11,042 Shares in Ciena Co. (NYSE:CIEN) Purchased by Central Pacific Bank Trust Division

Central Pacific Bank Trust Division acquired a new position in shares of Ciena Co. (NYSE:CIENFree Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 11,042 shares of the communications equipment provider’s stock, valued at approximately $543,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Kapitalo Investimentos Ltda purchased a new stake in Ciena during the fourth quarter worth about $30,000. Register Financial Advisors LLC purchased a new stake in shares of Ciena in the first quarter valued at about $33,000. Johnson Financial Group Inc. purchased a new stake in shares of Ciena in the fourth quarter valued at about $61,000. Neo Ivy Capital Management purchased a new stake in shares of Ciena in the fourth quarter valued at about $154,000. Finally, Claret Asset Management Corp purchased a new stake in shares of Ciena in the first quarter valued at about $202,000. Hedge funds and other institutional investors own 91.99% of the company’s stock.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. Rosenblatt Securities upped their price target on shares of Ciena from $52.50 to $54.00 and gave the company a “neutral” rating in a report on Friday, June 7th. Morgan Stanley raised shares of Ciena from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $53.00 to $55.00 in a report on Wednesday, June 12th. Needham & Company LLC reaffirmed a “buy” rating and issued a $65.00 price target on shares of Ciena in a report on Monday, June 3rd. Raymond James downgraded shares of Ciena from a “strong-buy” rating to an “outperform” rating and reduced their price objective for the company from $59.00 to $54.00 in a research note on Thursday, June 6th. Finally, BNP Paribas initiated coverage on shares of Ciena in a research note on Thursday, April 11th. They set an “outperform” rating and a $57.00 price objective on the stock. One analyst has rated the stock with a sell rating, three have issued a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $57.25.

Check Out Our Latest Report on Ciena

Insider Transactions at Ciena

In other news, CEO Gary B. Smith sold 4,166 shares of the stock in a transaction on Monday, April 15th. The shares were sold at an average price of $44.80, for a total value of $186,636.80. Following the completion of the sale, the chief executive officer now owns 385,109 shares of the company’s stock, valued at $17,252,883.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CEO Gary B. Smith sold 4,166 shares of the firm’s stock in a transaction on Monday, April 15th. The shares were sold at an average price of $44.80, for a total transaction of $186,636.80. Following the completion of the sale, the chief executive officer now directly owns 385,109 shares of the company’s stock, valued at approximately $17,252,883.20. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP Jason Phipps sold 2,712 shares of the firm’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $48.29, for a total transaction of $130,962.48. Following the sale, the senior vice president now directly owns 96,000 shares of the company’s stock, valued at $4,635,840. The disclosure for this sale can be found here. Insiders sold 19,654 shares of company stock valued at $929,794 over the last 90 days. Corporate insiders own 0.83% of the company’s stock.

Ciena Trading Up 0.0 %

CIEN stock traded up $0.02 on Wednesday, hitting $46.75. 32,814 shares of the company were exchanged, compared to its average volume of 1,838,946. Ciena Co. has a twelve month low of $39.94 and a twelve month high of $63.24. The company has a debt-to-equity ratio of 0.53, a current ratio of 3.88 and a quick ratio of 2.76. The business’s fifty day moving average is $47.99 and its two-hundred day moving average is $49.70. The stock has a market capitalization of $6.72 billion, a price-to-earnings ratio of 44.93, a price-to-earnings-growth ratio of 4.85 and a beta of 0.95.

Ciena (NYSE:CIENGet Free Report) last released its quarterly earnings data on Thursday, June 6th. The communications equipment provider reported $0.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.15 by $0.12. Ciena had a net margin of 3.71% and a return on equity of 7.16%. The company had revenue of $910.80 million during the quarter, compared to analyst estimates of $895.80 million. During the same quarter in the prior year, the business earned $0.59 earnings per share. The business’s quarterly revenue was down 19.6% compared to the same quarter last year. As a group, research analysts forecast that Ciena Co. will post 1.19 earnings per share for the current year.

Ciena Profile

(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

Institutional Ownership by Quarter for Ciena (NYSE:CIEN)

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