EverSource Wealth Advisors LLC Sells 419 Shares of Ciena Co. (NYSE:CIEN)

EverSource Wealth Advisors LLC trimmed its position in Ciena Co. (NYSE:CIENGet Rating) by 43.8% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 537 shares of the communications equipment provider’s stock after selling 419 shares during the quarter. EverSource Wealth Advisors LLC’s holdings in Ciena were worth $33,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in CIEN. Counterpoint Mutual Funds LLC bought a new stake in Ciena during the 1st quarter worth approximately $67,000. Tobam increased its holdings in Ciena by 919.2% during the 1st quarter. Tobam now owns 2,181 shares of the communications equipment provider’s stock worth $132,000 after purchasing an additional 1,967 shares in the last quarter. Providence Capital Advisors LLC increased its holdings in Ciena by 8.8% during the 1st quarter. Providence Capital Advisors LLC now owns 81,807 shares of the communications equipment provider’s stock worth $4,956,000 after purchasing an additional 6,640 shares in the last quarter. Rosenberg Matthew Hamilton bought a new stake in Ciena during the 1st quarter worth approximately $47,000. Finally, Bank of New York Mellon Corp increased its holdings in Ciena by 8.2% during the 1st quarter. Bank of New York Mellon Corp now owns 2,710,012 shares of the communications equipment provider’s stock worth $164,308,000 after purchasing an additional 206,112 shares in the last quarter. 90.64% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

CIEN has been the subject of a number of recent research reports. Loop Capital decreased their price objective on Ciena from $92.00 to $84.00 and set a “buy” rating for the company in a report on Monday, June 6th. Evercore ISI reduced their target price on Ciena to $60.00 in a report on Friday, June 3rd. Raymond James reduced their target price on Ciena from $64.00 to $55.00 and set an “outperform” rating for the company in a report on Friday, September 2nd. Barclays reduced their target price on Ciena from $70.00 to $55.00 in a report on Friday, September 2nd. Finally, JPMorgan Chase & Co. lowered Ciena from an “overweight” rating to a “neutral” rating and reduced their target price for the company from $62.00 to $45.00 in a report on Tuesday, September 6th. Four investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $65.32.

Insiders Place Their Bets

In other news, CEO Gary B. Smith sold 3,542 shares of the company’s stock in a transaction on Monday, August 22nd. The shares were sold at an average price of $54.63, for a total value of $193,499.46. Following the transaction, the chief executive officer now owns 413,711 shares of the company’s stock, valued at $22,601,031.93. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, CEO Gary B. Smith sold 3,542 shares of the company’s stock in a transaction on Monday, August 22nd. The shares were sold at an average price of $54.63, for a total value of $193,499.46. Following the transaction, the chief executive officer now owns 413,711 shares of the company’s stock, valued at $22,601,031.93. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, VP Andrew C. Petrik sold 1,000 shares of the company’s stock in a transaction on Friday, July 15th. The stock was sold at an average price of $47.17, for a total transaction of $47,170.00. Following the completion of the transaction, the vice president now directly owns 31,190 shares in the company, valued at approximately $1,471,232.30. The disclosure for this sale can be found here. Insiders have sold a total of 26,310 shares of company stock worth $1,290,914 over the last 90 days. Corporate insiders own 0.94% of the company’s stock.

Ciena Trading Down 0.8 %

NYSE:CIEN opened at $41.85 on Monday. The company has a market cap of $6.20 billion, a P/E ratio of 32.95, a P/E/G ratio of 2.94 and a beta of 0.91. The stock’s fifty day moving average price is $49.61 and its two-hundred day moving average price is $51.88. Ciena Co. has a 1 year low of $41.11 and a 1 year high of $78.28. The company has a debt-to-equity ratio of 0.40, a current ratio of 3.48 and a quick ratio of 2.58.

Ciena (NYSE:CIENGet Rating) last posted its earnings results on Thursday, September 1st. The communications equipment provider reported $0.33 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.34 by ($0.01). The company had revenue of $867.30 million for the quarter, compared to analysts’ expectations of $903.95 million. Ciena had a return on equity of 8.91% and a net margin of 5.37%. The company’s revenue was down 12.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.81 EPS. As a group, analysts expect that Ciena Co. will post 0.95 EPS for the current year.

About Ciena

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Ciena Corporation provides network hardware, software, and services that support the transport, routing, switching, aggregation, service delivery, and management of video, data, and voice traffic on communications networks worldwide. The company's Networking Platforms segment offers hardware networking products and solutions that optimized for the convergence of coherent optical transport, optical transport network switching, and packet switching.

See Also

Want to see what other hedge funds are holding CIEN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Ciena Co. (NYSE:CIENGet Rating).

Institutional Ownership by Quarter for Ciena (NYSE:CIEN)

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