TIAA CREF Investment Management LLC Has $53.94 Million Position in Ciena Co. (CIEN)
TIAA CREF Investment Management LLC lowered its position in shares of Ciena Co. (NYSE:CIEN) by 43.6% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 2,577,052 shares of the communications equipment provider’s stock after selling 1,991,889 shares during the quarter. TIAA CREF Investment Management LLC’s holdings in Ciena were worth $53,938,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently modified their holdings of CIEN. Neuberger Berman Group LLC grew its holdings in Ciena by 169.5% during the third quarter. Neuberger Berman Group LLC now owns 4,217,455 shares of the communications equipment provider’s stock valued at $92,657,000 after purchasing an additional 2,652,791 shares during the period. Maverick Capital Ltd. acquired a new position in Ciena during the fourth quarter valued at approximately $50,962,000. Renaissance Technologies LLC acquired a new position in Ciena during the fourth quarter valued at approximately $40,110,000. Rubric Capital Management LP acquired a new position in Ciena during the third quarter valued at approximately $33,373,000. Finally, Boston Partners acquired a new position in Ciena during the fourth quarter valued at approximately $31,035,000.
Shares of Ciena stock opened at $26.57 on Thursday. The company has a quick ratio of 1.79, a current ratio of 2.06 and a debt-to-equity ratio of 0.33. The company has a market cap of $3,838.90, a price-to-earnings ratio of 20.62, a PEG ratio of 1.59 and a beta of 1.51. Ciena Co. has a 1 year low of $19.40 and a 1 year high of $27.98.
Ciena announced that its board has initiated a stock buyback 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 repurchase shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company’s management believes its stock is undervalued.
In other Ciena news, SVP Scott Mcfeely sold 1,000 shares of the company’s stock in a transaction on Thursday, March 15th. The shares were sold at an average price of $26.95, for a total transaction of $26,950.00. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP David M. Rothenstein sold 2,000 shares of the company’s stock in a transaction on Thursday, March 15th. The stock was sold at an average price of $26.95, for a total transaction of $53,900.00. The disclosure for this sale can be found here. In the last three months, insiders sold 81,526 shares of company stock worth $1,873,596. 1.38% of the stock is currently owned by insiders.
A number of research analysts recently issued reports on the stock. Needham & Company LLC decreased their price objective on shares of Ciena from $26.00 to $24.00 and set a “buy” rating for the company in a report on Friday, December 8th. Zacks Investment Research cut shares of Ciena from a “hold” rating to a “sell” rating in a report on Monday, March 5th. BMO Capital Markets decreased their price objective on shares of Ciena to $25.00 and set an “outperform” rating for the company in a report on Friday, December 8th. Bank of America upgraded shares of Ciena from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $20.98 to $28.00 in a report on Monday, November 27th. Finally, B. Riley boosted their price objective on shares of Ciena from $27.50 to $31.00 and gave the company a “buy” rating in a report on Wednesday, March 7th. One analyst has rated the stock with a sell rating, three have given a hold rating and twenty-two have issued a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $29.81.
Ciena Company 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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