Municipal Employees Retirement System of Michigan decreased its position in Ciena Corporation (NYSE:CIEN) by 15.3% during the second quarter, Holdings Channel reports. The firm owned 54,720 shares of the communications equipment provider’s stock after selling 9,850 shares during the period. Municipal Employees Retirement System of Michigan’s holdings in Ciena Corporation were worth $1,369,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently made changes to their positions in the company. Thompson Davis & CO. Inc. bought a new position in Ciena Corporation during the first quarter worth $106,000. Glen Harbor Capital Management LLC increased its position 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 in the last quarter. Elkfork Partners LLC increased its position 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 in the last quarter. Acadian Asset Management LLC bought a new position in Ciena Corporation during the second quarter worth $159,000. Finally, Advisors Capital Management LLC bought a new position in Ciena Corporation during the first quarter worth $183,000.

Ciena Corporation (NYSE:CIEN) opened at 25.18 on Tuesday. Ciena Corporation has a 1-year low of $18.86 and a 1-year high of $27.98. The firm’s 50-day moving average is $25.72 and its 200-day moving average is $24.46. The firm has a market capitalization of $3.57 billion, a price-to-earnings ratio of 33.26 and a beta of 1.61.

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

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CIEN has been the topic of a number of research reports. TheStreet raised shares of Ciena Corporation from a “c+” rating to a “b” rating in a research note on Monday, June 19th. Jefferies Group LLC reissued a “buy” rating and issued a $32.50 target price (up previously from $29.00) on shares of Ciena Corporation in a research note on Friday, June 2nd. Stifel Nicolaus reissued a “buy” rating and issued a $32.00 target price (up previously from $28.00) on shares of Ciena Corporation in a research note on Friday, June 2nd. Argus raised their target price on shares of Ciena Corporation from $27.00 to $33.00 and gave the company a “buy” rating in a research note on Friday, June 2nd. Finally, Needham & Company LLC raised their target price on shares of Ciena Corporation from $30.00 to $31.00 and gave the company a “buy” rating in a research note on Friday, June 2nd. One analyst has rated the stock with a sell rating, six have issued a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $30.19.

In other Ciena Corporation news, SVP Scott Mcfeely sold 1,000 shares of the stock in a transaction dated Monday, July 17th. The shares were sold at an average price of $25.70, for a total transaction of $25,700.00. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Gary B. Smith sold 4,000 shares of the stock in a transaction dated Wednesday, July 26th. The stock was sold at an average price of $26.25, for a total transaction of $105,000.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 68,689 shares of company stock worth $1,753,805. 1.45% of the stock is owned by insiders.

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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