Ciena Co. (NYSE:CIEN) Holdings Lifted by Zurcher Kantonalbank Zurich Cantonalbank

Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Ciena Co. (NYSE:CIEN) by 2.1% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 30,862 shares of the communications equipment provider’s stock after buying an additional 632 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Ciena were worth $1,487,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of CIEN. Fort Pitt Capital Group LLC lifted its holdings in shares of Ciena by 3.4% during the second quarter. Fort Pitt Capital Group LLC now owns 1,709,023 shares of the communications equipment provider’s stock valued at $82,341,000 after purchasing an additional 56,513 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Ciena by 13.8% during the second quarter. Bank of New York Mellon Corp now owns 1,499,035 shares of the communications equipment provider’s stock valued at $72,223,000 after purchasing an additional 181,358 shares during the last quarter. Calamos Advisors LLC lifted its holdings in shares of Ciena by 19.2% during the second quarter. Calamos Advisors LLC now owns 16,590 shares of the communications equipment provider’s stock valued at $799,000 after purchasing an additional 2,667 shares during the last quarter. Schwartz Investment Counsel Inc. purchased a new stake in shares of Ciena during the second quarter valued at $14,454,000. Finally, New York State Teachers Retirement System lifted its holdings in shares of Ciena by 0.7% during the second quarter. New York State Teachers Retirement System now owns 169,852 shares of the communications equipment provider’s stock valued at $8,183,000 after purchasing an additional 1,133 shares during the last quarter. Institutional investors own 91.99% of the company’s stock.

Ciena Stock Performance

Shares of NYSE CIEN opened at $57.65 on Monday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.76 and a current ratio of 3.88. The firm has a market cap of $8.28 billion, a price-to-earnings ratio of 55.43, a P/E/G ratio of 6.02 and a beta of 0.94. The business’s 50-day simple moving average is $50.40 and its 200-day simple moving average is $49.94. Ciena Co. has a 52 week low of $39.94 and a 52 week high of $63.24.

Ciena (NYSE:CIEN) last released its earnings results on Thursday, June 6th. The communications equipment provider reported $0.27 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.15 by $0.12. The firm had revenue of $910.80 million for the quarter, compared to analyst estimates of $895.80 million. Ciena had a return on equity of 7.16% and a net margin of 3.71%. The company’s revenue was down 19.6% on a year-over-year basis. During the same quarter last year, the firm posted $0.59 EPS. As a group, equities research analysts expect that Ciena Co. will post 1.15 earnings per share for the current fiscal year.

Analysts Set New Price Targets

CIEN has been the subject of several analyst reports. Barclays reduced their target price on Ciena from $63.00 to $55.00 and set an “overweight” rating for the company in a report on Friday, June 7th. JPMorgan Chase & Co. reduced their price objective on Ciena from $67.00 to $60.00 and set an “overweight” rating for the company in a research note on Thursday, May 30th. Needham & Company LLC increased their price objective on Ciena from $60.00 to $65.00 and gave the stock a “buy” rating in a research note on Thursday, August 22nd. Rosenblatt Securities increased their price objective on Ciena from $52.50 to $54.00 and gave the stock a “neutral” rating in a research note on Friday, June 7th. Finally, Raymond James downgraded Ciena from a “strong-buy” rating to an “outperform” rating and cut their price target for the stock from $59.00 to $54.00 in a research note on Thursday, June 6th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $57.73.

Insider Buying and Selling at Ciena

In other Ciena news, SVP David M. Rothenstein sold 3,500 shares of the firm’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $48.81, for a total value of $170,835.00. Following the completion of the sale, the senior vice president now owns 212,421 shares in the company, valued at approximately $10,368,269.01. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Ciena news, SVP David M. Rothenstein sold 3,500 shares of the firm’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $48.81, for a total value of $170,835.00. Following the completion of the sale, the senior vice president now owns 212,421 shares in the company, valued at approximately $10,368,269.01. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Jason Phipps sold 2,712 shares of the firm’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $48.29, for a total value of $130,962.48. Following the completion of the sale, the senior vice president now owns 96,000 shares of the company’s stock, valued at approximately $4,635,840. The disclosure for this sale can be found here. Insiders own 0.83% of the company’s stock.

Ciena Company 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, optical transport network switching, IP routing, and switching services.