Royce & Associates LP Acquires 60,000 Shares of Ciena Corporation (CIEN)
Royce & Associates LP raised its holdings in Ciena Corporation (NYSE:CIEN) by 7.1% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 904,917 shares of the communications equipment provider’s stock after buying an additional 60,000 shares during the period. Royce & Associates LP owned approximately 0.63% of Ciena worth $19,881,000 as of its most recent SEC filing.
Other hedge funds have also modified their holdings of the company. Engineers Gate Manager LP lifted its position in shares of Ciena by 239.3% during the 3rd quarter. Engineers Gate Manager LP now owns 185,606 shares of the communications equipment provider’s stock worth $4,078,000 after purchasing an additional 130,904 shares during the last quarter. University of Notre Dame DU Lac lifted its position in shares of Ciena by 9.0% during the 3rd quarter. University of Notre Dame DU Lac now owns 192,763 shares of the communications equipment provider’s stock worth $4,235,000 after purchasing an additional 15,876 shares during the last quarter. Stifel Financial Corp lifted its position in shares of Ciena by 15.5% during the 3rd quarter. Stifel Financial Corp now owns 70,070 shares of the communications equipment provider’s stock worth $1,538,000 after purchasing an additional 9,389 shares during the last quarter. Tredje AP fonden purchased a new stake in shares of Ciena during the 3rd quarter worth $1,318,000. Finally, Westfield Capital Management Co. LP lifted its position in shares of Ciena by 21.5% during the 3rd quarter. Westfield Capital Management Co. LP now owns 2,594,285 shares of the communications equipment provider’s stock worth $56,996,000 after purchasing an additional 459,190 shares during the last quarter.
In other Ciena news, VP James Frodsham sold 2,000 shares of Ciena stock in a transaction on Tuesday, September 19th. The shares were sold at an average price of $22.00, for a total value of $44,000.00. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Gary B. Smith sold 8,000 shares of Ciena stock in a transaction on Tuesday, October 24th. The shares were sold at an average price of $22.12, for a total transaction of $176,960.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 89,052 shares of company stock worth $1,898,778. 1.45% of the stock is currently owned by company insiders.
Ciena (NYSE:CIEN) last posted its quarterly earnings data on Thursday, December 7th. The communications equipment provider reported $0.46 EPS for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.04). The business had revenue of $744.40 million during 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 company’s revenue for the quarter was up 3.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.44 earnings per share. research analysts anticipate that Ciena Corporation will post 1.65 EPS for the current year.
Ciena declared that its Board of Directors has initiated a share repurchase program on Thursday, December 7th that permits the company to buyback $300.00 million in outstanding shares. This buyback authorization permits the communications equipment provider to purchase shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its stock is undervalued.
Several equities research analysts have recently issued reports on the stock. B. Riley reaffirmed a “buy” rating and set a $34.25 price objective on shares of Ciena in a research report on Tuesday, August 29th. Piper Jaffray Companies cut shares of Ciena from an “overweight” rating to a “neutral” rating and lifted their price objective for the stock from $20.76 to $22.00 in a research report on Friday. Stifel Nicolaus reaffirmed a “buy” rating and set a $30.00 price objective on shares of Ciena in a research report on Tuesday, September 26th. Raymond James Financial set a $33.00 price target on shares of Ciena and gave the company a “buy” rating in a research report on Thursday. Finally, Nomura reissued a “buy” rating and issued a $28.00 price target on shares of Ciena in a research report on Wednesday, September 20th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Ciena currently has a consensus rating of “Buy” and an average price target of $28.48.
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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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