SG Americas Securities LLC Raises Stake in Ciena Corporation (CIEN)
SG Americas Securities LLC boosted its position in Ciena Corporation (NYSE:CIEN) by 223.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 37,558 shares of the communications equipment provider’s stock after buying an additional 25,936 shares during the period. SG Americas Securities LLC’s holdings in Ciena Corporation were worth $887,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently added to or reduced their stakes in CIEN. Dimensional Fund Advisors LP increased its position in Ciena Corporation by 6.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,932,100 shares of the communications equipment provider’s stock worth $71,573,000 after buying an additional 165,373 shares in the last quarter. Norges Bank purchased a new position in Ciena Corporation during the fourth quarter worth approximately $32,862,000. Peregrine Capital Management LLC increased its position in Ciena Corporation by 18.1% in the first quarter. Peregrine Capital Management LLC now owns 1,270,385 shares of the communications equipment provider’s stock worth $29,638,000 after buying an additional 194,976 shares in the last quarter. Retirement Systems of Alabama increased its position in Ciena Corporation by 0.3% in the first quarter. Retirement Systems of Alabama now owns 752,828 shares of the communications equipment provider’s stock worth $17,774,000 after buying an additional 2,409 shares in the last quarter. Finally, State of New Jersey Common Pension Fund D increased its position in Ciena Corporation by 56.3% in the first quarter. State of New Jersey Common Pension Fund D now owns 625,000 shares of the communications equipment provider’s stock worth $14,756,000 after buying an additional 225,000 shares in the last quarter.
Shares of Ciena Corporation (NYSE CIEN) opened at 25.43 on Friday. Ciena Corporation has a 52-week low of $17.59 and a 52-week high of $27.98. The stock has a 50 day moving average price of $24.33 and a 200 day moving average price of $23.98. The company has a market capitalization of $3.61 billion, a PE ratio of 33.59 and a beta of 1.71. Ciena Corporation also was the target of unusually large options trading on Wednesday. Traders acquired 362 put options on the company. This is an increase of 121% compared to the average volume of 164 put options.
Ciena Corporation (NYSE:CIEN) last posted its earnings results on Thursday, June 1st. The communications equipment provider reported $0.45 earnings per share for the quarter, topping analysts’ consensus estimates of $0.37 by $0.08. The business had revenue of $707.02 million for the quarter, compared to analyst estimates of $694.84 million. Ciena Corporation had a return on equity of 25.56% and a net margin of 4.13%. The firm’s revenue was up 10.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.34 EPS. On average, analysts predict that Ciena Corporation will post $1.77 earnings per share for the current fiscal year.
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A number of equities analysts recently commented on CIEN shares. BMO Capital Markets restated a “buy” rating and issued a $30.00 price objective on shares of Ciena Corporation in a report on Thursday, April 27th. B. Riley restated a “buy” rating and issued a $34.00 price objective on shares of Ciena Corporation in a report on Saturday, March 11th. Jefferies Group LLC restated a “buy” rating and issued a $32.50 price objective (up previously from $29.00) on shares of Ciena Corporation in a report on Friday, June 2nd. Bank of America Corporation downgraded Ciena Corporation from a “buy” rating to a “neutral” rating and increased their price objective for the stock from $26.39 to $28.00 in a report on Friday, March 3rd. They noted that the move was a valuation call. Finally, Argus increased their price objective on Ciena Corporation from $27.00 to $33.00 and gave the stock a “buy” rating in a report on Friday, June 2nd. Six research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the stock. Ciena Corporation has a consensus rating of “Buy” and an average target price of $30.05.
In related news, SVP James E. Moylan, Jr. sold 2,000 shares of the business’s stock in a transaction that occurred on Thursday, June 1st. The stock was sold at an average price of $26.29, for a total transaction of $52,580.00. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Gary B. Smith sold 8,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 21st. The stock was sold at an average price of $23.69, for a total value of $189,520.00. The disclosure for this sale can be found here. Insiders have sold a total of 68,841 shares of company stock worth $1,593,138 over the last three months. 1.45% of the stock is owned by insiders.
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.
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