Nuveen Asset Management LLC cut its position in shares of Ciena Corporation (NYSE:CIEN) by 37.0% during the first quarter, according to its most recent 13F filing with the SEC. The fund owned 63,298 shares of the communications equipment provider’s stock after selling 37,167 shares during the period. Nuveen Asset Management LLC’s holdings in Ciena Corporation were worth $1,494,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of CIEN. Advisors Capital Management LLC purchased a new stake in Ciena Corporation during the first quarter worth approximately $183,000. Thompson Davis & CO. Inc. purchased a new stake in Ciena Corporation during the first quarter worth approximately $106,000. Glen Harbor Capital Management LLC boosted its stake in Ciena Corporation by 12.1% in the first quarter. Glen Harbor Capital Management LLC now owns 5,280 shares of the communications equipment provider’s stock worth $125,000 after buying an additional 572 shares during the period. Elkfork Partners LLC boosted its stake in Ciena Corporation by 12.1% in the first quarter. Elkfork Partners LLC now owns 6,720 shares of the communications equipment provider’s stock worth $159,000 after buying an additional 728 shares during the period. Finally, Meadow Creek Investment Management LLC boosted its stake in Ciena Corporation by 12.1% in the first quarter. Meadow Creek Investment Management LLC now owns 8,160 shares of the communications equipment provider’s stock worth $193,000 after buying an additional 884 shares during the period.

Shares of Ciena Corporation (NYSE CIEN) opened at 25.36 on Tuesday. The stock has a market cap of $3.60 billion, a price-to-earnings ratio of 33.50 and a beta of 1.61. The stock’s 50 day moving average price is $25.06 and its 200 day moving average price is $24.24. Ciena Corporation has a 52 week low of $18.50 and a 52 week high of $27.98.

Ciena Corporation (NYSE:CIEN) last posted its quarterly earnings data on Thursday, June 1st. The communications equipment provider reported $0.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.37 by $0.08. The business had revenue of $707.02 million during the quarter, compared to analysts’ expectations of $694.84 million. Ciena Corporation had a net margin of 4.13% and a return on equity of 25.56%. The business’s revenue was up 10.3% on a year-over-year basis. During the same period last year, the firm posted $0.34 earnings per share. Equities research analysts anticipate that Ciena Corporation will post $1.77 EPS for the current fiscal year.

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A number of analysts have recently commented on CIEN shares. TheStreet upgraded Ciena Corporation from a “c+” rating to a “b” rating in a research report on Monday, June 19th. Argus lifted their target price on Ciena Corporation from $27.00 to $33.00 and gave the stock a “buy” rating in a research report on Friday, June 2nd. Needham & Company LLC lifted their target price on Ciena Corporation from $30.00 to $31.00 and gave the stock a “buy” rating in a research report on Friday, June 2nd. Dougherty & Co lifted their target price on Ciena Corporation from $26.00 to $32.00 and gave the stock a “buy” rating in a research report on Friday, June 2nd. Finally, Drexel Hamilton upgraded Ciena Corporation from a “hold” rating to a “buy” rating in a research report on Thursday, June 1st. Five equities research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $30.19.

In related news, VP Andrew C. Petrik sold 1,839 shares of the firm’s stock in a transaction that occurred on Monday, May 15th. The shares were sold at an average price of $23.70, for a total value of $43,584.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP David M. Rothenstein sold 2,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 16th. The stock was sold at an average price of $24.19, for a total transaction of $48,380.00. The disclosure for this sale can be found here. Insiders sold 71,215 shares of company stock valued at $1,747,205 over the last quarter. Insiders own 1.45% of the company’s stock.

Ciena Corporation Company Profile

Ciena Corporation is a network strategy and technology company, which provides solutions that enable a range of network operators to adopt communication architectures and deliver an array of services, relied upon by enterprise and consumer end users. It provides equipment, software and services that support the transport, switching, aggregation, service delivery and management of voice, video and data traffic on communications networks.

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Institutional Ownership by Quarter for Ciena Corporation (NYSE:CIEN)

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