Profund Advisors LLC Sells 9,921 Shares of Ciena Co. (NYSE:CIEN)

Profund Advisors LLC lowered its holdings in Ciena Co. (NYSE:CIEN) by 43.9% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 12,685 shares of the communications equipment provider’s stock after selling 9,921 shares during the quarter. Profund Advisors LLC’s holdings in Ciena were worth $611,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the business. SG Americas Securities LLC raised its stake in shares of Ciena by 1,171.4% during the 2nd quarter. SG Americas Securities LLC now owns 44,854 shares of the communications equipment provider’s stock worth $2,161,000 after acquiring an additional 41,326 shares in the last quarter. First Hawaiian Bank acquired a new position in shares of Ciena during the second quarter worth $661,000. Bank of New York Mellon Corp lifted its holdings in shares of Ciena by 13.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,499,035 shares of the communications equipment provider’s stock valued at $72,223,000 after purchasing an additional 181,358 shares during the last quarter. Capital Fund Management S.A. grew its stake in Ciena by 67.3% during the 4th quarter. Capital Fund Management S.A. now owns 225,172 shares of the communications equipment provider’s stock worth $10,135,000 after buying an additional 90,610 shares during the last quarter. Finally, Deepwater Asset Management LLC purchased a new position in Ciena during the 1st quarter worth $1,587,000. Hedge funds and other institutional investors own 91.99% of the company’s stock.

Wall Street Analysts Forecast Growth

CIEN has been the subject of several recent analyst reports. Stifel Nicolaus raised their price target on Ciena from $62.00 to $68.00 and gave the stock a “buy” rating in a report on Tuesday, September 3rd. Northland Securities reissued a “market perform” rating and set a $46.00 target price on shares of Ciena in a research report on Tuesday, September 3rd. B. Riley decreased their price target on shares of Ciena from $68.00 to $66.00 and set a “buy” rating for the company in a report on Friday, June 7th. Rosenblatt Securities upped their target price on Ciena from $54.00 to $60.00 and gave the company a “neutral” rating in a research report on Thursday, September 5th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $65.00 price target on shares of Ciena in a research report on Thursday, September 5th. Four research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $61.00.

Ciena Trading Up 1.5 %

Ciena stock opened at $61.42 on Thursday. The company has a current ratio of 4.06, a quick ratio of 2.99 and a debt-to-equity ratio of 0.53. The firm has a market cap of $8.87 billion, a PE ratio of 59.06, a P/E/G ratio of 7.93 and a beta of 0.94. The stock’s 50 day simple moving average is $53.31 and its two-hundred day simple moving average is $49.87. Ciena Co. has a 12 month low of $39.94 and a 12 month high of $63.24.

Ciena (NYSE:CIEN) last released its quarterly earnings results on Wednesday, September 4th. The communications equipment provider reported $0.35 EPS for the quarter, beating the consensus estimate of $0.26 by $0.09. Ciena had a net margin of 3.44% and a return on equity of 5.98%. The company had revenue of $942.30 million for the quarter, compared to analyst estimates of $928.31 million. During the same quarter last year, the business earned $0.36 earnings per share. The firm’s revenue was down 11.8% on a year-over-year basis. Analysts anticipate that Ciena Co. will post 1.15 earnings per share for the current year.

Insider Buying and Selling

In other news, SVP David M. Rothenstein sold 3,500 shares of the stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $56.24, for a total transaction of $196,840.00. Following the transaction, the senior vice president now owns 205,421 shares in the company, valued at approximately $11,552,877.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, SVP Jason Phipps sold 2,712 shares of the business’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $48.29, for a total transaction of $130,962.48. Following the completion of the sale, the senior vice president now directly owns 96,000 shares in the company, valued at $4,635,840. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP David M. Rothenstein sold 3,500 shares of the stock in a transaction on Monday, September 16th. The shares were sold at an average price of $56.24, for a total value of $196,840.00. Following the completion of the transaction, the senior vice president now directly owns 205,421 shares of the company’s stock, valued at $11,552,877.04. The disclosure for this sale can be found here. In the last 90 days, insiders sold 9,712 shares of company stock valued at $498,637. 0.83% of the stock is owned by company insiders.

About Ciena

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.