Ciena Corporation (CIEN) Shares Sold by Balyasny Asset Management LLC
Balyasny Asset Management LLC decreased its stake in Ciena Corporation (NYSE:CIEN) by 27.9% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 266,408 shares of the communications equipment provider’s stock after selling 103,137 shares during the period. Balyasny Asset Management LLC owned about 0.19% of Ciena Corporation worth $6,666,000 at the end of the most recent quarter.
Several other large investors also recently modified their holdings of the company. BlackRock Inc. boosted its stake in shares of Ciena Corporation by 11,733.7% in the 1st quarter. BlackRock Inc. now owns 15,755,200 shares of the communications equipment provider’s stock valued at $371,979,000 after purchasing an additional 15,622,062 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of Ciena Corporation by 11.2% in the 1st quarter. Vanguard Group Inc. now owns 12,263,170 shares of the communications equipment provider’s stock valued at $289,534,000 after purchasing an additional 1,235,744 shares in the last quarter. Artemis Investment Management LLP purchased a new stake in shares of Ciena Corporation in the 2nd quarter valued at $28,400,000. FIL Ltd purchased a new stake in shares of Ciena Corporation in the 2nd quarter valued at $23,010,000. Finally, Teachers Advisors LLC boosted its stake in shares of Ciena Corporation by 21.1% in the 1st quarter. Teachers Advisors LLC now owns 4,900,040 shares of the communications equipment provider’s stock valued at $115,690,000 after purchasing an additional 853,793 shares in the last quarter.
A number of equities research analysts have recently issued reports on the stock. Stifel Nicolaus reaffirmed a “buy” rating and issued a $30.00 price objective on shares of Ciena Corporation in a research note on Wednesday. MKM Partners reaffirmed a “buy” rating and issued a $30.00 price objective on shares of Ciena Corporation in a research note on Tuesday, September 26th. Needham & Company LLC reaffirmed a “buy” rating and issued a $28.00 price objective (down previously from $31.00) on shares of Ciena Corporation in a research note on Monday, September 25th. Nomura reaffirmed a “buy” rating and issued a $28.00 price objective on shares of Ciena Corporation in a research note on Wednesday, September 20th. Finally, Zacks Investment Research cut shares of Ciena Corporation from a “buy” rating to a “hold” rating in a research note on Friday, September 8th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $29.53.
Shares of Ciena Corporation (CIEN) opened at 22.21 on Friday. The stock has a 50 day moving average of $22.35 and a 200 day moving average of $23.86. The stock has a market capitalization of $3.17 billion, a PE ratio of 24.30 and a beta of 1.69. Ciena Corporation has a 52-week low of $18.94 and a 52-week high of $27.98.
Ciena Corporation (NYSE:CIEN) last issued its earnings results on Thursday, August 31st. The communications equipment provider reported $0.51 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.49 by $0.02. The firm had revenue of $728.70 million during the quarter, compared to analyst estimates of $726.81 million. Ciena Corporation had a net margin of 4.99% and a return on equity of 25.53%. The business’s revenue was up 8.7% on a year-over-year basis. During the same period in the previous year, the firm earned $0.42 earnings per share. Analysts forecast that Ciena Corporation will post $1.74 earnings per share for the current year.
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In related news, SVP Scott Mcfeely sold 1,000 shares of the company’s stock in a transaction dated Monday, July 17th. The shares were sold at an average price of $25.70, for a total value of $25,700.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Gary B. Smith sold 8,000 shares of the company’s stock in a transaction dated Tuesday, July 11th. The stock was sold at an average price of $25.87, for a total transaction of $206,960.00. The disclosure for this sale can be found here. Insiders have sold 100,310 shares of company stock valued at $2,357,734 over the last three months. Insiders own 1.45% of the company’s stock.
Ciena Corporation Profile
Ciena Corporation is a network strategy and technology company, which provides solutions that enable a range of network operators to adopt communication architectures and deliver an array of services, relied upon by enterprise and consumer end users. It provides equipment, software and services that support the transport, switching, aggregation, service delivery and management of voice, video and data traffic on communications networks.
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