Bank of Nova Scotia Cuts Stake in Ciena Co. (NYSE:CIEN)

Bank of Nova Scotia lessened its stake in Ciena Co. (NYSE:CIENFree Report) by 16.4% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 8,774 shares of the communications equipment provider’s stock after selling 1,715 shares during the quarter. Bank of Nova Scotia’s holdings in Ciena were worth $395,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. John G Ullman & Associates Inc. lifted its stake in Ciena by 1.4% in the 4th quarter. John G Ullman & Associates Inc. now owns 14,600 shares of the communications equipment provider’s stock worth $657,000 after purchasing an additional 200 shares in the last quarter. Vanguard Personalized Indexing Management LLC lifted its position in shares of Ciena by 3.7% in the third quarter. Vanguard Personalized Indexing Management LLC now owns 8,321 shares of the communications equipment provider’s stock worth $393,000 after buying an additional 300 shares in the last quarter. Treasurer of the State of North Carolina lifted its position in shares of Ciena by 0.5% in the third quarter. Treasurer of the State of North Carolina now owns 65,144 shares of the communications equipment provider’s stock worth $3,079,000 after buying an additional 330 shares in the last quarter. HighTower Advisors LLC boosted its stake in Ciena by 2.2% during the third quarter. HighTower Advisors LLC now owns 17,585 shares of the communications equipment provider’s stock valued at $833,000 after buying an additional 376 shares during the last quarter. Finally, Watershed Asset Management L.L.C. grew its holdings in Ciena by 7.6% during the 4th quarter. Watershed Asset Management L.L.C. now owns 5,929 shares of the communications equipment provider’s stock valued at $267,000 after buying an additional 418 shares in the last quarter. Institutional investors own 91.99% of the company’s stock.

Insider Activity at Ciena

In other Ciena news, SVP Brodie Gage sold 533 shares of Ciena stock in a transaction on Monday, April 1st. The stock was sold at an average price of $49.61, for a total transaction of $26,442.13. Following the completion of the sale, the senior vice president now directly owns 41,372 shares of the company’s stock, valued at approximately $2,052,464.92. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, SVP Joseph Cumello sold 3,156 shares of Ciena stock in a transaction that occurred on Monday, April 15th. The shares were sold at an average price of $45.74, for a total transaction of $144,355.44. Following the transaction, the senior vice president now directly owns 51,171 shares of the company’s stock, valued at $2,340,561.54. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP Brodie Gage sold 533 shares of the business’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $49.61, for a total transaction of $26,442.13. Following the completion of the transaction, the senior vice president now directly owns 41,372 shares of the company’s stock, valued at approximately $2,052,464.92. The disclosure for this sale can be found here. Over the last quarter, insiders sold 29,307 shares of company stock worth $1,414,330. Company insiders own 0.83% of the company’s stock.

Wall Street Analyst Weigh In

CIEN has been the subject of a number of research reports. Barclays lowered their target price on Ciena from $63.00 to $55.00 and set an “overweight” rating for the company in a research report on Friday. Raymond James cut shares of Ciena from a “strong-buy” rating to an “outperform” rating and dropped their price objective for the stock from $59.00 to $54.00 in a research note on Thursday. Evercore ISI upped their target price on shares of Ciena from $57.00 to $63.00 and gave the company an “outperform” rating in a research report on Friday, February 23rd. StockNews.com upgraded Ciena from a “sell” rating to a “hold” rating in a research report on Friday, March 8th. Finally, Rosenblatt Securities upped their price objective on Ciena from $52.50 to $54.00 and gave the company a “neutral” rating in a research report on Friday. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $57.58.

Read Our Latest Research Report on Ciena

Ciena Stock Performance

CIEN stock opened at $45.75 on Friday. Ciena Co. has a twelve month low of $39.94 and a twelve month high of $63.24. The firm has a market cap of $6.62 billion, a price-to-earnings ratio of 43.99, a PEG ratio of 3.36 and a beta of 0.99. The business’s fifty day simple moving average is $47.52 and its two-hundred day simple moving average is $49.28. The company has a quick ratio of 3.12, a current ratio of 3.88 and a debt-to-equity ratio of 0.53.

Ciena (NYSE:CIENGet Free Report) last posted its quarterly earnings results on Thursday, June 6th. The communications equipment provider reported $0.27 EPS for the quarter, topping the consensus estimate of $0.15 by $0.12. The company had revenue of $910.80 million for the quarter, compared to the consensus estimate of $895.80 million. Ciena had a net margin of 3.71% and a return on equity of 7.16%. The firm’s revenue was down 19.6% compared to the same quarter last year. During the same quarter last year, the firm posted $0.59 EPS. Analysts predict that Ciena Co. will post 1.43 earnings per share for the current year.

Ciena Company Profile

(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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