Liberty Mutual Group Asset Management Inc. Decreases Position in Ciena Co. (CIEN)

Liberty Mutual Group Asset Management Inc. cut its position in shares of Ciena Co. (NYSE:CIEN) by 21.9% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 28,103 shares of the communications equipment provider’s stock after selling 7,885 shares during the quarter. Liberty Mutual Group Asset Management Inc.’s holdings in Ciena were worth $728,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the stock. Northern Trust Corp grew its holdings in shares of Ciena by 1.1% during the first quarter. Northern Trust Corp now owns 2,205,450 shares of the communications equipment provider’s stock worth $57,122,000 after buying an additional 24,421 shares in the last quarter. Guyasuta Investment Advisors Inc. bought a new position in Ciena in the first quarter valued at approximately $1,123,000. Cambridge Investment Research Advisors Inc. bought a new position in Ciena in the first quarter valued at approximately $568,000. Washington Capital Management Inc. grew its stake in Ciena by 19.6% in the first quarter. Washington Capital Management Inc. now owns 20,100 shares of the communications equipment provider’s stock valued at $521,000 after purchasing an additional 3,300 shares in the last quarter. Finally, Stevens Capital Management LP grew its stake in Ciena by 164.4% in the first quarter. Stevens Capital Management LP now owns 43,129 shares of the communications equipment provider’s stock valued at $1,117,000 after purchasing an additional 26,820 shares in the last quarter.

A number of research analysts have weighed in on the company. Zacks Investment Research upgraded Ciena from a “sell” rating to a “buy” rating and set a $30.00 price target for the company in a research note on Tuesday, March 13th. Northland Securities restated a “buy” rating and issued a $34.00 price target on shares of Ciena in a research note on Monday, March 19th. ValuEngine upgraded Ciena from a “hold” rating to a “buy” rating in a research note on Friday, March 9th. Needham & Company LLC restated a “buy” rating and issued a $29.00 price target (up from $24.00) on shares of Ciena in a research note on Wednesday, March 7th. Finally, B. Riley raised their price target on Ciena from $27.50 to $31.00 and gave the company a “buy” rating in a research note on Wednesday, March 7th. One analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-three have given a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $30.08.

NYSE:CIEN opened at $24.96 on Friday. The company has a market cap of $3.60 billion, a P/E ratio of 16.75, a PEG ratio of 1.49 and a beta of 1.40. The company has a quick ratio of 1.79, a current ratio of 2.06 and a debt-to-equity ratio of 0.33. Ciena Co. has a 1-year low of $19.40 and a 1-year high of $27.98.

Ciena (NYSE:CIEN) last released its quarterly earnings results on Tuesday, March 6th. The communications equipment provider reported $0.15 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.07 by $0.08. The business had revenue of $646.14 million during the quarter, compared to analysts’ expectations of $641.77 million. Ciena had a return on equity of 14.10% and a net margin of 27.76%. The firm’s revenue for the quarter was up 4.0% compared to the same quarter last year. During the same period last year, the firm posted $0.17 EPS. equities research analysts forecast that Ciena Co. will post 1.08 earnings per share for the current year.

In related news, CEO Gary B. Smith sold 8,000 shares of Ciena stock in a transaction that occurred on Thursday, March 15th. The stock was sold at an average price of $27.16, for a total transaction of $217,280.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Stephen B. Alexander sold 2,500 shares of Ciena stock in a transaction that occurred on Monday, April 16th. The stock was sold at an average price of $25.51, for a total value of $63,775.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 88,505 shares of company stock valued at $2,311,707. 1.38% of the stock is currently owned by insiders.

Ciena Company 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.

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Institutional Ownership by Quarter for Ciena (NYSE:CIEN)

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