Royce & Associates LP Trims Holdings in Ciena Co. (CIEN)

Royce & Associates LP lowered its position in Ciena Co. (NYSE:CIEN) by 16.4% in the third quarter, Holdings Channel reports. The institutional investor owned 945,406 shares of the communications equipment provider’s stock after selling 186,011 shares during the period. Royce & Associates LP’s holdings in Ciena were worth $29,534,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Alliancebernstein L.P. raised its stake in shares of Ciena by 52.0% during the third quarter. Alliancebernstein L.P. now owns 4,588,525 shares of the communications equipment provider’s stock worth $143,346,000 after purchasing an additional 1,568,877 shares during the last quarter. Victory Capital Management Inc. raised its stake in shares of Ciena by 89.4% during the second quarter. Victory Capital Management Inc. now owns 2,153,725 shares of the communications equipment provider’s stock worth $57,095,000 after purchasing an additional 1,016,354 shares during the last quarter. LSV Asset Management raised its stake in shares of Ciena by 56.6% during the second quarter. LSV Asset Management now owns 2,734,607 shares of the communications equipment provider’s stock worth $72,494,000 after purchasing an additional 988,292 shares during the last quarter. Waratah Capital Advisors Ltd. purchased a new stake in shares of Ciena during the third quarter worth approximately $13,287,000. Finally, Aperio Group LLC raised its stake in shares of Ciena by 88.5% during the third quarter. Aperio Group LLC now owns 834,096 shares of the communications equipment provider’s stock worth $26,057,000 after purchasing an additional 391,506 shares during the last quarter.

Shares of CIEN stock opened at $32.62 on Friday. Ciena Co. has a 1-year low of $19.99 and a 1-year high of $35.04. The firm has a market cap of $4.63 billion, a P/E ratio of 21.89, a price-to-earnings-growth ratio of 1.42 and a beta of 1.21. The company has a current ratio of 1.97, a quick ratio of 1.76 and a debt-to-equity ratio of 0.33.

Ciena (NYSE:CIEN) last announced its quarterly earnings data on Thursday, August 30th. The communications equipment provider reported $0.48 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.36 by $0.12. Ciena had a return on equity of 8.56% and a net margin of 25.56%. The firm had revenue of $818.82 million for the quarter, compared to analyst estimates of $792.28 million. During the same quarter in the prior year, the company posted $0.51 earnings per share. Ciena’s quarterly revenue was up 12.4% on a year-over-year basis. Equities analysts predict that Ciena Co. will post 1.1 EPS for the current fiscal year.

Several equities research analysts have recently commented on CIEN shares. Argus upped their price target on Ciena to $38.00 and gave the stock an “average” rating in a research note on Wednesday, September 5th. They noted that the move was a valuation call. ValuEngine upgraded Ciena from a “hold” rating to a “buy” rating in a research note on Friday, August 17th. MKM Partners upped their price target on Ciena to $36.00 and gave the stock a “buy” rating in a research note on Friday, August 31st. William Blair restated a “buy” rating on shares of Ciena in a research note on Friday, August 31st. Finally, B. Riley upped their price target on Ciena from $31.50 to $36.00 and gave the stock a “buy” rating in a research note on Friday, August 31st. One analyst has rated the stock with a sell rating, nine have issued a hold rating and thirteen have assigned a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $33.05.

In other Ciena news, VP David M. Rothenstein sold 2,000 shares of the company’s stock in a transaction on Friday, September 14th. The stock was sold at an average price of $31.09, for a total value of $62,180.00. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Gary B. Smith sold 9,600 shares of the company’s stock in a transaction on Friday, September 7th. The shares were sold at an average price of $31.14, for a total value of $298,944.00. The disclosure for this sale can be found here. Insiders have sold 82,275 shares of company stock worth $2,562,800 in the last ninety days. 1.38% of the stock is currently owned by corporate insiders.

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Ciena Profile

Ciena Corporation provides hardware, software, and services that support the transport, switching, aggregation, service delivery, and management of voice, video, and data 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.

Recommended Story: Hedge Funds

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Institutional Ownership by Quarter for Ciena (NYSE:CIEN)

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