Ciena Co. (NYSE:CIEN) Shares Sold by Mutual of America Capital Management LLC

Mutual of America Capital Management LLC reduced its holdings in Ciena Co. (NYSE:CIEN) by 2.9% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 132,278 shares of the communications equipment provider’s stock after selling 3,996 shares during the quarter. Mutual of America Capital Management LLC owned about 0.09% of Ciena worth $6,373,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the business. Capital World Investors lifted its holdings in shares of Ciena by 29.1% in the 4th quarter. Capital World Investors now owns 3,513,633 shares of the communications equipment provider’s stock valued at $158,149,000 after buying an additional 791,215 shares during the period. Dimensional Fund Advisors LP raised its holdings in Ciena by 24.0% during the second quarter. Dimensional Fund Advisors LP now owns 2,706,308 shares of the communications equipment provider’s stock worth $130,392,000 after purchasing an additional 523,313 shares during the last quarter. Price T Rowe Associates Inc. MD raised its holdings in 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 last quarter. Victory Capital Management Inc. raised its holdings in Ciena by 17.2% during the second quarter. Victory Capital Management Inc. now owns 2,049,464 shares of the communications equipment provider’s stock worth $98,743,000 after purchasing an additional 301,390 shares during the last quarter. Finally, Fort Pitt Capital Group LLC raised its holdings 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 purchasing an additional 56,513 shares during the last quarter. 91.99% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Barclays lifted their price objective on Ciena from $55.00 to $67.00 and gave the stock an “overweight” rating in a report on Thursday, September 5th. Northland Securities reaffirmed a “market perform” rating and set a $46.00 price objective on shares of Ciena in a report on Tuesday, September 3rd. Rosenblatt Securities lifted their price objective on Ciena from $54.00 to $60.00 and gave the stock a “neutral” rating in a report on Thursday, September 5th. Bank of America reissued a “neutral” rating and set a $59.00 price target on shares of Ciena in a research report on Thursday, September 5th. Finally, JPMorgan Chase & Co. dropped their price target on Ciena from $67.00 to $60.00 and set an “overweight” rating for the company in a research report on Thursday, May 30th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, Ciena has a consensus rating of “Moderate Buy” and a consensus price target of $59.15.

Insider Buying and Selling at Ciena

In other Ciena news, SVP Jason Phipps sold 2,712 shares of the business’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $48.29, for a total transaction 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 transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Ciena news, SVP David M. Rothenstein sold 3,500 shares of the business’s stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $56.24, for a total transaction of $196,840.00. Following the transaction, the senior vice president now owns 205,421 shares in the company, valued at $11,552,877.04. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, SVP Jason Phipps sold 2,712 shares of the business’s 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 transaction, the senior vice president now owns 96,000 shares in the company, valued at approximately $4,635,840. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 9,712 shares of company stock valued at $498,637. Company insiders own 0.83% of the company’s stock.

Ciena Price Performance

Shares of NYSE:CIEN opened at $58.73 on Friday. The company has a market cap 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. The company has a quick ratio of 2.99, a current ratio of 4.06 and a debt-to-equity ratio of 0.53. Ciena Co. has a 52 week low of $39.94 and a 52 week high of $63.24. The business has a fifty day simple moving average of $52.46 and a 200-day simple moving average of $49.87.

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

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.