Ciena Corporation $CIEN Stock Sold by Lido Advisors LLC

Lido Advisors LLC decreased its holdings in Ciena Corporation (NYSE:CIEN) by 29.8% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,662 shares of the communications equipment provider’s stock after selling 2,824 shares during the period. Lido Advisors LLC’s holdings in Ciena were worth $2,344,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also modified their holdings of the business. Bank of New York Mellon Corp acquired a new stake in shares of Ciena in the second quarter valued at $404,948,000. Hsbc Holdings PLC grew its stake in Ciena by 309.8% during the 1st quarter. Hsbc Holdings PLC now owns 223,203 shares of the communications equipment provider’s stock worth $86,509,000 after purchasing an additional 168,736 shares in the last quarter. Allspring Global Investments Holdings LLC grew its stake in Ciena by 440.9% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 165,887 shares of the communications equipment provider’s stock worth $62,894,000 after purchasing an additional 135,218 shares in the last quarter. E20 Capital Ltd acquired a new position in Ciena during the 1st quarter worth $41,676,000. Finally, Pictet Asset Management Holding SA grew its stake in Ciena by 23.5% during the 3rd quarter. Pictet Asset Management Holding SA now owns 512,203 shares of the communications equipment provider’s stock worth $180,239,000 after purchasing an additional 97,505 shares in the last quarter. Institutional investors and hedge funds own 91.99% of the company’s stock.

Ciena Stock Down 4.6%

Shares of CIEN stock traded down $13.64 on Friday, reaching $280.35. 2,149,770 shares of the stock were exchanged, compared to its average volume of 3,259,268. The company has a current ratio of 3.80, a quick ratio of 3.17 and a debt-to-equity ratio of 1.06. The business’s 50 day moving average price is $343.09 and its 200 day moving average price is $403.74. The company has a market capitalization of $39.76 billion, a price-to-earnings ratio of 62.58, a PEG ratio of 2.36 and a beta of 1.33. Ciena Corporation has a twelve month low of $168.22 and a twelve month high of $637.51.

Ciena (NYSE:CIEN) last posted its earnings results on Thursday, September 3rd. The communications equipment provider reported $2.11 EPS for the quarter, beating the consensus estimate of $1.73 by $0.38. The firm had revenue of $1.67 billion for the quarter, compared to analyst estimates of $1.64 billion. Ciena had a return on equity of 25.33% and a net margin of 10.87%. Ciena’s revenue for the quarter was up 37.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.35 earnings per share. As a group, sell-side analysts expect that Ciena Corporation will post 6.00 earnings per share for the current fiscal year.

Insider Buying and Selling at Ciena

In other news, EVP Jason Phipps sold 2,629 shares of the stock in a transaction dated Thursday, October 1st. The stock was sold at an average price of $355.19, for a total value of $933,794.51. Following the transaction, the executive vice president owned 57,388 shares in the company, valued at approximately $20,383,643.72. This represents a 4.38% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Bruce L. Claflin sold 2,857 shares of the firm’s stock in a transaction dated Thursday, September 24th. The stock was sold at an average price of $355.91, for a total value of $1,016,834.87. Following the sale, the director directly owned 8,279 shares in the company, valued at $2,946,578.89. This trade represents a 25.66% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 31,019 shares of company stock worth $11,065,093. Corporate insiders own 0.58% of the company’s stock.

Analyst Ratings Changes

Several brokerages have weighed in on CIEN. Rosenblatt Securities restated a “buy” rating and set a $525.00 price target on shares of Ciena in a report on Thursday, September 17th. Weiss Ratings upgraded Ciena from a “hold (c)” rating to a “hold (c+)” rating in a research note on Thursday. Morgan Stanley reissued a “positive” rating on shares of Ciena in a research report on Thursday, September 17th. Zacks Research upgraded shares of Ciena from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, September 9th. Finally, Northland Securities set a $550.00 target price on shares of Ciena and gave the stock an “outperform” rating in a research note on Thursday, September 17th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, Ciena has a consensus rating of “Moderate Buy” and an average target price of $485.93.

About Ciena

Ciena is a communications networking company that develops equipment, software and services used to build and manage telecommunications networks. Its offerings support the movement of data across fiber-optic, subsea and other network infrastructure. The company’s products include optical transport systems, routing and switching equipment, and software for network automation and management. Ciena also provides consulting, implementation and support services to help customers plan, deploy and operate their networks.