Great West Life Assurance Co. Can Has $1,838,000 Stake in Ciena Corp. (CIEN)
Great West Life Assurance Co. Can increased its position in Ciena Corp. (NYSE:CIEN) by 12.8% during the third quarter, according to its most recent disclosure with the SEC. The fund owned 84,374 shares of the company’s stock after buying an additional 9,598 shares during the period. Great West Life Assurance Co. Can owned about 0.06% of Ciena Corp. worth $1,838,000 at the end of the most recent reporting period.
Other large investors also recently made changes to their positions in the company. Carlson Capital L P boosted its position in Ciena Corp. by 78.9% in the second quarter. Carlson Capital L P now owns 3,650,000 shares of the company’s stock worth $68,438,000 after buying an additional 1,610,039 shares during the last quarter. Blackstone Group L.P. purchased a new stake in shares of Ciena Corp. during the second quarter worth approximately $12,987,000. Fiera Capital Corp purchased a new stake in shares of Ciena Corp. during the second quarter worth approximately $11,138,000. American Century Companies Inc. raised its stake in shares of Ciena Corp. by 73.4% in the second quarter. American Century Companies Inc. now owns 1,318,831 shares of the company’s stock worth $24,728,000 after buying an additional 558,245 shares during the period. Finally, Skandinaviska Enskilda Banken AB publ purchased a new stake in shares of Ciena Corp. during the second quarter worth approximately $8,411,000. 96.91% of the stock is owned by institutional investors and hedge funds.
Shares of Ciena Corp. (NYSE:CIEN) traded down 4.54% during midday trading on Monday, reaching $21.43. The company had a trading volume of 2,704,711 shares. The firm has a market capitalization of $2.99 billion, a P/E ratio of 132.28 and a beta of 1.72. The company has a 50 day moving average price of $20.85 and a 200-day moving average price of $20.41. Ciena Corp. has a one year low of $15.62 and a one year high of $25.31.
Ciena Corp. (NYSE:CIEN) last posted its earnings results on Thursday, September 1st. The company reported $0.42 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.38 by $0.04. Ciena Corp. had a net margin of 0.86% and a return on equity of 22.41%. The firm had revenue of $670.60 million for the quarter, compared to analysts’ expectations of $672.23 million. During the same quarter last year, the firm earned $0.37 EPS. The company’s quarterly revenue was up 11.2% compared to the same quarter last year. On average, analysts anticipate that Ciena Corp. will post $1.43 EPS for the current fiscal year.
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A number of analysts have recently commented on CIEN shares. Citigroup Inc. boosted their price target on Ciena Corp. from $21.00 to $23.00 and gave the company a “hold” rating in a report on Thursday, August 25th. Deutsche Bank AG boosted their price target on Ciena Corp. from $17.00 to $18.50 and gave the company a “hold” rating in a report on Monday, August 29th. Stifel Nicolaus started coverage on Ciena Corp. in a report on Friday, September 30th. They issued a “hold” rating and a $23.00 price target on the stock. Zacks Investment Research lowered Ciena Corp. from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 1st. Finally, MKM Partners restated a “positive” rating and issued a $28.00 price target on shares of Ciena Corp. in a report on Friday, October 7th. Five investment analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $25.60.
In other Ciena Corp. news, CEO Gary B. Smith sold 8,000 shares of Ciena Corp. stock in a transaction that occurred on Friday, September 9th. The shares were sold at an average price of $22.10, for a total transaction of $176,800.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Marcus H. Starke sold 3,164 shares of Ciena Corp. stock in a transaction that occurred on Tuesday, September 6th. The stock was sold at an average price of $23.01, for a total transaction of $72,803.64. The disclosure for this sale can be found here. Company insiders own 1.72% of the company’s stock.
Ciena Corp. Company Profile
Ciena Corporation is a network specialist that focuses on providing communications networking solutions. The Company operates through four segments: Converged Packet Optical, Packet Networking, Optical Transport, and Software and Services. Its Converged Packet Optical portfolio includes networking solutions optimized for the convergence of coherent optical transport, optical transport network (OTN) switching and packet switching.
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