Ciena Corporation $CIEN Stake Lowered by Connor Clark & Lunn Investment Management Ltd.

Connor Clark & Lunn Investment Management Ltd. cut its stake in Ciena Corporation (NYSE:CIEN) by 32.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 89,223 shares of the communications equipment provider’s stock after selling 42,656 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.06% of Ciena worth $7,257,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently bought and sold shares of the company. Bayforest Capital Ltd increased its position in Ciena by 34.7% in the 1st quarter. Bayforest Capital Ltd now owns 636 shares of the communications equipment provider’s stock worth $38,000 after purchasing an additional 164 shares during the last quarter. National Bank of Canada FI grew its stake in shares of Ciena by 15.4% in the 1st quarter. National Bank of Canada FI now owns 1,147 shares of the communications equipment provider’s stock valued at $69,000 after buying an additional 153 shares in the last quarter. Parkside Financial Bank & Trust increased its holdings in Ciena by 82.5% in the second quarter. Parkside Financial Bank & Trust now owns 1,203 shares of the communications equipment provider’s stock worth $98,000 after buying an additional 544 shares during the last quarter. UMB Bank n.a. increased its holdings in Ciena by 27.3% in the second quarter. UMB Bank n.a. now owns 1,556 shares of the communications equipment provider’s stock worth $127,000 after buying an additional 334 shares during the last quarter. Finally, Quarry LP raised its position in Ciena by 65.6% during the first quarter. Quarry LP now owns 1,593 shares of the communications equipment provider’s stock valued at $96,000 after acquiring an additional 631 shares in the last quarter. Institutional investors and hedge funds own 91.99% of the company’s stock.

Insider Activity at Ciena

In other Ciena news, Director Bruce L. Claflin sold 8,461 shares of the stock in a transaction on Wednesday, September 24th. The shares were sold at an average price of $140.12, for a total value of $1,185,555.32. Following the completion of the sale, the director directly owned 54,624 shares of the company’s stock, valued at $7,653,914.88. This represents a 13.41% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Joseph Cumello sold 1,863 shares of the firm’s stock in a transaction on Friday, September 26th. The stock was sold at an average price of $141.14, for a total transaction of $262,943.82. Following the completion of the sale, the senior vice president owned 43,531 shares in the company, valued at $6,143,965.34. This represents a 4.10% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 58,974 shares of company stock valued at $8,655,764 in the last 90 days. 0.93% of the stock is owned by company insiders.

Ciena Price Performance

Shares of NYSE:CIEN opened at $209.36 on Thursday. The company has a market cap of $29.53 billion, a price-to-earnings ratio of 215.83, a PEG ratio of 2.62 and a beta of 1.17. The business has a 50 day moving average price of $160.18 and a 200 day moving average price of $109.73. The company has a quick ratio of 2.52, a current ratio of 3.28 and a debt-to-equity ratio of 0.55. Ciena Corporation has a twelve month low of $49.21 and a twelve month high of $214.17.

Ciena (NYSE:CIEN) last issued its quarterly earnings results on Thursday, April 6th. The communications equipment provider reported $0.47 EPS for the quarter. Ciena had a return on equity of 6.62% and a net margin of 3.10%.The company had revenue of $844.44 million during the quarter. Research analysts predict that Ciena Corporation will post 1.6 earnings per share for the current year.

Analyst Ratings Changes

CIEN has been the topic of several analyst reports. Morgan Stanley upgraded shares of Ciena from an “underweight” rating to an “equal weight” rating and increased their price target for the stock from $100.00 to $140.00 in a research note on Friday, October 10th. JPMorgan Chase & Co. increased their target price on shares of Ciena from $105.00 to $140.00 and gave the stock an “overweight” rating in a research report on Friday, September 5th. Evercore ISI raised their target price on Ciena from $120.00 to $200.00 and gave the company an “in-line” rating in a report on Monday. Bank of America upped their price target on Ciena from $135.00 to $155.00 and gave the stock a “buy” rating in a research note on Wednesday, September 17th. Finally, Needham & Company LLC increased their price objective on Ciena from $90.00 to $130.00 and gave the company a “buy” rating in a report on Friday, September 5th. Three equities research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $153.20.

Ciena Profile

Ciena Corporation provides hardware and software services for delivery of video, data, and voice traffic metro, aggregation, and access communications network worldwide. The company’s Networking Platforms segment offers convergence of coherent optical transport, open optical networking, optical transport network switching, IP routing, and switching services.