New York State Common Retirement Fund Cuts Stock Position in Ciena Co. (NYSE:CIEN)

New York State Common Retirement Fund lessened its position in Ciena Co. (NYSE:CIEN) by 8.2% during the 1st quarter, Holdings Channel.com reports. The institutional investor owned 598,843 shares of the communications equipment provider’s stock after selling 53,200 shares during the quarter. New York State Common Retirement Fund’s holdings in Ciena were worth $32,769,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Carroll Financial Associates Inc. raised its holdings in shares of Ciena by 1,153.8% in the 1st quarter. Carroll Financial Associates Inc. now owns 489 shares of the communications equipment provider’s stock valued at $26,000 after buying an additional 450 shares during the period. Wealthcare Advisory Partners LLC purchased a new position in shares of Ciena in the 1st quarter valued at about $29,000. Gradient Investments LLC increased its holdings in shares of Ciena by 3,705.9% in the 1st quarter. Gradient Investments LLC now owns 647 shares of the communications equipment provider’s stock valued at $35,000 after acquiring an additional 630 shares during the last quarter. Vantage Consulting Group Inc purchased a new position in shares of Ciena in the 4th quarter valued at about $47,000. Finally, Bessemer Group Inc. increased its holdings in shares of Ciena by 30.1% in the 4th quarter. Bessemer Group Inc. now owns 1,041 shares of the communications equipment provider’s stock valued at $55,000 after acquiring an additional 241 shares during the last quarter. Hedge funds and other institutional investors own 90.18% of the company’s stock.

CIEN has been the subject of a number of research analyst reports. B. Riley upped their target price on Ciena from $50.00 to $53.00 and gave the company a “neutral” rating in a research report on Friday, June 4th. They noted that the move was a valuation call. Barclays increased their price objective on Ciena from $63.00 to $68.00 and gave the stock an “overweight” rating in a research report on Friday, June 4th. Colliers Securities reaffirmed a “buy” rating and set a $58.00 price objective on shares of Ciena in a research report on Friday, March 5th. Raymond James increased their target price on Ciena from $52.00 to $57.00 and gave the stock an “outperform” rating in a research note on Thursday, March 4th. Finally, Rosenblatt Securities increased their target price on Ciena from $45.00 to $50.00 and gave the stock a “neutral” rating in a research note on Tuesday, March 2nd. Five analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Ciena has an average rating of “Buy” and an average target price of $60.07.

In other Ciena news, VP David M. Rothenstein sold 2,500 shares of the business’s stock in a transaction dated Monday, March 15th. The stock was sold at an average price of $54.56, for a total transaction of $136,400.00. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO James E. Moylan, Jr. sold 2,000 shares of the business’s stock in a transaction dated Thursday, May 13th. The stock was sold at an average price of $49.87, for a total value of $99,740.00. The disclosure for this sale can be found here. Insiders sold 33,387 shares of company stock worth $1,795,338 in the last quarter. 0.96% of the stock is owned by insiders.

Shares of Ciena stock opened at $59.01 on Friday. Ciena Co. has a twelve month low of $38.03 and a twelve month high of $61.51. The firm has a market capitalization of $9.15 billion, a PE ratio of 25.22, a P/E/G ratio of 1.68 and a beta of 0.81. The company has a quick ratio of 3.06, a current ratio of 3.57 and a debt-to-equity ratio of 0.25. The firm has a fifty day moving average price of $54.42.

Ciena (NYSE:CIEN) last issued its earnings results on Wednesday, June 2nd. The communications equipment provider reported $0.62 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.48 by $0.14. Ciena had a return on equity of 14.97% and a net margin of 10.77%. The firm had revenue of $833.90 million for the quarter, compared to analysts’ expectations of $829.15 million. During the same quarter last year, the firm earned $0.76 earnings per share. The firm’s revenue for the quarter was down 6.7% compared to the same quarter last year. As a group, analysts predict that Ciena Co. will post 2.27 EPS for the current fiscal year.

Ciena Profile

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.

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Institutional Ownership by Quarter for Ciena (NYSE:CIEN)

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