Oakbrook Investments LLC Buys Shares of 10,700 Ciena Corporation (CIEN)

Oakbrook Investments LLC bought a new position in Ciena Corporation (NYSE:CIEN) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 10,700 shares of the communications equipment provider’s stock, valued at approximately $235,000.

Several other hedge funds also recently bought and sold shares of the company. Howe & Rusling Inc. bought a new position in shares of Ciena Corporation in the third quarter worth about $158,000. Eqis Capital Management Inc. bought a new position in shares of Ciena Corporation in the third quarter worth about $246,000. WINTON GROUP Ltd bought a new position in shares of Ciena Corporation in the second quarter worth about $777,000. Koch Industries Inc. bought a new position in shares of Ciena Corporation in the second quarter worth about $235,000. Finally, Verition Fund Management LLC lifted its holdings in shares of Ciena Corporation by 48.4% in the second quarter. Verition Fund Management LLC now owns 31,899 shares of the communications equipment provider’s stock worth $798,000 after acquiring an additional 10,399 shares during the last quarter.

CIEN has been the subject of a number of research reports. Citigroup Inc. raised shares of Ciena Corporation from a “neutral” rating to a “buy” rating and increased their target price for the stock from $23.87 to $29.00 in a report on Wednesday, August 30th. Nomura dropped their target price on shares of Ciena Corporation from $30.00 to $28.00 and set a “buy” rating for the company in a report on Friday, September 1st. BidaskClub raised shares of Ciena Corporation from a “strong sell” rating to a “sell” rating in a report on Wednesday, October 25th. Piper Jaffray Companies reissued a “buy” rating and issued a $30.00 target price on shares of Ciena Corporation in a report on Thursday, August 31st. Finally, UBS AG set a $31.00 price objective on shares of Ciena Corporation and gave the company a “buy” rating in a report on Wednesday, August 30th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $29.53.

COPYRIGHT VIOLATION WARNING: “Oakbrook Investments LLC Buys Shares of 10,700 Ciena Corporation (CIEN)” was originally published by Community Financial News and is the property of of Community Financial News. If you are viewing this piece on another publication, it was stolen and republished in violation of international copyright and trademark law. The original version of this piece can be viewed at https://www.com-unik.info/2017/10/31/oakbrook-investments-llc-buys-shares-of-10700-ciena-corporation-cien.html.

Shares of Ciena Corporation (NYSE CIEN) opened at 20.81 on Tuesday. The stock’s 50 day moving average is $21.77 and its 200 day moving average is $23.73. The firm has a market cap of $2.97 billion, a P/E ratio of 22.77 and a beta of 1.70. Ciena Corporation has a 12 month low of $18.94 and a 12 month high of $27.98.

Ciena Corporation (NYSE:CIEN) last issued its quarterly earnings results on Thursday, August 31st. The communications equipment provider reported $0.51 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.49 by $0.02. The company had revenue of $728.70 million for the quarter, compared to analysts’ expectations of $726.81 million. Ciena Corporation had a return on equity of 25.53% and a net margin of 4.99%. The firm’s revenue for the quarter was up 8.7% on a year-over-year basis. During the same period in the prior year, the firm earned $0.42 earnings per share. Equities research analysts expect that Ciena Corporation will post $1.74 EPS for the current year.

In other news, CEO Gary B. Smith sold 8,000 shares of the stock in a transaction on Tuesday, October 24th. The stock was sold at an average price of $22.12, for a total value of $176,960.00. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO James E. Moylan, Jr. sold 2,000 shares of the stock in a transaction on Thursday, October 19th. The stock was sold at an average price of $21.10, for a total value of $42,200.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 88,310 shares of company stock worth $1,958,204. Insiders own 1.45% of the company’s stock.

Ciena Corporation Company Profile

Ciena Corporation is a network strategy and technology company, which provides solutions that enable a range of network operators to adopt communication architectures and deliver an array of services, relied upon by enterprise and consumer end users. It provides equipment, software and services that support the transport, switching, aggregation, service delivery and management of voice, video and data traffic on communications networks.

Want to see what other hedge funds are holding CIEN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Ciena Corporation (NYSE:CIEN).

Institutional Ownership by Quarter for Ciena Corporation (NYSE:CIEN)

What are top analysts saying about Ciena Corporation? - Enter your email address in the form below to receive our free daily email newsletter that contains the latest headlines and analysts' recommendations for for Ciena Corporation and related companies.

Comments

Leave a Reply


share news on Facebook
tweet this investment news
share on linkedin
share on StockTwits
share on Google Plus
share on reddit