Federated Hermes Inc. Has $1.16 Million Stock Holdings in Ciena Co. (NYSE:CIEN)

Federated Hermes Inc. decreased its position in shares of Ciena Co. (NYSE:CIEN) by 5.9% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 24,034 shares of the communications equipment provider’s stock after selling 1,518 shares during the period. Federated Hermes Inc.’s holdings in Ciena were worth $1,158,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of CIEN. Capital World Investors increased its position in Ciena by 29.1% during the fourth quarter. Capital World Investors now owns 3,513,633 shares of the communications equipment provider’s stock worth $158,149,000 after acquiring an additional 791,215 shares during the period. Price T Rowe Associates Inc. MD increased its holdings in shares of Ciena by 1,944.4% during the first quarter. Price T Rowe Associates Inc. MD now owns 2,062,394 shares of the communications equipment provider’s stock worth $101,986,000 after purchasing an additional 1,961,513 shares during the period. Victory Capital Management Inc. raised its position in shares of Ciena by 17.2% in the second quarter. Victory Capital Management Inc. now owns 2,049,464 shares of the communications equipment provider’s stock valued at $98,743,000 after buying an additional 301,390 shares in the last quarter. Fort Pitt Capital Group LLC grew its position in Ciena by 3.4% during the second quarter. Fort Pitt Capital Group LLC now owns 1,709,023 shares of the communications equipment provider’s stock worth $82,341,000 after buying an additional 56,513 shares in the last quarter. Finally, Norges Bank bought a new position in Ciena during the 4th quarter worth $73,476,000. Institutional investors and hedge funds own 91.99% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on CIEN shares. Needham & Company LLC reissued a “buy” rating and set a $65.00 target price on shares of Ciena in a report on Thursday, September 5th. Bank of America restated a “neutral” rating and issued a $59.00 target price on shares of Ciena in a research report on Thursday, September 5th. Raymond James lowered shares of Ciena from a “strong-buy” rating to an “outperform” rating and reduced their price target for the stock from $59.00 to $54.00 in a research report on Thursday, June 6th. Rosenblatt Securities boosted their price objective on shares of Ciena from $54.00 to $60.00 and gave the company a “neutral” rating in a research report on Thursday, September 5th. Finally, B. Riley reduced their target price on Ciena from $68.00 to $66.00 and set a “buy” rating on the stock in a report on Friday, June 7th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $59.15.

Ciena Stock Performance

Ciena stock opened at $58.73 on Friday. The business has a 50 day moving average of $52.66 and a 200-day moving average of $49.77. The company has a market capitalization of $8.44 billion, a P/E ratio of 56.47, a P/E/G ratio of 6.86 and a beta of 0.94. Ciena Co. has a 1 year low of $39.94 and a 1 year high of $63.24. The company has a debt-to-equity ratio of 0.53, a current ratio of 4.06 and a quick ratio of 2.99.

Ciena (NYSE:CIEN) last released its quarterly earnings results on Wednesday, September 4th. The communications equipment provider reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.26 by $0.09. Ciena had a net margin of 3.44% and a return on equity of 5.98%. The firm had revenue of $942.30 million during the quarter, compared to the consensus estimate of $928.31 million. During the same quarter last year, the firm earned $0.36 earnings per share. The company’s revenue for the quarter was down 11.8% on a year-over-year basis. On average, equities research analysts predict that Ciena Co. will post 1.15 earnings per share for the current year.

Insiders Place Their Bets

In other news, SVP Jason Phipps sold 2,712 shares of the stock in a transaction dated 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 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 SEC, which is available at this link. In other news, SVP Jason Phipps sold 2,712 shares of the company’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $48.29, for a total value of $130,962.48. Following the sale, the senior vice president now directly owns 96,000 shares of the company’s stock, valued at approximately $4,635,840. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, SVP David M. Rothenstein sold 3,500 shares of the stock in a transaction on Monday, July 15th. The stock was sold at an average price of $48.81, for a total transaction of $170,835.00. Following the sale, the senior vice president now owns 212,421 shares of the company’s stock, valued at $10,368,269.01. The disclosure for this sale can be found here. In the last three months, insiders have sold 9,712 shares of company stock valued at $498,637. 0.83% of the stock is currently owned by company 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.