Handelsinvest Investeringsforvaltning Has $199,000 Stock Holdings in Ciena Co. (NYSE:CIEN)

Handelsinvest Investeringsforvaltning trimmed its position in shares of Ciena Co. (NYSE:CIEN) by 34.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 4,034 shares of the communications equipment provider’s stock after selling 2,094 shares during the quarter. Handelsinvest Investeringsforvaltning’s holdings in Ciena were worth $199,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the company. Deepwater Asset Management LLC acquired a new position in shares of Ciena in the first quarter worth approximately $1,587,000. Oak Thistle LLC acquired a new position in shares of Ciena in the first quarter worth approximately $206,000. Harbour Capital Advisors LLC lifted its stake in shares of Ciena by 4.2% in the first quarter. Harbour Capital Advisors LLC now owns 30,560 shares of the communications equipment provider’s stock worth $1,485,000 after acquiring an additional 1,225 shares during the period. Register Financial Advisors LLC acquired a new position in shares of Ciena in the first quarter worth approximately $33,000. Finally, Wealth Enhancement Advisory Services LLC lifted its stake in shares of Ciena by 0.5% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 815,486 shares of the communications equipment provider’s stock worth $40,326,000 after acquiring an additional 4,444 shares during the period. 91.99% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. Barclays lowered their target price on Ciena from $63.00 to $55.00 and set an “overweight” rating for the company in a report on Friday, June 7th. Raymond James downgraded Ciena from a “strong-buy” rating to an “outperform” rating and lowered their target price for the stock from $59.00 to $54.00 in a report on Thursday, June 6th. JPMorgan Chase & Co. lowered their target price on Ciena from $67.00 to $60.00 and set an “overweight” rating for the company in a report on Thursday, May 30th. BNP Paribas assumed coverage on Ciena in a report on Thursday, April 11th. They issued an “outperform” rating and a $57.00 target price for the company. Finally, B. Riley lowered their target price on Ciena from $68.00 to $66.00 and set a “buy” rating for the company in a report on Friday, June 7th. One analyst has rated the stock with a sell rating, three have issued a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $57.25.

Ciena Trading Down 0.7 %

NYSE CIEN opened at $46.93 on Thursday. The firm has a market capitalization of $6.74 billion, a P/E ratio of 45.13, a PEG ratio of 4.73 and a beta of 0.95. The business has a fifty day simple moving average of $47.93 and a 200 day simple moving average of $49.56. Ciena Co. has a 12 month low of $39.94 and a 12 month high of $63.24. The company has a current ratio of 3.88, a quick ratio of 2.76 and a debt-to-equity ratio of 0.53.

Ciena (NYSE:CIEN) last released its quarterly earnings results on Thursday, June 6th. The communications equipment provider reported $0.27 EPS for the quarter, beating analysts’ consensus estimates of $0.15 by $0.12. The business had revenue of $910.80 million during the quarter, compared to analyst estimates of $895.80 million. Ciena had a return on equity of 7.16% and a net margin of 3.71%. Ciena’s quarterly revenue was down 19.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.59 EPS. On average, analysts predict that Ciena Co. will post 1.19 EPS for the current fiscal year.

Insider Activity at Ciena

In related news, SVP Joseph Cumello sold 3,156 shares of the stock in a transaction on Monday, April 15th. The stock was sold at an average price of $45.74, for a total value of $144,355.44. Following the completion of the sale, the senior vice president now directly owns 51,171 shares of the company’s stock, valued at approximately $2,340,561.54. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Ciena news, CEO Gary B. Smith sold 4,166 shares of the company’s stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $49.16, for a total value of $204,800.56. Following the completion of the transaction, the chief executive officer now owns 376,777 shares in the company, valued at approximately $18,522,357.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Joseph Cumello sold 3,156 shares of the company’s stock in a transaction on Monday, April 15th. The shares were sold at an average price of $45.74, for a total value of $144,355.44. Following the completion of the transaction, the senior vice president now owns 51,171 shares of the company’s stock, valued at approximately $2,340,561.54. The disclosure for this sale can be found here. In the last three months, insiders sold 19,654 shares of company stock valued at $929,794. 0.83% of the stock is owned by insiders.

Ciena Profile

Ciena Corporation provides hardware and software services for delivery of video, data, and voice traffic metro, aggregation, and access communications network worldwide. The company's Networking Platforms segment offers convergence of coherent optical transport, open optical networking, optical transport network switching, IP routing, and switching services.