LSV Asset Management lowered its stake in shares of Ciena Co. (NYSE:CIEN) by 29.8% in the first quarter, Holdings Channel reports. The institutional investor owned 1,980,100 shares of the communications equipment provider’s stock after selling 840,154 shares during the period. LSV Asset Management’s holdings in Ciena were worth $73,936,000 as of its most recent filing with the SEC.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Huntington National Bank acquired a new position in Ciena in the fourth quarter worth about $29,000. PRW Wealth Management LLC acquired a new position in Ciena in the fourth quarter worth about $38,000. Investors Research Corp acquired a new position in Ciena in the first quarter worth about $39,000. Ffcm LLC raised its position in Ciena by 355.7% in the fourth quarter. Ffcm LLC now owns 1,276 shares of the communications equipment provider’s stock worth $43,000 after purchasing an additional 996 shares in the last quarter. Finally, First Hawaiian Bank raised its position in Ciena by 393.0% in the fourth quarter. First Hawaiian Bank now owns 1,474 shares of the communications equipment provider’s stock worth $50,000 after purchasing an additional 1,175 shares in the last quarter. 94.44% of the stock is owned by institutional investors and hedge funds.
In other news, Director Thomas Michael Nevens sold 7,000 shares of the stock in a transaction that occurred on Monday, May 13th. The shares were sold at an average price of $34.24, for a total transaction of $239,680.00. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Gary B. Smith sold 9,600 shares of the stock in a transaction that occurred on Wednesday, February 20th. The shares were sold at an average price of $42.15, for a total transaction of $404,640.00. The disclosure for this sale can be found here. Insiders have sold 212,774 shares of company stock worth $8,302,749 over the last three months. 1.20% of the stock is owned by insiders.
Ciena (NYSE:CIEN) last released its quarterly earnings results on Tuesday, March 5th. The communications equipment provider reported $0.27 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.21 by $0.06. Ciena had a net margin of 5.03% and a return on equity of 10.73%. The business had revenue of $778.53 million for the quarter, compared to analysts’ expectations of $761.62 million. During the same period in the prior year, the firm earned $0.15 earnings per share. Ciena’s revenue was up 20.5% compared to the same quarter last year. Equities analysts predict that Ciena Co. will post 1.53 earnings per share for the current year.
Several research firms recently issued reports on CIEN. Zacks Investment Research raised shares of Ciena from a “hold” rating to a “strong-buy” rating and set a $42.00 price target for the company in a research report on Wednesday, May 8th. JPMorgan Chase & Co. lowered shares of Ciena from a “neutral” rating to an “underweight” rating in a research report on Monday, April 22nd. Northland Securities raised shares of Ciena from a “market perform” rating to an “outperform” rating and set a $42.00 price target for the company in a research report on Monday, April 15th. ValuEngine lowered shares of Ciena from a “strong-buy” rating to a “buy” rating in a research report on Monday, April 1st. Finally, UBS Group set a $42.00 price target on shares of Ciena and gave the stock a “hold” rating in a research report on Thursday, March 7th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $42.13.
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Ciena Corporation provides network hardware, software, and services that support the transport, switching, aggregation, service delivery, and management of video, data, and voice 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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