Ciena Co. (NYSE:CIEN) Shares Sold by US Bancorp DE

US Bancorp DE reduced its position in Ciena Co. (NYSE:CIEN – Get Rating) by 12.7% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 64,295 shares of the communications equipment provider’s stock after selling 9,321 shares during the quarter. US Bancorp DE’s holdings in Ciena were worth $2,600,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of CIEN. SeaCrest Wealth Management LLC acquired a new stake in shares of Ciena in the second quarter valued at approximately $32,000. Private Trust Co. NA raised its stake in shares of Ciena by 115.1% during the third quarter. Private Trust Co. NA now owns 884 shares of the communications equipment provider’s stock worth $36,000 after purchasing an additional 473 shares during the last quarter. Eagle Bay Advisors LLC raised its stake in shares of Ciena by 98.3% during the second quarter. Eagle Bay Advisors LLC now owns 817 shares of the communications equipment provider’s stock worth $37,000 after purchasing an additional 405 shares during the last quarter. Householder Group Estate & Retirement Specialist LLC purchased a new stake in shares of Ciena during the third quarter worth approximately $44,000. Finally, Quadrant Capital Group LLC raised its stake in shares of Ciena by 28.1% during the second quarter. Quadrant Capital Group LLC now owns 1,234 shares of the communications equipment provider’s stock worth $56,000 after purchasing an additional 271 shares during the last quarter. 96.26% of the stock is owned by institutional investors and hedge funds.

Ciena Trading Up 0.3 %

Shares of CIEN stock opened at $51.09 on Friday. Ciena Co. has a fifty-two week low of $38.33 and a fifty-two week high of $72.64. The stock has a market cap of $7.58 billion, a P/E ratio of 51.09, a P/E/G ratio of 1.66 and a beta of 0.93. The business has a fifty day simple moving average of $47.46 and a 200-day simple moving average of $46.90. The company has a quick ratio of 2.34, a current ratio of 3.25 and a debt-to-equity ratio of 0.39.

Ciena (NYSE:CIEN – Get Rating) last posted its quarterly earnings data on Thursday, December 8th. The communications equipment provider reported $0.61 EPS for the quarter, beating analysts’ consensus estimates of $0.08 by $0.53. The business had revenue of $971.00 million for the quarter, compared to analyst estimates of $847.83 million. Ciena had a return on equity of 7.57% and a net margin of 4.21%. The business’s revenue for the quarter was down 6.8% compared to the same quarter last year. During the same quarter last year, the company earned $0.75 earnings per share. On average, analysts forecast that Ciena Co. will post 2.04 earnings per share for the current fiscal year.

Insider Activity at Ciena

In related news, SVP Jason Phipps sold 11,255 shares of the stock in a transaction on Wednesday, December 21st. The stock was sold at an average price of $49.36, for a total transaction of $555,546.80. Following the sale, the senior vice president now owns 95,294 shares of the company’s stock, valued at $4,703,711.84. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Ciena news, SVP Jason Phipps sold 11,255 shares of the firm’s stock in a transaction dated Wednesday, December 21st. The stock was sold at an average price of $49.36, for a total value of $555,546.80. Following the sale, the senior vice president now directly owns 95,294 shares of the company’s stock, valued at approximately $4,703,711.84. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Gary B. Smith sold 3,541 shares of the firm’s stock in a transaction dated Monday, January 9th. The stock was sold at an average price of $52.49, for a total value of $185,867.09. Following the completion of the sale, the chief executive officer now directly owns 491,028 shares in the company, valued at $25,774,059.72. The disclosure for this sale can be found here. Insiders have sold a total of 49,129 shares of company stock valued at $2,292,632 over the last quarter. Insiders own 0.94% of the company’s stock.

Analyst Upgrades and Downgrades

CIEN has been the subject of several analyst reports. MKM Partners upped their price target on Ciena from $58.00 to $65.00 and gave the stock a “buy” rating in a research note on Friday, December 9th. Cowen upped their price target on Ciena from $71.00 to $76.00 in a research note on Friday, December 9th. Morgan Stanley cut their price target on Ciena from $60.00 to $49.00 and set an “overweight” rating for the company in a research note on Tuesday, October 11th. B. Riley upped their price target on Ciena from $64.00 to $69.00 in a research note on Friday, December 9th. Finally, Evercore ISI increased their price objective on Ciena to $55.00 in a research report on Monday, December 12th. Three investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Ciena has a consensus rating of “Moderate Buy” and an average target price of $63.06.

About Ciena

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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, IP routing, and switching services.