Texas Permanent School Fund cut its holdings in Ciena Co. (NYSE:CIEN) by 6.8% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 96,452 shares of the communications equipment provider’s stock after selling 7,045 shares during the quarter. Texas Permanent School Fund’s holdings in Ciena were worth $2,019,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of CIEN. Advisor Group Inc. boosted its stake in Ciena by 6.4% during the second quarter. Advisor Group Inc. now owns 10,011 shares of the communications equipment provider’s stock worth $151,000 after buying an additional 604 shares during the last quarter. Howe & Rusling Inc. acquired a new position in Ciena during the third quarter worth $158,000. First Quadrant L P CA acquired a new position in Ciena during the third quarter worth $183,000. Koch Industries Inc. acquired a new position in Ciena during the second quarter worth $235,000. Finally, Oakbrook Investments LLC acquired a new position in Ciena during the third quarter worth $235,000.

In other news, CEO Gary B. Smith sold 10,000 shares of the stock in a transaction dated Tuesday, November 21st. The stock was sold at an average price of $20.55, for a total value of $205,500.00. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, VP Andrew C. Petrik sold 3,800 shares of the stock in a transaction dated Thursday, December 21st. The shares were sold at an average price of $21.22, for a total value of $80,636.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 212,743 shares of company stock worth $4,526,441. 1.45% of the stock is owned by company insiders.

A number of equities analysts have weighed in on CIEN shares. BMO Capital Markets reissued a “buy” rating on shares of Ciena in a research note on Friday, October 27th. Stifel Nicolaus reissued a “buy” rating on shares of Ciena in a research note on Friday, November 3rd. Raymond James Financial set a $33.00 price objective on Ciena and gave the stock a “buy” rating in a research note on Thursday, December 7th. Cowen reaffirmed a “buy” rating and issued a $33.00 price target on shares of Ciena in a research note on Wednesday, December 6th. Finally, B. Riley decreased their price target on Ciena from $30.50 to $28.00 and set a “buy” rating on the stock in a research note on Tuesday, December 5th. Two analysts have rated the stock with a sell rating, three have given a hold rating and twenty have issued a buy rating to the company. Ciena presently has an average rating of “Buy” and a consensus target price of $28.48.

Ciena Co. (NYSE CIEN) opened at $22.29 on Thursday. The company has a current ratio of 1.93, a quick ratio of 1.68 and a debt-to-equity ratio of 0.27. Ciena Co. has a 12 month low of $19.40 and a 12 month high of $27.98. The stock has a market capitalization of $3,261.53, a PE ratio of 16.21, a P/E/G ratio of 1.45 and a beta of 1.67.

Ciena (NYSE:CIEN) last issued its quarterly earnings results on Thursday, December 7th. The communications equipment provider reported $0.46 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.50 by ($0.04). Ciena had a return on equity of 18.32% and a net margin of 45.04%. The company had revenue of $744.40 million for the quarter, compared to analysts’ expectations of $736.91 million. During the same quarter last year, the company earned $0.44 EPS. Ciena’s revenue for the quarter was up 3.9% compared to the same quarter last year. analysts forecast that Ciena Co. will post 1 earnings per share for the current year.

Ciena declared that its board has approved a share repurchase plan on Thursday, December 7th that allows the company to repurchase $300.00 million in outstanding shares. This repurchase authorization allows the communications equipment provider to reacquire shares of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its stock is undervalued.

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About Ciena

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 (NYSE:CIEN)

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