UMB Bank n.a. Has $28,000 Holdings in Ciena Co. (NYSE:CIEN)

UMB Bank n.a. lifted its stake in shares of Ciena Co. (NYSE:CIEN) by 424.4% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 451 shares of the communications equipment provider’s stock after purchasing an additional 365 shares during the period. UMB Bank n.a.’s holdings in Ciena were worth $28,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of CIEN. CWM LLC raised its position in Ciena by 122.5% in the 3rd quarter. CWM LLC now owns 23,499 shares of the communications equipment provider’s stock worth $1,447,000 after purchasing an additional 12,938 shares during the last quarter. GAMMA Investing LLC increased its stake in shares of Ciena by 215.7% in the 3rd quarter. GAMMA Investing LLC now owns 1,651 shares of the communications equipment provider’s stock valued at $102,000 after buying an additional 1,128 shares during the period. Rockland Trust Co. bought a new stake in shares of Ciena during the third quarter worth $285,000. Park Avenue Securities LLC lifted its stake in shares of Ciena by 25.2% during the third quarter. Park Avenue Securities LLC now owns 32,666 shares of the communications equipment provider’s stock valued at $2,012,000 after acquiring an additional 6,579 shares during the period. Finally, Central Pacific Bank Trust Division boosted its holdings in Ciena by 4.1% in the third quarter. Central Pacific Bank Trust Division now owns 11,792 shares of the communications equipment provider’s stock valued at $726,000 after acquiring an additional 460 shares during the last quarter. 91.99% of the stock is owned by institutional investors.

Insider Transactions at Ciena

In related news, SVP Jason Phipps sold 2,200 shares of the firm’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $61.49, for a total value of $135,278.00. Following the completion of the sale, the senior vice president now directly owns 91,149 shares in the company, valued at approximately $5,604,752.01. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, SVP Jason Phipps sold 2,200 shares of the business’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $61.49, for a total transaction of $135,278.00. Following the transaction, the senior vice president now directly owns 91,149 shares of the company’s stock, valued at approximately $5,604,752.01. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP David M. Rothenstein sold 3,500 shares of the firm’s 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 sale, the senior vice president now directly owns 205,421 shares of the company’s stock, valued at $11,552,877.04. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.83% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. Barclays raised their target price on shares of Ciena from $55.00 to $67.00 and gave the company an “overweight” rating in a research note on Thursday, September 5th. Bank of America reaffirmed a “neutral” rating and issued a $59.00 price objective on shares of Ciena in a research note on Thursday, September 5th. Evercore ISI cut Ciena from an “outperform” rating to an “in-line” rating and set a $65.00 price objective for the company. in a research note on Tuesday. Morgan Stanley increased their target price on Ciena from $60.00 to $63.00 and gave the company an “overweight” rating in a research note on Wednesday, October 9th. Finally, Rosenblatt Securities lifted their price objective on shares of Ciena from $54.00 to $60.00 and gave the stock a “neutral” rating in a research note on Thursday, September 5th. Seven equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $63.08.

Ciena Trading Down 2.7 %

CIEN opened at $65.87 on Wednesday. The stock has a market capitalization of $9.47 billion, a P/E ratio of 63.34, a P/E/G ratio of 8.83 and a beta of 0.94. The company has a current ratio of 4.06, a quick ratio of 2.99 and a debt-to-equity ratio of 0.53. Ciena Co. has a 12 month low of $39.94 and a 12 month high of $69.91. The firm’s fifty day simple moving average is $57.62 and its 200 day simple moving average is $51.33.

Ciena (NYSE:CIEN) last issued its quarterly earnings results on Wednesday, September 4th. The communications equipment provider reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.26 by $0.09. The firm had revenue of $942.30 million for the quarter, compared to analyst estimates of $928.31 million. Ciena had a net margin of 3.44% and a return on equity of 5.98%. The company’s revenue was down 11.8% compared to the same quarter last year. During the same period in the previous year, the business earned $0.36 EPS. As a group, research analysts anticipate that Ciena Co. will post 1.13 EPS for the current fiscal year.

Ciena announced that its Board of Directors has initiated a stock buyback program on Wednesday, October 2nd that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the communications equipment provider to repurchase up to 10.5% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s leadership believes its stock is undervalued.

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.