Teachers Retirement System of The State of Kentucky Has $1.28 Million Position in Ciena Co. (NYSE:CIEN)

Teachers Retirement System of The State of Kentucky lessened its position in Ciena Co. (NYSE:CIENGet Rating) by 6.6% in the first quarter, HoldingsChannel.com reports. The fund owned 21,086 shares of the communications equipment provider’s stock after selling 1,500 shares during the period. Teachers Retirement System of The State of Kentucky’s holdings in Ciena were worth $1,278,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently modified their holdings of CIEN. IronBridge Private Wealth LLC bought a new position in shares of Ciena in the 4th quarter valued at about $31,000. IndexIQ Advisors LLC bought a new position in shares of Ciena in the 1st quarter valued at about $41,000. Whittier Trust Co. boosted its holdings in shares of Ciena by 46.8% during the 1st quarter. Whittier Trust Co. now owns 728 shares of the communications equipment provider’s stock worth $44,000 after buying an additional 232 shares during the period. Rosenberg Matthew Hamilton bought a new stake in shares of Ciena during the 1st quarter worth about $47,000. Finally, Archer Investment Corp boosted its holdings in shares of Ciena by 5,312.5% during the 1st quarter. Archer Investment Corp now owns 866 shares of the communications equipment provider’s stock worth $52,000 after buying an additional 850 shares during the period. Institutional investors own 90.64% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on CIEN. Citigroup reduced their target price on shares of Ciena from $85.00 to $65.00 and set a “buy” rating for the company in a report on Friday, June 3rd. MKM Partners began coverage on shares of Ciena in a research report on Thursday, August 4th. They issued a “buy” rating and a $62.00 target price for the company. Loop Capital lowered their price objective on shares of Ciena from $92.00 to $84.00 and set a “buy” rating for the company in a research report on Monday, June 6th. JPMorgan Chase & Co. cut shares of Ciena from an “overweight” rating to a “neutral” rating and decreased their price target for the company from $62.00 to $45.00 in a research report on Tuesday, September 6th. Finally, UBS Group reduced their price objective on shares of Ciena from $66.00 to $51.00 and set a “neutral” rating on the stock in a research note on Friday, June 3rd. Four investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $65.32.

Insider Buying and Selling

In other Ciena news, CEO Gary B. Smith sold 3,542 shares of the business’s stock in a transaction dated Tuesday, July 5th. The stock was sold at an average price of $44.85, for a total value of $158,858.70. Following the completion of the transaction, the chief executive officer now owns 424,337 shares of the company’s stock, valued at approximately $19,031,514.45. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Ciena news, CEO Gary B. Smith sold 3,542 shares of the business’s stock in a transaction dated Tuesday, July 5th. The stock was sold at an average price of $44.85, for a total value of $158,858.70. Following the completion of the transaction, the chief executive officer now owns 424,337 shares of the company’s stock, valued at approximately $19,031,514.45. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Rick Hamilton sold 2,540 shares of the company’s stock in a transaction dated Wednesday, September 21st. The shares were sold at an average price of $40.79, for a total transaction of $103,606.60. Following the sale, the senior vice president now directly owns 64,247 shares of the company’s stock, valued at approximately $2,620,635.13. The disclosure for this sale can be found here. Insiders have sold a total of 29,250 shares of company stock worth $1,395,279 in the last quarter. Corporate insiders own 0.94% of the company’s stock.

Ciena Stock Performance

Shares of Ciena stock opened at $41.04 on Friday. The stock has a market cap of $6.08 billion, a price-to-earnings ratio of 32.32, a PEG ratio of 3.27 and a beta of 0.91. The firm’s 50-day moving average is $49.14 and its 200 day moving average is $51.43. Ciena Co. has a 1 year low of $40.17 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 announced its quarterly earnings results on Thursday, September 1st. The communications equipment provider reported $0.18 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.21 by ($0.03). The firm had revenue of $867.30 million during the quarter, compared to the consensus estimate of $903.95 million. Ciena had a return on equity of 8.91% and a net margin of 5.37%. The business’s revenue for the quarter was down 12.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.81 EPS. Sell-side analysts anticipate that Ciena Co. will post 0.83 EPS for the current fiscal year.

Ciena Profile

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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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