Mutual of America Capital Management LLC Has $5.75 Million Position in Ciena Corporation $CIEN

Key Points

• Mutual of America Capital Management LLC reduced its holdings in Ciena Corporation by 7.6%, now owning approximately 70,689 shares worth around $5.75 million.
• Ciena's stock has received several upgrades from analysts, with target prices raised significantly, indicating potential for growth; the current average target price stands at $137.53.
• Insider activity at Ciena includes the sale of over 45,000 shares valued at nearly $6 million in the last three months, highlighting potential shifts in stakeholder confidence.

Mutual of America Capital Management LLC reduced its holdings in Ciena Corporation (NYSE:CIEN - Free Report) by 7.6% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 70,689 shares of the communications equipment provider's stock after selling 5,840 shares during the quarter. Mutual of America Capital Management LLC owned about 0.05% of Ciena worth $5,749,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. William Blair Investment Management LLC grew its position in shares of Ciena by 35.0% in the second quarter. William Blair Investment Management LLC now owns 2,708,540 shares of the communications equipment provider's stock valued at $220,286,000 after purchasing an additional 702,909 shares during the last quarter. Stanley Laman Group Ltd. acquired a new stake in Ciena during the second quarter worth about $5,943,000. Allianz Asset Management GmbH grew its position in Ciena by 68.2% during the second quarter. Allianz Asset Management GmbH now owns 173,988 shares of the communications equipment provider's stock worth $14,150,000 after buying an additional 70,551 shares in the last quarter. Ritholtz Wealth Management acquired a new stake in Ciena during the second quarter worth about $306,000. Finally, Jag Capital Management LLC acquired a new stake in Ciena during the second quarter worth about $251,000. 91.99% of the stock is owned by institutional investors and hedge funds.

Ciena Trading Down 2.1%

Shares of CIEN opened at $169.54 on Wednesday. The company has a current ratio of 3.28, a quick ratio of 2.52 and a debt-to-equity ratio of 0.55. The stock has a market cap of $23.92 billion, a PE ratio of 174.78, a PEG ratio of 2.40 and a beta of 1.15. Ciena Corporation has a 1 year low of $49.21 and a 1 year high of $177.79. The stock has a 50 day simple moving average of $128.72 and a 200-day simple moving average of $94.86.

Ciena (NYSE:CIEN - Get Free Report) last announced its quarterly earnings results on Thursday, April 6th. The communications equipment provider reported $0.47 EPS for the quarter. The business had revenue of $844.44 million for the quarter. Ciena had a return on equity of 6.62% and a net margin of 3.10%. On average, sell-side analysts predict that Ciena Corporation will post 1.6 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on CIEN shares. B. Riley reissued a "neutral" rating and set a $113.00 target price (up from $90.00) on shares of Ciena in a research report on Friday, September 5th. Wolfe Research raised Ciena to a "strong-buy" rating in a research report on Tuesday, July 8th. Argus lifted their target price on Ciena from $100.00 to $135.00 and gave the stock a "buy" rating in a research report on Friday, September 5th. UBS Group lifted their target price on Ciena from $78.00 to $120.00 and gave the stock a "neutral" rating in a research report on Friday, September 5th. Finally, Barclays lifted their target price on Ciena from $102.00 to $138.00 and gave the stock an "overweight" rating in a research report on Friday, September 5th. Three investment analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $137.53.

Insider Activity at Ciena

In other Ciena news, Director Bruce L. Claflin sold 8,461 shares of the business's stock in a transaction dated Wednesday, September 24th. The shares were sold at an average price of $140.12, for a total value of $1,185,555.32. Following the completion of the transaction, the director directly owned 54,624 shares of the company's stock, valued at approximately $7,653,914.88. The trade was a 13.41% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Brodie Gage sold 350 shares of the business's stock in a transaction dated Wednesday, October 15th. The stock was sold at an average price of $169.36, for a total transaction of $59,276.00. Following the completion of the transaction, the senior vice president directly owned 40,653 shares of the company's stock, valued at approximately $6,884,992.08. This represents a 0.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 45,374 shares of company stock valued at $5,936,444. 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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