Phoenix Holdings Ltd. cut its holdings in shares of Ciena Co. (NYSE:CIEN) by 17.2% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 109,074 shares of the communications equipment provider’s stock after selling 22,719 shares during the period. Phoenix Holdings Ltd. owned 0.07% of Ciena worth $5,469,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also made changes to their positions in the company. FMR LLC lifted its holdings in Ciena by 605.3% in the first quarter. FMR LLC now owns 1,249,825 shares of the communications equipment provider’s stock valued at $46,669,000 after acquiring an additional 1,072,632 shares during the period. Macquarie Group Ltd. lifted its holdings in Ciena by 309.3% in the fourth quarter. Macquarie Group Ltd. now owns 539,602 shares of the communications equipment provider’s stock valued at $23,035,000 after acquiring an additional 407,764 shares during the period. Wedbush Securities Inc. acquired a new stake in Ciena in the first quarter valued at $214,000. Nisa Investment Advisors LLC lifted its holdings in Ciena by 63.0% in the first quarter. Nisa Investment Advisors LLC now owns 17,925 shares of the communications equipment provider’s stock valued at $714,000 after acquiring an additional 6,925 shares during the period. Finally, Raymond James Financial Services Advisors Inc. acquired a new stake in Ciena in the first quarter valued at $410,000. Institutional investors and hedge funds own 88.44% of the company’s stock.
CIEN traded up $0.13 during midday trading on Thursday, reaching $59.97. The company’s stock had a trading volume of 18,433 shares, compared to its average volume of 1,491,274. The stock has a market cap of $9.07 billion, a P/E ratio of 28.82, a PEG ratio of 1.42 and a beta of 0.90. The company has a fifty day simple moving average of $57.04 and a 200 day simple moving average of $48.68. The company has a current ratio of 3.28, a quick ratio of 2.83 and a debt-to-equity ratio of 0.30. Ciena Co. has a twelve month low of $30.58 and a twelve month high of $61.51.
Ciena (NYSE:CIEN) last released its earnings results on Thursday, June 4th. The communications equipment provider reported $0.76 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.49 by $0.27. The firm had revenue of $894.00 million for the quarter, compared to analyst estimates of $889.42 million. Ciena had a return on equity of 16.18% and a net margin of 8.78%. The company’s revenue was up 3.3% on a year-over-year basis. During the same quarter last year, the firm posted $0.48 EPS. Sell-side analysts expect that Ciena Co. will post 2.6 earnings per share for the current year.
Several research firms have recently issued reports on CIEN. B. Riley downgraded Ciena from a “buy” rating to a “neutral” rating and cut their price target for the stock from $54.00 to $51.00 in a research note on Wednesday, May 13th. Piper Sandler lifted their price target on Ciena from $50.00 to $62.00 and gave the company an “overweight” rating in a report on Thursday, June 4th. Northland Securities cut Ciena from an “outperform” rating to a “market perform” rating and set a $54.00 target price for the company. in a report on Thursday, June 4th. They noted that the move was a valuation call. MKM Partners boosted their target price on Ciena from $54.00 to $62.00 and gave the stock a “buy” rating in a report on Friday, May 22nd. Finally, Cowen reissued a “buy” rating and set a $73.00 price target on shares of Ciena in a research report on Wednesday, June 24th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and eighteen have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $56.71.
In other Ciena news, VP Andrew C. Petrik sold 1,000 shares of the firm’s stock in a transaction that occurred on Monday, July 20th. The stock was sold at an average price of $54.62, for a total value of $54,620.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Stephen B. Alexander sold 2,500 shares of the firm’s stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $60.00, for a total value of $150,000.00. The disclosure for this sale can be found here. Insiders sold a total of 168,100 shares of company stock valued at $9,438,560 in the last quarter. Corporate insiders own 1.20% of the company’s stock.
Ciena Corporation provides network hardware, software, and services that support the transport, switching, aggregation, service delivery, and management of video, data, and voice traffic on communications networks worldwide. The company's Networking Platforms segment offers hardware networking solutions optimized for the convergence of coherent optical transport, optical transport network switching, and packet switching.
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