Emerald Mutual Fund Advisers Trust increased its holdings in shares of Ciena Co. (NYSE:CIEN) by 0.9% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,119,068 shares of the communications equipment provider’s stock after purchasing an additional 10,000 shares during the quarter. Ciena makes up approximately 1.2% of Emerald Mutual Fund Advisers Trust’s portfolio, making the stock its 10th biggest position. Emerald Mutual Fund Advisers Trust’s holdings in Ciena were worth $34,960,000 as of its most recent SEC filing.
Other hedge funds have also bought and sold shares of the company. Parallel Advisors LLC lifted its stake in Ciena by 36,042.9% during the second quarter. Parallel Advisors LLC now owns 5,060 shares of the communications equipment provider’s stock worth $134,000 after purchasing an additional 5,046 shares during the last quarter. CenterStar Asset Management LLC purchased a new stake in Ciena during the third quarter worth approximately $159,000. Signaturefd LLC lifted its stake in Ciena by 484.4% during the second quarter. Signaturefd LLC now owns 5,534 shares of the communications equipment provider’s stock worth $147,000 after purchasing an additional 4,587 shares during the last quarter. Moneta Group Investment Advisors LLC lifted its stake in Ciena by 102.0% in the second quarter. Moneta Group Investment Advisors LLC now owns 6,140 shares of the communications equipment provider’s stock valued at $163,000 after buying an additional 3,100 shares during the last quarter. Finally, Exane Derivatives purchased a new stake in Ciena in the second quarter valued at approximately $190,000.
CIEN has been the subject of a number of research reports. UBS Group cut Ciena from a “buy” rating to a “neutral” rating and boosted their price objective for the company from $29.50 to $33.00 in a research note on Wednesday, September 26th. Zacks Investment Research upgraded Ciena from a “hold” rating to a “buy” rating and set a $35.00 price objective for the company in a research note on Wednesday, September 5th. ValuEngine upgraded Ciena from a “hold” rating to a “buy” rating in a research note on Friday, August 17th. Morgan Stanley cut Ciena from an “overweight” rating to an “equal weight” rating and boosted their price objective for the company from $30.00 to $32.00 in a research note on Thursday, September 13th. Finally, Argus boosted their price objective on Ciena to $38.00 and gave the company an “average” rating in a research note on Wednesday, September 5th. They noted that the move was a valuation call. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and sixteen have assigned a buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $32.74.
Ciena (NYSE:CIEN) last released its earnings results on Thursday, August 30th. The communications equipment provider reported $0.48 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.36 by $0.12. The business had revenue of $818.82 million for the quarter, compared to analyst estimates of $792.28 million. Ciena had a return on equity of 8.56% and a net margin of 25.56%. The company’s revenue for the quarter was up 12.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.51 earnings per share. Equities analysts predict that Ciena Co. will post 1.1 earnings per share for the current year.
In other news, SVP James E. Moylan, Jr. sold 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 5th. The stock was sold at an average price of $31.75, for a total value of $63,500.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Stephen B. Alexander sold 2,500 shares of the business’s stock in a transaction that occurred on Wednesday, August 15th. The shares were sold at an average price of $26.00, for a total value of $65,000.00. The disclosure for this sale can be found here. In the last three months, insiders sold 75,212 shares of company stock worth $2,233,222. Corporate insiders own 1.38% of the company’s stock.
Ciena Company Profile
Ciena Corporation provides hardware, software, and services that support the transport, switching, aggregation, service delivery, and management of voice, video, and data traffic on communications networks worldwide. The company's Networking Platforms segment offers hardware networking solutions optimized for the convergence of coherent optical transport, optical transport network switching, and packet switching.
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