State of New Jersey Common Pension Fund D maintained its stake in shares of Ciena Corporation (NYSE:CIEN) during the second quarter, Holdings Channel reports. The firm owned 625,000 shares of the communications equipment provider’s stock at the end of the second quarter. State of New Jersey Common Pension Fund D’s holdings in Ciena Corporation were worth $15,638,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of CIEN. Advisors Capital Management LLC acquired a new position in shares of Ciena Corporation during the first quarter worth $183,000. Thompson Davis & CO. Inc. acquired a new position in shares of Ciena Corporation during the first quarter worth $106,000. Glen Harbor Capital Management LLC increased its position in shares of 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. Acadian Asset Management LLC acquired a new position in shares of Ciena Corporation during the second quarter worth $159,000. Finally, Elkfork Partners LLC increased its position in shares of 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.

Ciena Corporation (NYSE CIEN) opened at 25.41 on Wednesday. The stock has a market cap of $3.60 billion, a PE ratio of 33.57 and a beta of 1.61. Ciena Corporation has a 52 week low of $18.94 and a 52 week high of $27.98. The stock’s 50 day moving average is $25.71 and its 200 day moving average is $24.48.

Ciena Corporation (NYSE:CIEN) last announced its quarterly earnings results on Thursday, June 1st. The communications equipment provider reported $0.45 earnings per share 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 business had revenue of $707.02 million during the quarter, compared to analysts’ expectations of $694.84 million. During the same period last year, the business earned $0.34 earnings per share. The business’s revenue for the quarter was up 10.3% on a year-over-year basis. Analysts predict that Ciena Corporation will post $1.77 EPS for the current year.

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A number of equities analysts have weighed in on the stock. Stifel Nicolaus raised shares of Ciena Corporation from a “hold” rating to a “buy” rating and raised their target price for the company from $24.00 to $28.00 in a research note on Monday, May 22nd. Instinet reissued a “buy” rating and set a $30.00 price target (up previously from $27.00) on shares of Ciena Corporation in a research report on Saturday, June 3rd. ValuEngine raised shares of Ciena Corporation from a “hold” rating to a “buy” rating in a research report on Thursday, July 6th. UBS AG reissued a “buy” rating and set a $31.00 price target (up previously from $29.00) on shares of Ciena Corporation in a research report on Monday, June 5th. Finally, Deutsche Bank AG reissued a “hold” rating and set a $24.00 price target (up previously from $23.00) on shares of Ciena Corporation in a research report on Saturday, June 3rd. One research analyst has rated the stock with a sell rating, six have issued a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $30.19.

In related news, CEO Gary B. Smith sold 12,558 shares of Ciena Corporation stock in a transaction that occurred on Wednesday, June 21st. The shares were sold at an average price of $25.31, for a total value of $317,842.98. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Andrew C. Petrik sold 1,839 shares of Ciena Corporation stock in a transaction that occurred on Monday, May 15th. The shares were sold at an average price of $23.70, for a total transaction of $43,584.30. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 68,689 shares of company stock valued at $1,753,805. Company 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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