Ciena Corporation $CIEN Shares Sold by Lmcg Investments LLC

Lmcg Investments LLC reduced its holdings in shares of Ciena Corporation (NYSE:CIEN) by 3.6% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 46,393 shares of the communications equipment provider’s stock after selling 1,748 shares during the quarter. Lmcg Investments LLC’s holdings in Ciena were worth $16,322,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Bank of New York Mellon Corp bought a new stake in Ciena during the 2nd quarter valued at $404,948,000. Hsbc Holdings PLC lifted its position in shares of Ciena by 309.8% during the first quarter. Hsbc Holdings PLC now owns 223,203 shares of the communications equipment provider’s stock worth $86,509,000 after acquiring an additional 168,736 shares in the last quarter. E20 Capital Ltd bought a new position in shares of Ciena in the first quarter worth $41,676,000. Ardmore Road Asset Management LP bought a new position in shares of Ciena in the first quarter worth $35,329,000. Finally, Nykredit A S purchased a new position in shares of Ciena in the second quarter valued at $33,013,000. 91.99% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of analysts recently issued reports on CIEN shares. Weiss Ratings lowered Ciena from a “hold (c+)” rating to a “hold (c)” rating in a research note on Tuesday, August 25th. Needham & Company LLC reissued a “buy” rating and set a $520.00 price objective on shares of Ciena in a report on Thursday, September 17th. Raymond James Financial restated an “outperform” rating and issued a $600.00 target price on shares of Ciena in a research note on Thursday, September 3rd. CL King set a $347.00 target price on Ciena in a report on Friday, September 4th. Finally, Bank of America reiterated a “buy” rating on shares of Ciena in a research report on Thursday, August 20th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $506.11.

Insider Activity at Ciena

In related news, CFO Marc D. Graff sold 4,995 shares of the firm’s stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $430.72, for a total value of $2,151,446.40. Following the sale, the chief financial officer directly owned 107,519 shares of the company’s stock, valued at $46,310,583.68. This trade represents a 4.44% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Jason Phipps sold 2,629 shares of Ciena stock in a transaction that occurred on Thursday, October 1st. The shares were sold at an average price of $355.19, for a total transaction of $933,794.51. Following the sale, the executive vice president owned 57,388 shares of the company’s stock, valued at approximately $20,383,643.72. The trade was a 4.38% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 36,014 shares of company stock valued at $13,457,571 in the last ninety days. Insiders own 0.58% of the company’s stock.

Ciena Trading Up 5.6%

Shares of CIEN stock opened at $361.11 on Thursday. The company has a debt-to-equity ratio of 1.06, a quick ratio of 3.17 and a current ratio of 3.80. Ciena Corporation has a 52-week low of $159.56 and a 52-week high of $637.51. The company has a market capitalization of $51.21 billion, a PE ratio of 80.60, a price-to-earnings-growth ratio of 4.75 and a beta of 1.28. The business’s fifty day moving average is $372.85 and its 200 day moving average is $439.35.

Ciena (NYSE:CIEN) last posted its earnings results on Thursday, September 3rd. The communications equipment provider reported $2.11 EPS for the quarter, topping the consensus estimate of $1.73 by $0.38. The business had revenue of $1.67 billion during the quarter, compared to analysts’ expectations of $1.64 billion. Ciena had a return on equity of 25.33% and a net margin of 10.87%. The firm’s revenue was up 37.0% on a year-over-year basis. During the same period in the previous year, the business earned $0.35 earnings per share. On average, equities research analysts anticipate that Ciena Corporation will post 6.00 EPS for the current fiscal year.

About Ciena

Ciena Corporation (NYSE: CIEN) is a networking technology company that provides hardware, software, and services for communications networks. Its solutions help telecommunications carriers, cloud providers, enterprises, government organizations, and research institutions build, manage, and automate high-capacity networks.

The company’s portfolio includes optical networking systems, routing and switching platforms, network automation software, and network management tools. Ciena also offers consulting, implementation, maintenance, and professional services designed to support network planning, deployment, optimization, and ongoing operations.