Nuveen LLC Takes $70.07 Million Position in Ciena Corporation $CIEN

Key Points

• Nuveen LLC has acquired a new position in Ciena Corporation, purchasing approximately 1.16 million shares valued at around $70 million, representing 0.82% of the company's total shares.
• Recent changes among institutional investors show a significant increase in Ciena's ownership, with institutions owning 91.99% of the company, including substantial investments from Bessemer Group and Barclays PLC.
• Ciena's quarterly earnings revealed a revenue increase of 23.6% year-over-year, despite missing earnings per share estimates, indicating potential growth opportunities amid a strong market position.

Nuveen LLC acquired a new stake in shares of Ciena Corporation (NYSE:CIEN - Free Report) during the 1st quarter, according to its most recent filing with the SEC. The institutional investor acquired 1,159,439 shares of the communications equipment provider's stock, valued at approximately $70,065,000. Nuveen LLC owned about 0.82% of Ciena at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of CIEN. Cambridge Investment Research Advisors Inc. bought a new position in Ciena during the first quarter valued at approximately $219,000. GAMMA Investing LLC grew its holdings in shares of Ciena by 40.4% during the 1st quarter. GAMMA Investing LLC now owns 2,960 shares of the communications equipment provider's stock valued at $179,000 after purchasing an additional 851 shares during the last quarter. Assenagon Asset Management S.A. purchased a new position in Ciena in the 1st quarter worth $2,398,000. Bessemer Group Inc. lifted its stake in Ciena by 50.0% in the first quarter. Bessemer Group Inc. now owns 534 shares of the communications equipment provider's stock worth $32,000 after purchasing an additional 178 shares during the last quarter. Finally, UMB Bank n.a. lifted its stake in Ciena by 70.2% in the first quarter. UMB Bank n.a. now owns 1,222 shares of the communications equipment provider's stock worth $74,000 after purchasing an additional 504 shares during the last quarter. 91.99% of the stock is owned by hedge funds and other institutional investors.

Ciena Stock Up 0.3%

Shares of CIEN stock traded up $0.30 during midday trading on Monday, reaching $91.17. 409,399 shares of the stock were exchanged, compared to its average volume of 2,271,416. The firm has a market cap of $12.89 billion, a PE ratio of 126.61, a price-to-earnings-growth ratio of 2.03 and a beta of 1.11. The company's 50 day moving average is $83.43 and its two-hundred day moving average is $76.56. Ciena Corporation has a 1 year low of $49.21 and a 1 year high of $101.44. The company has a current ratio of 3.40, a quick ratio of 2.57 and a debt-to-equity ratio of 0.55.

Ciena (NYSE:CIEN - Get Free Report) last announced its 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). The business had revenue of $1.13 billion for the quarter, compared to the consensus estimate of $1.09 billion. Ciena had a net margin of 2.46% and a return on equity of 5.08%. The business's quarterly revenue was up 23.6% on a year-over-year basis. During the same quarter last year, the firm posted $0.27 EPS. On average, equities research analysts predict that Ciena Corporation will post 1.6 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Morgan Stanley reiterated an "underweight" rating and issued a $70.00 price objective (down previously from $73.00) on shares of Ciena in a report on Tuesday, July 8th. Northland Securities set a $100.00 price target on Ciena in a research note on Monday, June 30th. B. Riley reissued a "buy" rating and set a $90.00 price objective (up previously from $89.00) on shares of Ciena in a research note on Friday, June 6th. Wall Street Zen upgraded shares of Ciena from a "hold" rating to a "buy" rating in a report on Saturday, July 5th. Finally, Evercore ISI reaffirmed a "mixed" rating on shares of Ciena in a research note on Friday, June 6th. One equities research 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. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $85.54.

Insider Buying and Selling at Ciena

In related news, SVP Joseph Cumello sold 2,044 shares of the firm's stock in a transaction that occurred 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 completion of the transaction, the senior vice president owned 47,198 shares of the company's stock, valued at $3,853,244.72. This trade represents a 4.15% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Gary B. Smith sold 6,800 shares of Ciena stock in a transaction on Tuesday, July 15th. The shares were sold at an average price of $82.23, for a total value of $559,164.00. Following the transaction, the chief executive officer owned 325,557 shares of the company's stock, valued at $26,770,552.11. The trade was a 2.05% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 25,819 shares of company stock worth $2,047,280 over the last three months. Company insiders own 0.93% of the company's stock.

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.