Ciena Co. (NYSE:CIEN) Shares Purchased by Bank of New York Mellon Corp

Bank of New York Mellon Corp raised its holdings in shares of Ciena Co. (NYSE:CIEN) by 13.8% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,499,035 shares of the communications equipment provider’s stock after buying an additional 181,358 shares during the period. Bank of New York Mellon Corp owned about 1.04% of Ciena worth $72,223,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of CIEN. Federated Hermes Inc. lifted its position in shares of Ciena by 9.0% during the fourth quarter. Federated Hermes Inc. now owns 17,998 shares of the communications equipment provider’s stock worth $810,000 after purchasing an additional 1,489 shares in the last quarter. Los Angeles Capital Management LLC lifted its position in shares of Ciena by 13.1% during the fourth quarter. Los Angeles Capital Management LLC now owns 68,956 shares of the communications equipment provider’s stock worth $3,104,000 after purchasing an additional 7,966 shares in the last quarter. National Bank of Canada FI lifted its position in shares of Ciena by 362.8% during the fourth quarter. National Bank of Canada FI now owns 111,507 shares of the communications equipment provider’s stock worth $5,033,000 after purchasing an additional 87,412 shares in the last quarter. Private Advisor Group LLC acquired a new position in shares of Ciena during the fourth quarter worth $238,000. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of Ciena by 2.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 949,476 shares of the communications equipment provider’s stock worth $42,736,000 after purchasing an additional 18,860 shares in the last quarter. 91.99% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the stock. Needham & Company LLC boosted their target price on shares of Ciena from $60.00 to $65.00 and gave the stock a “buy” rating in a research report on Thursday, August 22nd. B. Riley dropped their price target on shares of Ciena from $68.00 to $66.00 and set a “buy” rating for the company in a research note on Friday, June 7th. Raymond James lowered shares of Ciena from a “strong-buy” rating to an “outperform” rating and dropped their price target for the stock from $59.00 to $54.00 in a research note on Thursday, June 6th. Morgan Stanley upgraded shares of Ciena from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $53.00 to $55.00 in a research note on Wednesday, June 12th. Finally, Rosenblatt Securities lifted their price target on shares of Ciena from $52.50 to $54.00 and gave the stock a “neutral” rating in a research note on Friday, June 7th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $57.25.

Ciena Stock Down 0.5 %

CIEN stock opened at $56.74 on Friday. The company has a debt-to-equity ratio of 0.53, a current ratio of 3.88 and a quick ratio of 2.76. Ciena Co. has a 1-year low of $39.94 and a 1-year high of $63.24. The firm has a fifty day moving average price of $50.22 and a two-hundred day moving average price of $50.01. The firm has a market cap of $8.15 billion, a price-to-earnings ratio of 54.56, a PEG ratio of 5.35 and a beta of 0.94.

Ciena (NYSE:CIEN) last released its quarterly earnings results on Thursday, June 6th. The communications equipment provider reported $0.27 EPS for the quarter, topping the consensus estimate 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 net margin of 3.71% and a return on equity of 7.16%. The company’s quarterly revenue was down 19.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.59 earnings per share. Research analysts predict that Ciena Co. will post 1.15 EPS for the current year.

Insider Transactions at Ciena

In other news, SVP David M. Rothenstein sold 3,500 shares of the company’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $48.81, for a total transaction of $170,835.00. Following the completion of the transaction, the senior vice president now owns 212,421 shares in the company, valued at $10,368,269.01. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Ciena news, SVP David M. Rothenstein sold 3,500 shares of the firm’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $48.81, for a total transaction of $170,835.00. Following the transaction, the senior vice president now owns 212,421 shares of the company’s stock, valued at approximately $10,368,269.01. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Gary B. Smith sold 4,166 shares of the firm’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $47.99, for a total transaction of $199,926.34. Following the transaction, the chief executive officer now directly owns 372,611 shares in the company, valued at approximately $17,881,601.89. The disclosure for this sale can be found here. Over the last quarter, insiders sold 10,378 shares of company stock worth $501,724. Insiders own 0.83% of the company’s stock.

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.