Texas Permanent School Fund Corp Lowers Holdings in Ciena Co. (NYSE:CIEN)

Texas Permanent School Fund Corp decreased its holdings in shares of Ciena Co. (NYSE:CIENFree Report) by 3.3% during the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 126,968 shares of the communications equipment provider’s stock after selling 4,365 shares during the quarter. Texas Permanent School Fund Corp’s holdings in Ciena were worth $6,001,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Sowell Financial Services LLC bought a new position in shares of Ciena during the third quarter valued at approximately $483,000. Ion Asset Management Ltd. grew its stake in Ciena by 17.1% in the second quarter. Ion Asset Management Ltd. now owns 2,107,749 shares of the communications equipment provider’s stock worth $89,559,000 after purchasing an additional 307,749 shares in the last quarter. Fort Pitt Capital Group LLC grew its stake in Ciena by 56.6% in the third quarter. Fort Pitt Capital Group LLC now owns 1,987,115 shares of the communications equipment provider’s stock worth $93,911,000 after purchasing an additional 718,052 shares in the last quarter. New York State Common Retirement Fund grew its stake in Ciena by 11.5% in the third quarter. New York State Common Retirement Fund now owns 180,192 shares of the communications equipment provider’s stock worth $8,516,000 after purchasing an additional 18,629 shares in the last quarter. Finally, Cavalry Management Group LLC bought a new position in Ciena in the second quarter worth approximately $11,589,000. Institutional investors own 90.02% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have weighed in on CIEN. TheStreet upgraded Ciena from a “c” rating to a “b-” rating in a report on Thursday, December 7th. Raymond James lowered their target price on Ciena from $63.00 to $60.00 and set a “strong-buy” rating for the company in a report on Friday, December 8th. B. Riley upped their target price on Ciena from $67.00 to $68.00 and gave the stock a “buy” rating in a report on Friday, December 8th. Rosenblatt Securities restated a “buy” rating and set a $65.00 target price on shares of Ciena in a report on Friday, December 8th. Finally, Needham & Company LLC restated a “buy” rating and set a $60.00 target price on shares of Ciena in a report on Thursday, December 28th. Three investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $59.79.

Read Our Latest Stock Report on Ciena

Ciena Stock Up 2.3 %

CIEN stock opened at $56.74 on Monday. The firm has a 50 day moving average of $48.33 and a 200 day moving average of $45.73. The stock has a market capitalization of $8.23 billion, a PE ratio of 33.18, a price-to-earnings-growth ratio of 1.81 and a beta of 1.01. The company has a quick ratio of 2.71, a current ratio of 3.84 and a debt-to-equity ratio of 0.54. Ciena Co. has a 52 week low of $39.94 and a 52 week high of $57.17.

Ciena (NYSE:CIENGet Free Report) last announced its quarterly earnings data on Thursday, December 7th. The communications equipment provider reported $0.75 EPS for the quarter, beating the consensus estimate of $0.69 by $0.06. Ciena had a net margin of 5.81% and a return on equity of 10.28%. The business had revenue of $1.13 billion during the quarter, compared to analysts’ expectations of $1.10 billion. During the same period in the previous year, the business posted $0.49 EPS. The business’s quarterly revenue was up 16.4% compared to the same quarter last year. Sell-side analysts forecast that Ciena Co. will post 2.09 earnings per share for the current year.

Insider Buying and Selling at Ciena

In other Ciena news, SVP Joseph Cumello sold 1,212 shares of Ciena stock in a transaction that occurred on Wednesday, November 15th. The shares were sold at an average price of $45.96, for a total transaction of $55,703.52. Following the completion of the sale, the senior vice president now directly owns 36,951 shares in the company, valued at approximately $1,698,267.96. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, CEO Gary B. Smith sold 4,166 shares of the business’s stock in a transaction on Friday, December 15th. The shares were sold at an average price of $43.68, for a total value of $181,970.88. Following the completion of the transaction, the chief executive officer now directly owns 538,067 shares in the company, valued at approximately $23,502,766.56. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Joseph Cumello sold 1,212 shares of the business’s stock in a transaction on Wednesday, November 15th. The stock was sold at an average price of $45.96, for a total transaction of $55,703.52. Following the completion of the sale, the senior vice president now directly owns 36,951 shares of the company’s stock, valued at approximately $1,698,267.96. The disclosure for this sale can be found here. In the last ninety days, insiders sold 105,288 shares of company stock worth $5,417,833. Company insiders own 0.83% of the company’s stock.

About Ciena

(Free Report)

Ciena Corporation provides hardware and software services for delivery of video, data, and voice traffic metro, aggregation, and access communications network worldwide. The company's Networking Platforms segment offers convergence of coherent optical transport, open optical networking, optical transport network switching, IP routing, and switching services.

See Also

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Institutional Ownership by Quarter for Ciena (NYSE:CIEN)

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