TD Asset Management Inc. decreased its position in shares of Ciena Corporation (NYSE:CIEN) by 8.5% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 40,000 shares of the communications equipment provider’s stock after selling 3,700 shares during the quarter. TD Asset Management Inc.’s holdings in Ciena were worth $879,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Vanguard Group Inc. raised its stake in Ciena by 1.7% during the second quarter. Vanguard Group Inc. now owns 12,466,282 shares of the communications equipment provider’s stock worth $311,906,000 after acquiring an additional 203,112 shares in the last quarter. State Street Corp raised its stake in Ciena by 3.9% during the second quarter. State Street Corp now owns 4,648,540 shares of the communications equipment provider’s stock worth $116,319,000 after acquiring an additional 172,876 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in Ciena by 1.2% during the second quarter. Dimensional Fund Advisors LP now owns 2,821,175 shares of the communications equipment provider’s stock worth $70,588,000 after acquiring an additional 34,088 shares in the last quarter. Voya Investment Management LLC raised its stake in Ciena by 12.2% during the second quarter. Voya Investment Management LLC now owns 2,629,074 shares of the communications equipment provider’s stock worth $65,779,000 after acquiring an additional 285,235 shares in the last quarter. Finally, Northern Trust Corp raised its stake in Ciena by 3.5% during the second quarter. Northern Trust Corp now owns 2,316,614 shares of the communications equipment provider’s stock worth $57,962,000 after acquiring an additional 78,069 shares in the last quarter.

Several research analysts have commented on CIEN shares. Stifel Nicolaus reissued a “buy” rating on shares of Ciena in a research note on Friday, November 3rd. Citigroup raised Ciena from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $23.87 to $29.00 in a research note on Wednesday, August 30th. BidaskClub downgraded Ciena from a “sell” rating to a “strong sell” rating in a research note on Saturday, November 4th. Nomura lowered their price objective on Ciena from $30.00 to $28.00 and set a “buy” rating for the company in a research note on Friday, September 1st. Finally, Zacks Investment Research downgraded Ciena from a “hold” rating to a “sell” rating in a research note on Tuesday, October 31st. Two research analysts have rated the stock with a sell rating, four have issued a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $28.48.

Shares of Ciena Corporation (CIEN) opened at $21.50 on Thursday. The firm has a market cap of $3,086.87, a P/E ratio of 15.41, a price-to-earnings-growth ratio of 1.38 and a beta of 1.67. The company has a current ratio of 1.93, a quick ratio of 1.68 and a debt-to-equity ratio of 0.27. Ciena Corporation has a 52-week low of $19.40 and a 52-week high of $27.98.

Ciena (NYSE:CIEN) last released its earnings results on Thursday, December 7th. The communications equipment provider reported $0.46 earnings per share for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.04). The firm had revenue of $744.40 million for the quarter, compared to analyst estimates of $736.91 million. Ciena had a net margin of 45.04% and a return on equity of 18.32%. The business’s revenue for the quarter was up 3.9% compared to the same quarter last year. During the same period in the prior year, the company posted $0.44 EPS. equities research analysts forecast that Ciena Corporation will post 1 earnings per share for the current fiscal year.

Ciena announced that its board has authorized a share repurchase plan on Thursday, December 7th that permits the company to buyback $300.00 million in shares. This buyback authorization permits the communications equipment provider to reacquire shares of its stock through open market purchases. Shares buyback plans are often a sign that the company’s board believes its stock is undervalued.

In other Ciena news, VP Andrew C. Petrik sold 1,251 shares of the stock in a transaction that occurred on Friday, September 15th. The shares were sold at an average price of $21.60, for a total transaction of $27,021.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO James E. Moylan, Jr. sold 2,000 shares of the stock in a transaction that occurred on Thursday, November 30th. The shares were sold at an average price of $21.46, for a total transaction of $42,920.00. The disclosure for this sale can be found here. Insiders have sold a total of 81,052 shares of company stock valued at $1,726,778 in the last three months. Insiders own 1.45% of the company’s stock.

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Ciena 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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Institutional Ownership by Quarter for Ciena (NYSE:CIEN)

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