Bank of Montreal Can Buys New Position in Ciena Co. (NYSE:CIEN)

Bank of Montreal Can bought a new stake in shares of Ciena Co. (NYSE:CIEN) during the 2nd quarter, Holdings Channel reports. The institutional investor bought 64,245 shares of the communications equipment provider’s stock, valued at approximately $2,850,000.

Other hedge funds also recently added to or reduced their stakes in the company. Orion Capital Management LLC acquired a new position in Ciena during the 1st quarter valued at about $26,000. BOKF NA acquired a new position in shares of Ciena in the first quarter valued at about $30,000. BerganKDV Wealth Management LLC purchased a new position in shares of Ciena in the second quarter worth about $32,000. WealthPLAN Partners LLC acquired a new stake in shares of Ciena during the first quarter worth about $50,000. Finally, Sunbelt Securities Inc. purchased a new stake in Ciena in the first quarter valued at approximately $59,000. 90.02% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CEO Gary B. Smith sold 4,166 shares of the business’s stock in a transaction on Tuesday, August 15th. The shares were sold at an average price of $41.92, for a total value of $174,638.72. Following the completion of the sale, the chief executive officer now owns 436,941 shares of the company’s stock, valued at approximately $18,316,566.72. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, SVP Scott Mcfeely sold 2,000 shares of the company’s stock in a transaction on Tuesday, August 15th. The shares were sold at an average price of $41.76, for a total transaction of $83,520.00. Following the completion of the sale, the senior vice president now owns 90,892 shares of the company’s stock, valued at $3,795,649.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Gary B. Smith sold 4,166 shares of the company’s stock in a transaction on Tuesday, August 15th. The stock was sold at an average price of $41.92, for a total transaction of $174,638.72. Following the sale, the chief executive officer now directly owns 436,941 shares of the company’s stock, valued at approximately $18,316,566.72. The disclosure for this sale can be found here. In the last quarter, insiders sold 35,077 shares of company stock valued at $1,596,855. 0.99% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

CIEN has been the subject of a number of recent research reports. Stifel Nicolaus assumed coverage on shares of Ciena in a research report on Wednesday, September 27th. They set a “buy” rating and a $62.00 price target for the company. Rosenblatt Securities lifted their price objective on shares of Ciena from $57.00 to $65.00 in a research note on Friday, September 1st. Barclays decreased their price objective on shares of Ciena from $66.00 to $59.00 and set an “overweight” rating for the company in a research note on Friday, September 1st. StockNews.com assumed coverage on shares of Ciena in a research note on Thursday, October 5th. They set a “hold” rating for the company. Finally, B. Riley lifted their price objective on shares of Ciena from $60.00 to $67.00 and gave the company a “buy” rating in a research note on Friday, September 1st. Four research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $61.39.

Ciena Stock Performance

CIEN opened at $43.22 on Tuesday. The company has a debt-to-equity ratio of 0.52, a current ratio of 3.95 and a quick ratio of 2.71. The firm has a fifty day moving average price of $45.28 and a 200 day moving average price of $44.01. Ciena Co. has a 1 year low of $39.94 and a 1 year high of $54.25. The stock has a market cap of $6.39 billion, a P/E ratio of 29.20, a P/E/G ratio of 1.20 and a beta of 0.96.

Ciena (NYSE:CIEN) last issued its quarterly earnings results on Thursday, August 31st. The communications equipment provider reported $0.59 EPS for the quarter, topping the consensus estimate of $0.51 by $0.08. The company had revenue of $1.07 billion during the quarter, compared to analyst estimates of $1.04 billion. Ciena had a net margin of 5.23% and a return on equity of 10.00%. The firm’s revenue was up 23.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.18 EPS. Equities research analysts anticipate that Ciena Co. will post 1.97 earnings per share for the current year.

Ciena Profile

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.