Neuberger Berman Group LLC Has $92.66 Million Position in Ciena Corporation (CIEN)
Neuberger Berman Group LLC grew its position in Ciena Corporation (NYSE:CIEN) by 169.5% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,217,455 shares of the communications equipment provider’s stock after acquiring an additional 2,652,791 shares during the period. Neuberger Berman Group LLC owned about 2.96% of Ciena worth $92,657,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. Parametric Portfolio Associates LLC grew its position in shares of Ciena by 15.9% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 187,277 shares of the communications equipment provider’s stock valued at $4,686,000 after acquiring an additional 25,663 shares during the period. Marshall Wace North America L.P. bought a new position in shares of Ciena in the 2nd quarter valued at about $2,679,000. Dupont Capital Management Corp grew its position in shares of Ciena by 150.1% in the 2nd quarter. Dupont Capital Management Corp now owns 72,528 shares of the communications equipment provider’s stock valued at $1,815,000 after acquiring an additional 43,528 shares during the period. OMERS ADMINISTRATION Corp bought a new position in shares of Ciena in the 2nd quarter valued at about $1,927,000. Finally, Vanguard Group Inc. grew its position in shares of Ciena by 1.7% in the 2nd quarter. Vanguard Group Inc. now owns 12,466,282 shares of the communications equipment provider’s stock valued at $311,906,000 after acquiring an additional 203,112 shares during the period.
CIEN has been the subject of a number of research reports. Stifel Nicolaus restated a “buy” rating on shares of Ciena in a research note on Friday, November 3rd. Citigroup upgraded shares of Ciena from a “neutral” rating to a “buy” rating and raised their target price for the stock from $23.87 to $29.00 in a research note on Wednesday, August 30th. BidaskClub cut shares of Ciena from a “sell” rating to a “strong sell” rating in a research note on Saturday, November 4th. Nomura cut their target price on shares of 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 cut shares of Ciena from a “hold” rating to a “sell” rating in a research note on Tuesday, October 31st. Two analysts have rated the stock with a sell rating, four have assigned a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the stock. Ciena presently has an average rating of “Buy” and an average price target of $28.48.
Ciena (NYSE:CIEN) last issued its quarterly earnings data on Thursday, December 7th. The communications equipment provider reported $0.46 earnings per share for the quarter, missing the consensus estimate of $0.50 by ($0.04). Ciena had a return on equity of 18.32% and a net margin of 45.04%. The business had revenue of $744.40 million during the quarter, compared to analyst estimates of $736.91 million. During the same quarter last year, the firm earned $0.44 EPS. Ciena’s revenue for the quarter was up 3.9% compared to the same quarter last year. equities analysts expect that Ciena Corporation will post 1 earnings per share for the current fiscal year.
Ciena declared that its Board of Directors has approved a stock repurchase plan on Thursday, December 7th that permits the company to repurchase $300.00 million in shares. This repurchase authorization permits the communications equipment provider to purchase shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its shares are undervalued.
In other news, VP James Frodsham sold 2,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 19th. The shares were sold at an average price of $22.00, for a total value of $44,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Gary B. Smith sold 12,634 shares of the business’s stock in a transaction that occurred on Thursday, September 21st. The shares were sold at an average price of $21.25, for a total transaction of $268,472.50. The disclosure for this sale can be found here. Insiders sold a total of 80,801 shares of company stock valued at $1,721,236 in the last quarter. Corporate insiders own 1.45% of the company’s stock.
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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