DigitalBridge Group Inc. Sells 114,826 Shares of Ciena Co. (NYSE:CIEN)

DigitalBridge Group Inc. cut its holdings in Ciena Co. (NYSE:CIEN) by 21.4% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 421,019 shares of the communications equipment provider’s stock after selling 114,826 shares during the quarter. Ciena accounts for approximately 1.7% of DigitalBridge Group Inc.’s holdings, making the stock its 24th largest position. DigitalBridge Group Inc.’s holdings in Ciena were worth $20,285,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. AQR Capital Management LLC lifted its holdings in shares of Ciena by 428.2% during the 2nd quarter. AQR Capital Management LLC now owns 886,354 shares of the communications equipment provider’s stock valued at $42,705,000 after buying an additional 718,551 shares during the period. Aristeia Capital L.L.C. bought a new position in shares of Ciena during the 2nd quarter valued at $574,000. K2 Principal Fund L.P. lifted its holdings in shares of Ciena by 97.2% during the 2nd quarter. K2 Principal Fund L.P. now owns 19,325 shares of the communications equipment provider’s stock valued at $931,000 after buying an additional 9,525 shares during the period. Marshall Wace LLP bought a new position in shares of Ciena during the 2nd quarter valued at $202,000. Finally, Providence Capital Advisors LLC lifted its holdings in shares of Ciena by 1.1% during the 2nd quarter. Providence Capital Advisors LLC now owns 114,047 shares of the communications equipment provider’s stock valued at $5,495,000 after buying an additional 1,220 shares during the period. 91.99% of the stock is owned by institutional investors.

Ciena Trading Up 1.5 %

Shares of Ciena stock opened at $61.42 on Thursday. The firm has a market cap of $8.87 billion, a price-to-earnings ratio of 59.06, a PEG ratio of 7.93 and a beta of 0.94. The business has a 50-day moving average price of $53.31 and a 200-day moving average price of $49.87. The company has a quick ratio of 2.99, a current ratio of 4.06 and a debt-to-equity ratio of 0.53. Ciena Co. has a twelve month low of $39.94 and a twelve month high of $63.24.

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

Analyst Ratings Changes

A number of equities analysts recently commented on CIEN shares. Raymond James cut Ciena from a “strong-buy” rating to an “outperform” rating and decreased their target price for the stock from $59.00 to $54.00 in a report on Thursday, June 6th. Stifel Nicolaus raised their target price on Ciena from $62.00 to $68.00 and gave the stock a “buy” rating in a report on Tuesday, September 3rd. Northland Securities reaffirmed a “market perform” rating and issued a $46.00 target price on shares of Ciena in a report on Tuesday, September 3rd. Barclays raised their target price on Ciena from $55.00 to $67.00 and gave the stock an “overweight” rating in a report on Thursday, September 5th. Finally, Citigroup raised Ciena from a “sell” rating to a “buy” rating and raised their target price for the stock from $44.00 to $68.00 in a report on Monday. Four investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $61.00.

Insider Activity

In related news, SVP David M. Rothenstein sold 3,500 shares of the stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $48.81, for a total value of $170,835.00. Following the completion of the transaction, the senior vice president now owns 212,421 shares of the company’s stock, valued at approximately $10,368,269.01. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, SVP David M. Rothenstein sold 3,500 shares of the stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $48.81, for a total value of $170,835.00. Following the completion of the transaction, the senior vice president now owns 212,421 shares of the company’s stock, valued at approximately $10,368,269.01. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, SVP Jason Phipps sold 2,712 shares of the stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $48.29, for a total transaction of $130,962.48. Following the completion of the transaction, the senior vice president now directly owns 96,000 shares of the company’s stock, valued at approximately $4,635,840. The disclosure for this sale can be found here. Insiders sold a total of 9,712 shares of company stock worth $498,637 over the last 90 days. Corporate insiders own 0.83% of the company’s stock.

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.