Parallel Advisors LLC decreased its holdings in shares of Ciena Co. (NYSE:CIEN) by 16.1% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 6,339 shares of the communications equipment provider’s stock after selling 1,216 shares during the quarter. Parallel Advisors LLC’s holdings in Ciena were worth $249,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also modified their holdings of the business. JPMorgan Chase & Co. increased its stake in shares of Ciena by 0.3% in the second quarter. JPMorgan Chase & Co. now owns 2,929,324 shares of the communications equipment provider’s stock valued at $121,861,000 after buying an additional 8,269 shares during the period. Invesco Ltd. increased its stake in shares of Ciena by 35.6% in the second quarter. Invesco Ltd. now owns 2,367,784 shares of the communications equipment provider’s stock valued at $97,386,000 after buying an additional 621,927 shares during the period. Nuveen Asset Management LLC acquired a new position in shares of Ciena in the second quarter valued at approximately $77,706,000. Ion Asset Management Ltd. acquired a new position in shares of Ciena in the second quarter valued at approximately $74,161,000. Finally, Holocene Advisors LP acquired a new position in shares of Ciena in the second quarter valued at approximately $53,362,000. 88.63% of the stock is owned by hedge funds and other institutional investors.
Several research analysts have recently issued reports on CIEN shares. Needham & Company LLC reaffirmed a “hold” rating on shares of Ciena in a research note on Tuesday, September 3rd. Morgan Stanley upped their price objective on Ciena from $41.00 to $43.00 and gave the company an “equal weight” rating in a research note on Friday, September 6th. Stifel Nicolaus set a $54.00 price objective on Ciena and gave the company a “buy” rating in a research note on Friday, September 6th. UBS Group lowered their price objective on Ciena from $46.00 to $43.00 and set a “neutral” rating for the company in a research note on Friday, September 6th. Finally, JPMorgan Chase & Co. lowered their price objective on Ciena from $53.00 to $50.00 and set an “overweight” rating for the company in a research note on Friday, September 6th. Nine investment analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $48.35.
CIEN stock traded up $0.30 during trading on Friday, hitting $37.45. The company had a trading volume of 1,666,054 shares, compared to its average volume of 2,702,497. The business has a 50-day moving average of $37.80 and a 200-day moving average of $39.91. Ciena Co. has a one year low of $30.33 and a one year high of $46.78. The stock has a market cap of $5.76 billion, a PE ratio of 33.44, a PEG ratio of 0.94 and a beta of 1.06. The company has a current ratio of 2.90, a quick ratio of 2.45 and a debt-to-equity ratio of 0.32.
Ciena (NYSE:CIEN) last announced its earnings results on Thursday, September 5th. The communications equipment provider reported $0.71 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.50 by $0.21. Ciena had a return on equity of 13.64% and a net margin of 6.77%. The business had revenue of $960.60 million for the quarter, compared to analysts’ expectations of $930.64 million. During the same period in the prior year, the business posted $0.48 earnings per share. The firm’s revenue was up 17.3% on a year-over-year basis. Research analysts forecast that Ciena Co. will post 1.88 EPS for the current year.
Ciena Corporation provides network hardware, software, and services that support the transport, 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 solutions optimized for the convergence of coherent optical transport, optical transport network switching, and packet switching.
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