Artemis Investment Management LLP bought a new position in Ciena Co. (NYSE:CIEN) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 281,823 shares of the communications equipment provider’s stock, valued at approximately $12,026,000. Artemis Investment Management LLP owned about 0.18% of Ciena as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. CENTRAL TRUST Co bought a new stake in shares of Ciena during the 3rd quarter valued at about $39,000. MUFG Americas Holdings Corp bought a new stake in shares of Ciena during the 3rd quarter valued at about $55,000. Flagship Harbor Advisors LLC grew its position in shares of Ciena by 134.0% during the 3rd quarter. Flagship Harbor Advisors LLC now owns 1,509 shares of the communications equipment provider’s stock valued at $59,000 after buying an additional 864 shares during the last quarter. Cullen Frost Bankers Inc. grew its position in shares of Ciena by 48.2% during the 3rd quarter. Cullen Frost Bankers Inc. now owns 1,586 shares of the communications equipment provider’s stock valued at $62,000 after buying an additional 516 shares during the last quarter. Finally, Whittier Trust Co. of Nevada Inc. grew its position in shares of Ciena by 9,277.8% during the 3rd quarter. Whittier Trust Co. of Nevada Inc. now owns 2,532 shares of the communications equipment provider’s stock valued at $99,000 after buying an additional 2,505 shares during the last quarter. 91.43% of the stock is owned by institutional investors.
In other news, CFO James E. Moylan, Jr. sold 2,000 shares of the business’s stock in a transaction that occurred on Tuesday, December 10th. The shares were sold at an average price of $34.61, for a total transaction of $69,220.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Gary B. Smith sold 4,250 shares of the business’s stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $41.96, for a total transaction of $178,330.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 100,012 shares of company stock valued at $5,278,628. Company insiders own 1.20% of the company’s stock.
CIEN stock opened at $42.06 on Wednesday. Ciena Co. has a 12 month low of $32.76 and a 12 month high of $46.78. The firm has a market cap of $6.41 billion, a PE ratio of 22.86, a P/E/G ratio of 1.05 and a beta of 1.11. The firm has a 50 day simple moving average of $40.28 and a 200 day simple moving average of $40.26. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.82 and a quick ratio of 2.41.
Ciena (NYSE:CIEN) last released its earnings results on Thursday, December 12th. The communications equipment provider reported $0.58 EPS for the quarter, missing the consensus estimate of $0.63 by ($0.05). Ciena had a net margin of 7.09% and a return on equity of 13.67%. The business had revenue of $968.00 million for the quarter, compared to analyst estimates of $966.28 million. During the same period in the prior year, the company earned $0.53 earnings per share. The firm’s revenue for the quarter was up 8.8% on a year-over-year basis. As a group, sell-side analysts expect that Ciena Co. will post 2.3 earnings per share for the current year.
A number of analysts have recently weighed in on the stock. Cowen reaffirmed a “buy” rating and issued a $54.00 price target on shares of Ciena in a research note on Monday, December 2nd. Needham & Company LLC reaffirmed a “hold” rating on shares of Ciena in a research note on Monday, December 9th. UBS Group lowered shares of Ciena from a “neutral” rating to a “sell” rating and reduced their price target for the stock from $43.00 to $31.00 in a research note on Friday, December 6th. Morgan Stanley raised shares of Ciena from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $47.00 to $50.00 in a research note on Wednesday, January 8th. Finally, Evercore ISI reaffirmed a “buy” rating and issued a $48.00 price target on shares of Ciena in a research note on Thursday, December 12th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and eighteen have assigned a buy rating to the company. Ciena has a consensus rating of “Buy” and an average price target of $48.78.
Ciena Corporation provides network hardware, software, and services that support the transport, switching, aggregation, service delivery, and management of video, data, and voice traffic on communications networks worldwide. The company's Networking Platforms segment offers hardware networking solutions optimized for the convergence of coherent optical transport, optical transport network switching, and packet switching.
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