Ciena Co. (NYSE:CIEN) Shares Sold by Primecap Management Co. CA

Primecap Management Co. CA reduced its stake in shares of Ciena Co. (NYSE:CIEN) by 2.5% during the 2nd quarter, according to its most recent filing with the SEC. The firm owned 122,500 shares of the communications equipment provider’s stock after selling 3,185 shares during the period. Primecap Management Co. CA owned approximately 0.09% of Ciena worth $5,902,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Kapitalo Investimentos Ltda purchased a new stake in shares of Ciena in the fourth quarter worth about $30,000. Register Financial Advisors LLC purchased a new stake in Ciena in the 1st quarter worth approximately $33,000. Headlands Technologies LLC purchased a new position in shares of Ciena during the 1st quarter valued at approximately $40,000. Canton Hathaway LLC acquired a new position in shares of Ciena in the 2nd quarter valued at $40,000. Finally, Covestor Ltd boosted its holdings in Ciena by 339.5% during the first quarter. Covestor Ltd now owns 1,213 shares of the communications equipment provider’s stock worth $60,000 after buying an additional 937 shares in the last quarter. 91.99% of the stock is owned by institutional investors and hedge funds.

Ciena Stock Down 0.1 %

Shares of NYSE CIEN opened at $56.41 on Thursday. The stock has a market cap of $8.11 billion, a PE ratio of 54.24, a P/E/G ratio of 6.86 and a beta of 0.94. The company has a current ratio of 4.06, a quick ratio of 2.99 and a debt-to-equity ratio of 0.53. Ciena Co. has a 12-month low of $39.94 and a 12-month high of $63.24. The company has a 50-day moving average of $52.07 and a 200 day moving average of $49.77.

Ciena (NYSE:CIEN) last posted its quarterly earnings results on Wednesday, September 4th. The communications equipment provider reported $0.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.26 by $0.09. The business had revenue of $942.30 million during the quarter, compared to analyst estimates of $928.31 million. Ciena had a return on equity of 5.98% and a net margin of 3.44%. The business’s revenue was down 11.8% compared to the same quarter last year. During the same period in the prior year, the business earned $0.36 earnings per share. As a group, sell-side analysts predict that Ciena Co. will post 1.15 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on CIEN shares. Rosenblatt Securities lifted their price objective on shares of Ciena from $54.00 to $60.00 and gave the company a “neutral” rating in a report on Thursday, September 5th. Northland Securities reiterated a “market perform” rating and set a $46.00 price target on shares of Ciena in a research report on Tuesday, September 3rd. Morgan Stanley boosted their price objective on Ciena from $55.00 to $60.00 and gave the company an “overweight” rating in a research report on Wednesday, September 4th. B. Riley decreased their target price on Ciena from $68.00 to $66.00 and set a “buy” rating on the stock in a research report on Friday, June 7th. Finally, Barclays boosted their price target on shares of Ciena from $55.00 to $67.00 and gave the stock an “overweight” rating in a report on Thursday, September 5th. One analyst has rated the stock with a sell rating, four have given a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $59.15.

Insiders Place Their Bets

In related news, SVP Jason Phipps sold 2,712 shares of the company’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $48.29, for a total value of $130,962.48. Following the completion of the sale, the senior vice president now owns 96,000 shares of the company’s stock, valued at $4,635,840. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, SVP Jason Phipps sold 2,712 shares of the stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $48.29, for a total value of $130,962.48. Following the completion of the transaction, the senior vice president now directly owns 96,000 shares in the company, valued at $4,635,840. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP David M. Rothenstein sold 3,500 shares of the firm’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $56.24, for a total value of $196,840.00. Following the sale, the senior vice president now directly owns 205,421 shares of the company’s stock, valued at approximately $11,552,877.04. The disclosure for this sale can be found here. Insiders sold 9,712 shares of company stock valued at $498,637 in the last three months. 0.83% of the stock is currently owned by insiders.

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.