Praxis Investment Management Inc. Has $207,000 Stock Position in Ciena Corporation $CIEN

Praxis Investment Management Inc. lowered its holdings in shares of Ciena Corporation (NYSE:CIEN) by 32.1% in the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 2,540 shares of the communications equipment provider’s stock after selling 1,200 shares during the period. Praxis Investment Management Inc.’s holdings in Ciena were worth $207,000 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. Bessemer Group Inc. grew its position in Ciena by 50.0% during the 1st quarter. Bessemer Group Inc. now owns 534 shares of the communications equipment provider’s stock worth $32,000 after acquiring an additional 178 shares during the last quarter. Bayforest Capital Ltd grew its position in Ciena by 34.7% during the 1st quarter. Bayforest Capital Ltd now owns 636 shares of the communications equipment provider’s stock worth $38,000 after acquiring an additional 164 shares during the last quarter. National Bank of Canada FI grew its position in Ciena by 15.4% during the 1st quarter. National Bank of Canada FI now owns 1,147 shares of the communications equipment provider’s stock worth $69,000 after acquiring an additional 153 shares during the last quarter. Quarry LP grew its position in Ciena by 65.6% during the 1st quarter. Quarry LP now owns 1,593 shares of the communications equipment provider’s stock worth $96,000 after acquiring an additional 631 shares during the last quarter. Finally, UMB Bank n.a. grew its position in Ciena by 27.3% during the 2nd quarter. UMB Bank n.a. now owns 1,556 shares of the communications equipment provider’s stock worth $127,000 after acquiring an additional 334 shares during the last quarter. Institutional investors and hedge funds own 91.99% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on CIEN shares. Bank of America boosted their price objective on Ciena from $135.00 to $155.00 and gave the stock a “buy” rating in a research report on Wednesday, September 17th. Evercore ISI boosted their price objective on Ciena from $95.00 to $120.00 and gave the stock an “in-line” rating in a research report on Thursday, September 4th. Zacks Research upgraded Ciena from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, September 9th. Rosenblatt Securities upgraded Ciena from a “neutral” rating to a “buy” rating and upped their price target for the company from $127.50 to $175.00 in a research report on Friday, September 26th. Finally, Needham & Company LLC upped their price target on Ciena from $90.00 to $130.00 and gave the company a “buy” rating in a research report on Friday, September 5th. Three research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $137.53.

Ciena Trading Up 0.3%

NYSE CIEN opened at $171.37 on Monday. The business’s 50-day moving average price is $125.66 and its two-hundred day moving average price is $93.50. Ciena Corporation has a 12 month low of $49.21 and a 12 month high of $176.88. The firm has a market capitalization of $24.17 billion, a PE ratio of 176.67, a price-to-earnings-growth ratio of 2.37 and a beta of 1.15. The company has a current ratio of 3.28, a quick ratio of 2.52 and a debt-to-equity ratio of 0.55.

Ciena (NYSE:CIEN) last announced its quarterly earnings data on Thursday, April 6th. The communications equipment provider reported $0.47 earnings per share (EPS) for the quarter. The company had revenue of $844.44 million for the quarter. Ciena had a return on equity of 6.62% and a net margin of 3.10%. On average, analysts expect that Ciena Corporation will post 1.6 EPS for the current year.

Insiders Place Their Bets

In other news, SVP Joseph Cumello sold 1,863 shares of the business’s stock in a transaction dated Friday, September 26th. The stock was sold at an average price of $141.14, for a total value of $262,943.82. Following the transaction, the senior vice president directly owned 43,531 shares of the company’s stock, valued at $6,143,965.34. The trade was a 4.10% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Gary B. Smith sold 6,800 shares of the business’s stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $92.93, for a total value of $631,924.00. Following the completion of the transaction, the chief executive officer directly owned 305,157 shares in the company, valued at $28,358,240.01. This represents a 2.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 45,374 shares of company stock valued at $5,936,444 over the last 90 days. 0.93% of the stock is owned by company insiders.

Ciena Profile

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.