Ciena Corporation (NYSE:CIEN) Shares Sold by Private Capital Management Inc.

Private Capital Management Inc. lowered its position in Ciena Corporation (NYSE:CIEN) by 9.7% during the second quarter, Holdings Channel reports. The fund owned 9,300 shares of the communications equipment provider’s stock after selling 1,000 shares during the period. Private Capital Management Inc.’s holdings in Ciena Corporation were worth $233,000 at the end of the most recent reporting period.

Other institutional investors have also bought and sold shares of the company. BlackRock Inc. increased its stake in shares of Ciena Corporation by 11,733.7% in the first quarter. BlackRock Inc. now owns 15,755,200 shares of the communications equipment provider’s stock valued at $371,979,000 after buying an additional 15,622,062 shares during the period. Vanguard Group Inc. increased its stake in shares of Ciena Corporation by 11.2% in the first quarter. Vanguard Group Inc. now owns 12,263,170 shares of the communications equipment provider’s stock valued at $289,534,000 after buying an additional 1,235,744 shares during the period. TIAA CREF Investment Management LLC increased its stake in shares of Ciena Corporation by 36.4% in the first quarter. TIAA CREF Investment Management LLC now owns 8,553,894 shares of the communications equipment provider’s stock valued at $201,957,000 after buying an additional 2,283,352 shares during the period. Teachers Advisors LLC increased its stake in shares of Ciena Corporation by 21.1% in the first quarter. Teachers Advisors LLC now owns 4,900,040 shares of the communications equipment provider’s stock valued at $115,690,000 after buying an additional 853,793 shares during the period. Finally, State Street Corp increased its stake in shares of Ciena Corporation by 3.6% in the first quarter. State Street Corp now owns 4,475,664 shares of the communications equipment provider’s stock valued at $105,671,000 after buying an additional 155,632 shares during the period.

Shares of Ciena Corporation (NYSE CIEN) traded up 0.11% on Monday, reaching $26.13. 133,138 shares of the company were exchanged. Ciena Corporation has a 12-month low of $18.50 and a 12-month high of $27.98. The stock has a market capitalization of $3.71 billion, a PE ratio of 34.52 and a beta of 1.61. The firm has a 50 day moving average price of $25.82 and a 200-day moving average price of $24.36.

Ciena Corporation (NYSE:CIEN) last posted its earnings results on Thursday, June 1st. The communications equipment provider reported $0.45 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.37 by $0.08. Ciena Corporation had a net margin of 4.13% and a return on equity of 25.56%. The business had revenue of $707.02 million for the quarter, compared to analysts’ expectations of $694.84 million. During the same period in the prior year, the company posted $0.34 EPS. The business’s revenue for the quarter was up 10.3% compared to the same quarter last year. On average, analysts predict that Ciena Corporation will post $1.77 EPS for the current fiscal year.

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Several brokerages have issued reports on CIEN. BMO Capital Markets restated an “outperform” rating and set a $32.00 price objective (up from $30.00) on shares of Ciena Corporation in a research report on Saturday, June 3rd. Instinet restated a “buy” rating and set a $30.00 price objective (up from $27.00) on shares of Ciena Corporation in a research report on Saturday, June 3rd. Deutsche Bank AG restated a “hold” rating and set a $24.00 price objective (up from $23.00) on shares of Ciena Corporation in a research report on Saturday, June 3rd. MKM Partners restated a “buy” rating and set a $32.00 price objective (up from $30.00) on shares of Ciena Corporation in a research report on Friday, June 2nd. Finally, B. Riley restated a “buy” rating and set a $34.00 price objective on shares of Ciena Corporation in a research report on Sunday, June 4th. Five analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the company. Ciena Corporation presently has a consensus rating of “Buy” and an average price target of $30.19.

In other Ciena Corporation news, CEO Gary B. Smith sold 8,000 shares of the stock in a transaction that occurred on Thursday, May 4th. The shares were sold at an average price of $22.62, for a total value of $180,960.00. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, VP James Frodsham sold 2,000 shares of the firm’s stock in a transaction on Monday, July 17th. The shares were sold at an average price of $25.70, for a total transaction of $51,400.00. The disclosure for this sale can be found here. Insiders sold a total of 65,689 shares of company stock worth $1,637,555 over the last quarter. Corporate insiders own 1.45% of the company’s stock.

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

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