Rhumbline Advisers Has $23.05 Million Stock Holdings in Ciena Co. (NYSE:CIEN)

Rhumbline Advisers cut its position in shares of Ciena Co. (NYSE:CIEN - Free Report) by 2.3% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 381,360 shares of the communications equipment provider's stock after selling 8,788 shares during the quarter. Rhumbline Advisers owned 0.27% of Ciena worth $23,046,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Annis Gardner Whiting Capital Advisors LLC grew its position in Ciena by 108.6% during the fourth quarter. Annis Gardner Whiting Capital Advisors LLC now owns 290 shares of the communications equipment provider's stock worth $25,000 after buying an additional 151 shares in the last quarter. Bessemer Group Inc. grew its position in Ciena by 73.7% during the fourth quarter. Bessemer Group Inc. now owns 356 shares of the communications equipment provider's stock worth $30,000 after buying an additional 151 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in Ciena by 328.2% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 364 shares of the communications equipment provider's stock worth $30,000 after buying an additional 279 shares in the last quarter. Atlas Capital Advisors Inc. grew its position in Ciena by 77.2% during the fourth quarter. Atlas Capital Advisors Inc. now owns 420 shares of the communications equipment provider's stock worth $36,000 after buying an additional 183 shares in the last quarter. Finally, Picton Mahoney Asset Management acquired a new stake in Ciena during the fourth quarter worth about $41,000. 91.99% of the stock is owned by institutional investors and hedge funds.

Ciena Price Performance

Shares of NYSE:CIEN traded down $0.17 during trading on Friday, reaching $72.88. The stock had a trading volume of 3,206,532 shares, compared to its average volume of 2,064,298. Ciena Co. has a 52 week low of $44.69 and a 52 week high of $101.44. The business's 50-day moving average price is $70.07 and its 200 day moving average price is $75.84. The company has a debt-to-equity ratio of 0.54, a current ratio of 3.55 and a quick ratio of 2.72. The stock has a market capitalization of $10.36 billion, a PE ratio of 127.86, a P/E/G ratio of 1.54 and a beta of 1.12.

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). Ciena had a net margin of 2.09% and a return on equity of 4.72%. The firm had revenue of $1.13 billion during the quarter, compared to the consensus estimate of $1.09 billion. During the same quarter last year, the firm posted $0.27 EPS. The business's revenue was up 23.6% on a year-over-year basis. As a group, equities analysts predict that Ciena Co. will post 1.6 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the stock. Barclays set a $100.00 price target on shares of Ciena and gave the stock an "overweight" rating in a research note on Wednesday, March 12th. Northland Securities set a $85.00 price target on shares of Ciena in a research note on Friday. Rosenblatt Securities raised their price target on shares of Ciena from $65.00 to $85.00 and gave the stock a "neutral" rating in a research note on Tuesday. Needham & Company LLC restated a "buy" rating and set a $90.00 price target on shares of Ciena in a research note on Friday. Finally, JPMorgan Chase & Co. raised their price target on shares of Ciena from $76.00 to $86.00 and gave the stock an "overweight" rating in a research note on Tuesday, May 27th. Six research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $83.15.

Insider Activity at Ciena

In related news, SVP Jason Phipps sold 18,888 shares of the firm's stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $59.88, for a total value of $1,131,013.44. Following the completion of the sale, the senior vice president now owns 89,258 shares of the company's stock, valued at $5,344,769.04. This trade represents a 17.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Brodie Gage sold 350 shares of the firm's stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $78.67, for a total transaction of $27,534.50. Following the completion of the sale, the senior vice president now directly owns 46,233 shares of the company's stock, valued at approximately $3,637,150.11. This represents a 0.75% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 51,788 shares of company stock valued at $3,431,319 over the last quarter. Corporate insiders own 0.93% of the company's stock.

About Ciena

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.