Rhumbline Advisers Has $54.25 Million Stock Position in Ciena Corporation $CIEN

Rhumbline Advisers lowered its holdings in Ciena Corporation (NYSE:CIEN) by 1.6% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 372,436 shares of the communications equipment provider’s stock after selling 6,219 shares during the period. Rhumbline Advisers owned approximately 0.26% of Ciena worth $54,253,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of CIEN. Global Retirement Partners LLC grew its stake in Ciena by 11.1% during the third quarter. Global Retirement Partners LLC now owns 698 shares of the communications equipment provider’s stock worth $102,000 after buying an additional 70 shares in the last quarter. Nisa Investment Advisors LLC lifted its position in shares of Ciena by 1.3% during the 3rd quarter. Nisa Investment Advisors LLC now owns 6,475 shares of the communications equipment provider’s stock worth $943,000 after buying an additional 80 shares during the last quarter. GAMMA Investing LLC raised its stake in Ciena by 2.3% during the third quarter. GAMMA Investing LLC now owns 4,071 shares of the communications equipment provider’s stock worth $593,000 after acquiring an additional 92 shares in the last quarter. Fifth Third Wealth Advisors LLC increased its position in Ciena by 2.3% during the 3rd quarter. Fifth Third Wealth Advisors LLC now owns 4,889 shares of the communications equipment provider’s stock worth $712,000 after purchasing an additional 112 shares in the last quarter. Finally, Nwam LLC grew its stake in shares of Ciena by 4.7% during the third quarter. Nwam LLC now owns 2,505 shares of the communications equipment provider’s stock worth $404,000 after buying an additional 113 shares during the last quarter. 91.99% of the stock is currently owned by institutional investors.

Ciena Price Performance

Shares of NYSE CIEN opened at $303.85 on Friday. The stock has a market cap of $42.80 billion, a price-to-earnings ratio of 357.48, a PEG ratio of 1.64 and a beta of 1.13. The company has a debt-to-equity ratio of 0.56, a quick ratio of 2.09 and a current ratio of 2.73. Ciena Corporation has a fifty-two week low of $49.21 and a fifty-two week high of $308.81. The firm’s 50-day simple moving average is $243.93 and its 200 day simple moving average is $180.56.

Ciena (NYSE:CIEN) last issued its quarterly earnings data on Thursday, December 11th. The communications equipment provider reported $0.91 EPS for the quarter, topping the consensus estimate of $0.76 by $0.15. Ciena had a return on equity of 8.38% and a net margin of 2.59%.The firm had revenue of $1.35 billion during the quarter, compared to the consensus estimate of $1.29 billion. During the same period in the prior year, the business posted $0.54 earnings per share. The company’s quarterly revenue was up 20.1% compared to the same quarter last year. As a group, research analysts anticipate that Ciena Corporation will post 1.6 earnings per share for the current fiscal year.

Analyst Ratings Changes

CIEN has been the topic of a number of research reports. Morgan Stanley set a $213.00 price objective on Ciena in a research report on Wednesday, December 17th. Needham & Company LLC raised their target price on Ciena to $280.00 and gave the stock a “buy” rating in a research report on Thursday, December 11th. Bank of America reissued a “neutral” rating and issued a $260.00 price target on shares of Ciena in a research note on Tuesday, January 20th. Barclays lifted their target price on shares of Ciena from $138.00 to $279.00 and gave the stock an “overweight” rating in a research note on Friday, December 12th. Finally, Evercore set a $240.00 target price on Ciena in a research note on Thursday, December 11th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and eight have issued a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $241.67.

Insiders Place Their Bets

In other news, Director Thomas Michael Nevens sold 8,554 shares of Ciena stock in a transaction on Monday, December 15th. The stock was sold at an average price of $224.66, for a total transaction of $1,921,741.64. Following the sale, the director directly owned 9,422 shares in the company, valued at $2,116,746.52. The trade was a 47.59% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Patrick Gallagher sold 11,618 shares of the business’s stock in a transaction dated Monday, January 12th. The shares were sold at an average price of $227.45, for a total transaction of $2,642,514.10. Following the completion of the transaction, the director owned 50,184 shares in the company, valued at approximately $11,414,350.80. The trade was a 18.80% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 157,242 shares of company stock worth $36,341,766 in the last ninety days. 0.93% of the stock is owned by corporate insiders.

About Ciena

Ciena Corporation (NYSE: CIEN) is a global supplier of telecommunications networking equipment, software and services. The company develops high-capacity optical transport systems and packet-optical platforms that enable service providers, cloud operators and large enterprises to build, manage and scale their networks. Ciena’s product portfolio includes coherent optical solutions, packet networking platforms and a suite of network automation software designed to optimize bandwidth, reduce latency and simplify network operations.

In addition to hardware offerings, Ciena provides professional services and support, including network design, implementation and ongoing maintenance.