Deutsche Bank AG Reduces Position in Ciena Co. (NYSE:CIEN)

Deutsche Bank AG lessened its holdings in shares of Ciena Co. (NYSE:CIENGet Rating) by 66.8% in the 2nd quarter, Holdings Channel reports. The fund owned 667,429 shares of the communications equipment provider’s stock after selling 1,340,271 shares during the quarter. Deutsche Bank AG’s holdings in Ciena were worth $30,503,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the business. Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in shares of Ciena in the 2nd quarter valued at approximately $1,098,000. Bank of Montreal Can grew its stake in shares of Ciena by 21.7% in the 2nd quarter. Bank of Montreal Can now owns 44,173 shares of the communications equipment provider’s stock valued at $2,250,000 after buying an additional 7,877 shares during the period. Sit Investment Associates Inc. grew its stake in shares of Ciena by 1.2% in the 2nd quarter. Sit Investment Associates Inc. now owns 52,685 shares of the communications equipment provider’s stock valued at $2,408,000 after buying an additional 600 shares during the period. Cibc World Market Inc. grew its stake in shares of Ciena by 21.4% in the 2nd quarter. Cibc World Market Inc. now owns 8,618 shares of the communications equipment provider’s stock valued at $394,000 after buying an additional 1,518 shares during the period. Finally, Principal Financial Group Inc. grew its stake in shares of Ciena by 13.7% in the 2nd quarter. Principal Financial Group Inc. now owns 598,897 shares of the communications equipment provider’s stock valued at $27,369,000 after buying an additional 72,270 shares during the period. Hedge funds and other institutional investors own 90.64% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on CIEN shares. Barclays decreased their price objective on shares of Ciena from $70.00 to $55.00 in a report on Friday, September 2nd. TheStreet lowered shares of Ciena from a “b-” rating to a “c” rating in a report on Thursday, September 1st. Cowen reduced their target price on shares of Ciena from $82.00 to $71.00 and set an “outperform” rating on the stock in a report on Friday, September 2nd. Northland Securities reduced their target price on shares of Ciena from $53.00 to $45.00 and set a “market perform” rating on the stock in a report on Friday, September 2nd. Finally, JPMorgan Chase & Co. lowered shares of Ciena from an “overweight” rating to a “neutral” rating and reduced their target price for the stock from $62.00 to $45.00 in a report on Tuesday, September 6th. Four equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $64.74.

Ciena Trading Up 0.7 %

Shares of Ciena stock opened at $44.05 on Friday. Ciena Co. has a 1 year low of $38.33 and a 1 year high of $78.28. The company has a debt-to-equity ratio of 0.40, a quick ratio of 2.58 and a current ratio of 3.48. The company has a market capitalization of $6.53 billion, a P/E ratio of 34.69, a PEG ratio of 1.45 and a beta of 1.03. The company’s fifty day moving average is $42.94 and its two-hundred day moving average is $46.84.

Ciena (NYSE:CIENGet Rating) last issued its quarterly earnings data on Thursday, September 1st. The communications equipment provider reported $0.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.21 by ($0.03). Ciena had a return on equity of 8.91% and a net margin of 5.37%. The business had revenue of $867.30 million for the quarter, compared to analysts’ expectations of $903.95 million. During the same period in the previous year, the business posted $0.81 earnings per share. The company’s revenue for the quarter was down 12.2% on a year-over-year basis. Analysts forecast that Ciena Co. will post 0.83 earnings per share for the current year.

Insiders Place Their Bets

In other Ciena news, CEO Gary B. Smith sold 3,542 shares of the firm’s stock in a transaction on Monday, September 19th. The shares were sold at an average price of $41.35, for a total transaction of $146,461.70. Following the transaction, the chief executive officer now directly owns 406,627 shares of the company’s stock, valued at approximately $16,814,026.45. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CEO Gary B. Smith sold 3,542 shares of Ciena stock in a transaction dated Monday, September 19th. The shares were sold at an average price of $41.35, for a total value of $146,461.70. Following the sale, the chief executive officer now owns 406,627 shares of the company’s stock, valued at $16,814,026.45. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, SVP Stephen B. Alexander sold 2,000 shares of Ciena stock in a transaction dated Thursday, September 15th. The shares were sold at an average price of $42.37, for a total transaction of $84,740.00. Following the completion of the sale, the senior vice president now directly owns 26,535 shares in the company, valued at approximately $1,124,287.95. The disclosure for this sale can be found here. In the last three months, insiders have sold 36,208 shares of company stock valued at $1,549,651. Insiders own 0.94% of the company’s stock.

About Ciena

(Get Rating)

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

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Institutional Ownership by Quarter for Ciena (NYSE:CIEN)

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