Russell Investments Group Ltd. reduced its position in Ciena Corporation (NYSE:CIEN) by 65.5% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 42,895 shares of the communications equipment provider’s stock after selling 81,350 shares during the quarter. Russell Investments Group Ltd.’s holdings in Ciena Corporation were worth $1,073,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Swiss National Bank boosted its position in shares of Ciena Corporation by 1.1% in the first quarter. Swiss National Bank now owns 229,700 shares of the communications equipment provider’s stock valued at $5,423,000 after acquiring an additional 2,600 shares during the period. Vanguard Group Inc. boosted its position in shares of Ciena Corporation by 11.2% in the first quarter. Vanguard Group Inc. now owns 12,263,170 shares of the communications equipment provider’s stock valued at $289,534,000 after acquiring an additional 1,235,744 shares during the period. Legal & General Group Plc boosted its position in shares of Ciena Corporation by 31.4% in the first quarter. Legal & General Group Plc now owns 91,386 shares of the communications equipment provider’s stock valued at $2,159,000 after acquiring an additional 21,834 shares during the period. Credit Agricole S A boosted its position in shares of Ciena Corporation by 325.3% in the first quarter. Credit Agricole S A now owns 30,523 shares of the communications equipment provider’s stock valued at $721,000 after acquiring an additional 23,346 shares during the period. Finally, Shell Asset Management Co. bought a new position in shares of Ciena Corporation in the first quarter valued at approximately $540,000.

Several brokerages have issued reports on CIEN. TheStreet upgraded shares of Ciena Corporation from a “c+” rating to a “b” rating in a research report on Monday, June 19th. Stifel Nicolaus upgraded shares of Ciena Corporation from a “hold” rating to a “buy” rating and lifted their target price for the company from $24.00 to $28.00 in a research report on Monday, May 22nd. Instinet reiterated a “buy” rating and set a $30.00 target price (up from $27.00) on shares of Ciena Corporation in a research report on Saturday, June 3rd. Argus lifted their target price on shares of Ciena Corporation from $27.00 to $33.00 and gave the company a “buy” rating in a research report on Friday, June 2nd. Finally, Needham & Company LLC lifted their target price on shares of Ciena Corporation from $30.00 to $31.00 and gave the company a “buy” rating in a research report on Friday, June 2nd. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $29.79.

TRADEMARK VIOLATION NOTICE: “Russell Investments Group Ltd. Has $1.07 Million Stake in Ciena Corporation (CIEN)” was originally reported by Daily Political and is owned by of Daily Political. If you are reading this story on another website, it was illegally copied and republished in violation of US and international trademark & copyright legislation. The correct version of this story can be read at https://www.dailypolitical.com/2017/09/13/russell-investments-group-ltd-has-1-07-million-stake-in-ciena-corporation-cien.html.

Shares of Ciena Corporation (CIEN) traded up 0.05% on Wednesday, hitting $22.16. 2,719,877 shares of the company traded hands. The firm’s 50 day moving average price is $24.00 and its 200-day moving average price is $24.22. The stock has a market capitalization of $3.16 billion, a price-to-earnings ratio of 24.25 and a beta of 1.68. Ciena Corporation has a 1-year low of $18.94 and a 1-year high of $27.98.

Ciena Corporation (NYSE:CIEN) last released its earnings results on Thursday, August 31st. The communications equipment provider reported $0.51 earnings per share for the quarter, topping the consensus estimate of $0.49 by $0.02. Ciena Corporation had a return on equity of 25.53% and a net margin of 4.99%. The business had revenue of $728.70 million during the quarter, compared to the consensus estimate of $726.81 million. During the same period last year, the company earned $0.42 earnings per share. The business’s revenue for the quarter was up 8.7% compared to the same quarter last year. On average, equities research analysts expect that Ciena Corporation will post $1.74 earnings per share for the current year.

In other news, SVP James E. Moylan, Jr. sold 2,000 shares of Ciena Corporation stock in a transaction on Thursday, September 7th. The stock was sold at an average price of $21.78, for a total transaction of $43,560.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Scott Mcfeely sold 1,000 shares of Ciena Corporation stock in a transaction on Monday, July 17th. The stock was sold at an average price of $25.70, for a total value of $25,700.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 79,108 shares of company stock valued at $1,988,997. Corporate insiders own 1.45% of the company’s stock.

About Ciena Corporation

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.

Want to see what other hedge funds are holding CIEN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Ciena Corporation (NYSE:CIEN).

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

Receive News & Ratings for Ciena Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Ciena Corporation and related companies with MarketBeat.com's FREE daily email newsletter.