,319. Ciena Corporation has a twelve month low of $44.89 and a twelve month high of $101.44. The firm has a market cap of $11.10 billion, a price-to-earnings ratio of 109.06, a price-to-earnings-growth ratio of 1.76 and a beta of 1.11. The company's 50-day simple moving average is $77.79 and its 200-day simple moving average is $76.06. The company has a debt-to-equity ratio of 0.55, a quick ratio of 2.57 and a current ratio of 3.40.

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 (EPS) for the quarter, missing analysts' consensus estimates of $0.50 by ($0.08). The company had revenue of $1.13 billion during 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%. The business's revenue was up 23.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.27 earnings per share. As a group, equities research analysts expect that Ciena Corporation will post 1.6 earnings per share for the current year.

Analyst Ratings Changes

CIEN has been the topic of several recent research reports. Morgan Stanley reissued an "underweight" rating and issued a $70.00 price target (down previously from $73.00) on shares of Ciena in a report on Tuesday. Wolfe Research raised Ciena to a "strong-buy" rating in a report on Tuesday. Wall Street Zen raised Ciena from a "hold" rating to a "buy" rating in a report on Saturday, July 5th. UBS Group raised their price target on Ciena from $73.00 to $78.00 and gave the stock a "neutral" rating in a report on Friday, June 6th. Finally, JPMorgan Chase & Co. lifted their target price on Ciena from $76.00 to $86.00 and gave the company an "overweight" rating in a research note on Tuesday, May 27th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, nine have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $84.08.

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.