Ciena Co. (NYSE:CIEN) Shares Bought by New York Life Investment Management LLC

New York Life Investment Management LLC boosted its stake in shares of Ciena Co. (NYSE:CIENFree Report) by 100.3% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 16,489 shares of the communications equipment provider’s stock after purchasing an additional 8,256 shares during the period. New York Life Investment Management LLC’s holdings in Ciena were worth $779,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Farther Finance Advisors LLC raised its stake in Ciena by 63.9% during the second quarter. Farther Finance Advisors LLC now owns 849 shares of the communications equipment provider’s stock worth $36,000 after purchasing an additional 331 shares during the period. Sunbelt Securities Inc. acquired a new stake in shares of Ciena in the first quarter worth $59,000. State of Wyoming increased its position in shares of Ciena by 35.4% in the fourth quarter. State of Wyoming now owns 2,450 shares of the communications equipment provider’s stock worth $125,000 after acquiring an additional 640 shares in the last quarter. Smithfield Trust Co increased its position in shares of Ciena by 74.5% in the third quarter. Smithfield Trust Co now owns 2,999 shares of the communications equipment provider’s stock worth $142,000 after acquiring an additional 1,280 shares in the last quarter. Finally, CENTRAL TRUST Co increased its position in shares of Ciena by 74.7% in the third quarter. CENTRAL TRUST Co now owns 3,274 shares of the communications equipment provider’s stock worth $133,000 after acquiring an additional 1,400 shares in the last quarter. Hedge funds and other institutional investors own 90.02% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on CIEN shares. StockNews.com lowered shares of Ciena from a “hold” rating to a “sell” rating in a research report on Thursday, February 1st. Evercore ISI raised shares of Ciena from an “in-line” rating to an “outperform” rating and increased their price objective for the stock from $52.00 to $57.00 in a research report on Friday, January 12th. TheStreet raised shares of Ciena from a “c” rating to a “b-” rating in a research report on Thursday, December 7th. Rosenblatt Securities reaffirmed a “buy” rating and set a $65.00 price target on shares of Ciena in a report on Friday, December 8th. Finally, Raymond James lowered their price target on shares of Ciena from $63.00 to $60.00 and set a “strong-buy” rating for the company in a report on Friday, December 8th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Ciena presently has an average rating of “Moderate Buy” and a consensus price target of $59.79.

Get Our Latest Analysis on CIEN

Ciena Trading Up 1.6 %

Ciena stock opened at $55.79 on Thursday. The firm’s 50-day moving average is $47.94 and its 200-day moving average is $45.52. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.71 and a current ratio of 3.84. Ciena Co. has a 1 year low of $39.94 and a 1 year high of $56.27. The company has a market cap of $8.08 billion, a P/E ratio of 32.63, a PEG ratio of 1.75 and a beta of 1.01.

Ciena (NYSE:CIENGet Free Report) last posted its quarterly earnings results on Thursday, December 7th. The communications equipment provider reported $0.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.69 by $0.06. The company had revenue of $1.13 billion for the quarter, compared to the consensus estimate of $1.10 billion. Ciena had a net margin of 5.81% and a return on equity of 10.28%. The company’s revenue for the quarter was up 16.4% on a year-over-year basis. During the same period last year, the firm posted $0.49 EPS. On average, equities analysts expect that Ciena Co. will post 2.09 earnings per share for the current year.

Insider Activity at Ciena

In related news, SVP Joseph Cumello sold 1,212 shares of Ciena stock in a transaction dated Wednesday, November 15th. The shares were sold at an average price of $45.96, for a total value of $55,703.52. Following the sale, the senior vice president now directly owns 36,951 shares in the company, valued at approximately $1,698,267.96. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Ciena news, SVP Joseph Cumello sold 1,212 shares of the business’s stock in a transaction dated Wednesday, November 15th. The shares were sold at an average price of $45.96, for a total transaction of $55,703.52. Following the sale, the senior vice president now directly owns 36,951 shares in the company, valued at approximately $1,698,267.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Gary B. Smith sold 4,166 shares of the business’s stock in a transaction dated Wednesday, November 15th. The stock was sold at an average price of $46.35, for a total transaction of $193,094.10. Following the sale, the chief executive officer now owns 402,676 shares in the company, valued at $18,664,032.60. The disclosure for this sale can be found here. Insiders have sold a total of 105,288 shares of company stock worth $5,417,833 in the last ninety days. 0.99% of the stock is owned by insiders.

About Ciena

(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.

Further Reading

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Institutional Ownership by Quarter for Ciena (NYSE:CIEN)

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