Ciena Corporation (CIEN) Position Raised by Legal & General Group Plc
Legal & General Group Plc boosted its stake in Ciena Corporation (NYSE:CIEN) by 23.0% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 112,414 shares of the communications equipment provider’s stock after purchasing an additional 21,028 shares during the quarter. Legal & General Group Plc owned about 0.08% of Ciena Corporation worth $2,818,000 as of its most recent filing with the SEC.
Other institutional investors also recently added to or reduced their stakes in the company. Acadian Asset Management LLC acquired a new position in Ciena Corporation during the second quarter valued at approximately $159,000. Elkfork Partners LLC lifted its position in Ciena Corporation by 12.1% during the first quarter. Elkfork Partners LLC now owns 6,720 shares of the communications equipment provider’s stock valued at $159,000 after buying an additional 728 shares in the last quarter. TNB Financial acquired a new position in Ciena Corporation during the second quarter valued at approximately $200,000. Meadow Creek Investment Management LLC lifted its position in Ciena Corporation by 12.1% during the first quarter. Meadow Creek Investment Management LLC now owns 8,160 shares of the communications equipment provider’s stock valued at $193,000 after buying an additional 884 shares in the last quarter. Finally, World Asset Management Inc lifted its position in Ciena Corporation by 3.4% during the first quarter. World Asset Management Inc now owns 8,692 shares of the communications equipment provider’s stock valued at $205,000 after buying an additional 286 shares in the last quarter.
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Shares of Ciena Corporation (NYSE CIEN) opened at 22.34 on Tuesday. Ciena Corporation has a 1-year low of $18.94 and a 1-year high of $27.98. The company has a market cap of $3.19 billion, a price-to-earnings ratio of 24.44 and a beta of 1.68. The firm’s 50-day moving average is $23.54 and its 200 day moving average is $24.09.
Ciena Corporation (NYSE:CIEN) last posted its quarterly earnings data on Thursday, August 31st. The communications equipment provider reported $0.51 earnings per share for the quarter, beating 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 company had revenue of $728.70 million during the quarter, compared to analysts’ expectations of $726.81 million. During the same period in the prior year, the business earned $0.42 earnings per share. Ciena Corporation’s revenue for the quarter was up 8.7% compared to the same quarter last year. Equities analysts expect that Ciena Corporation will post $1.74 EPS for the current fiscal year.
A number of brokerages have weighed in on CIEN. B. Riley reaffirmed a “buy” rating and set a $34.25 price target on shares of Ciena Corporation in a research report on Tuesday, May 30th. UBS AG reaffirmed a “buy” rating and set a $31.00 price target (up from $29.00) on shares of Ciena Corporation in a research report on Monday, June 5th. ValuEngine raised shares of Ciena Corporation from a “hold” rating to a “buy” rating in a research report on Thursday, July 6th. Stifel Nicolaus reaffirmed a “buy” rating and set a $32.00 price target on shares of Ciena Corporation in a research report on Friday, July 21st. Finally, Jefferies Group LLC reaffirmed a “buy” rating and set a $32.50 price target (up from $29.00) on shares of Ciena Corporation in a research report on Friday, June 2nd. One analyst has rated the stock with a sell rating, five have issued a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $29.79.
In related news, SVP James E. Moylan, Jr. sold 2,000 shares of the firm’s stock in a transaction on Thursday, September 7th. The stock was sold at an average price of $21.78, for a total value of $43,560.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Gary B. Smith sold 8,000 shares of the firm’s stock in a transaction on Wednesday, September 13th. The stock was sold at an average price of $21.50, for a total value of $172,000.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 82,608 shares of company stock valued at $2,048,407. 1.45% of the stock is owned by company 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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