Hennessy Advisors Inc. cut its position in Ciena Corp. (NYSE:CIEN) by 12.5% during the third quarter, Holdings Channel reports. The institutional investor owned 1,323,900 shares of the company’s stock after selling 188,400 shares during the period. Hennessy Advisors Inc.’s holdings in Ciena Corp. were worth $28,861,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Creative Planning increased its position in shares of Ciena Corp. by 0.4% in the third quarter. Creative Planning now owns 24,740 shares of the company’s stock valued at $539,000 after buying an additional 110 shares during the period. Boothbay Fund Management LLC increased its position in shares of Ciena Corp. by 0.4% in the first quarter. Boothbay Fund Management LLC now owns 41,636 shares of the company’s stock valued at $792,000 after buying an additional 183 shares during the period. State Treasurer State of Michigan increased its position in shares of Ciena Corp. by 0.6% in the second quarter. State Treasurer State of Michigan now owns 51,900 shares of the company’s stock valued at $973,000 after buying an additional 300 shares during the period. Profund Advisors LLC increased its position in shares of Ciena Corp. by 2.9% in the second quarter. Profund Advisors LLC now owns 17,581 shares of the company’s stock valued at $330,000 after buying an additional 488 shares during the period. Finally, Nuveen Asset Management LLC increased its position in shares of Ciena Corp. by 1.3% in the second quarter. Nuveen Asset Management LLC now owns 55,953 shares of the company’s stock valued at $1,049,000 after buying an additional 730 shares during the period. Hedge funds and other institutional investors own 96.91% of the company’s stock.

Institutional Ownership by Quarter for Ciena Corp. (NYSE:CIEN)

Ciena Corp. (NYSE:CIEN) traded up 2.0107% during trading on Tuesday, hitting $21.8609. The stock had a trading volume of 635,180 shares. Ciena Corp. has a 52 week low of $15.62 and a 52 week high of $25.31. The company has a market cap of $3.05 billion, a price-to-earnings ratio of 134.9438 and a beta of 1.72. The company has a 50-day moving average of $20.85 and a 200 day moving average of $20.41.

Ciena Corp. (NYSE:CIEN) last released its earnings results on Thursday, September 1st. The company reported $0.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.04. The company had revenue of $670.60 million for the quarter, compared to analyst estimates of $672.23 million. Ciena Corp. had a return on equity of 22.41% and a net margin of 0.86%. Ciena Corp.’s quarterly revenue was up 11.2% on a year-over-year basis. During the same period in the prior year, the firm posted $0.37 EPS. On average, equities research analysts anticipate that Ciena Corp. will post $1.43 EPS for the current year.

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Several brokerages have recently issued reports on CIEN. Drexel Hamilton downgraded shares of Ciena Corp. from a “buy” rating to a “hold” rating in a research note on Friday, September 2nd. Dougherty & Co raised their target price on Ciena Corp. from $25.00 to $26.00 and gave the stock a “buy” rating in a research report on Friday, September 2nd. Argus reaffirmed a “buy” rating and issued a $30.00 target price on shares of Ciena Corp. in a research report on Friday, September 2nd. Jefferies Group raised their target price on Ciena Corp. from $23.00 to $27.00 and gave the stock a “buy” rating in a research report on Friday, September 2nd. Finally, Morgan Stanley cut Ciena Corp. from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $23.17 to $23.00 in a research report on Friday, September 2nd. They noted that the move was a valuation call. Five equities research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $25.60.

In related news, CEO Gary B. Smith sold 8,000 shares of the company’s stock in a transaction on Friday, November 18th. The stock was sold at an average price of $21.94, for a total transaction of $175,520.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP David M. Rothenstein sold 2,000 shares of the company’s stock in a transaction on Thursday, September 15th. The stock was sold at an average price of $21.10, for a total value of $42,200.00. The disclosure for this sale can be found here. Insiders own 1.72% of the company’s stock.

About Ciena Corp.

Ciena Corporation is a network specialist that focuses on providing communications networking solutions. The Company operates through four segments: Converged Packet Optical, Packet Networking, Optical Transport, and Software and Services. Its Converged Packet Optical portfolio includes networking solutions optimized for the convergence of coherent optical transport, optical transport network (OTN) switching and packet switching.

5 Day Chart for NYSE:CIEN

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