Ciena Co. (CIEN) Shares Bought by Catalyst Capital Advisors LLC
Catalyst Capital Advisors LLC lifted its stake in shares of Ciena Co. (NYSE:CIEN) by 87.5% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 61,700 shares of the communications equipment provider’s stock after purchasing an additional 28,800 shares during the period. Catalyst Capital Advisors LLC’s holdings in Ciena were worth $1,292,000 as of its most recent filing with the SEC.
Several other hedge funds also recently modified their holdings of the company. State Street Corp lifted its position in shares of Ciena by 3.9% during the second quarter. State Street Corp now owns 4,648,540 shares of the communications equipment provider’s stock worth $116,319,000 after purchasing an additional 172,876 shares during the last quarter. Neuberger Berman Group LLC lifted its position in shares of Ciena by 169.5% during the third quarter. Neuberger Berman Group LLC now owns 4,217,455 shares of the communications equipment provider’s stock worth $92,657,000 after purchasing an additional 2,652,791 shares during the last quarter. Schroder Investment Management Group lifted its position in shares of Ciena by 7.2% during the third quarter. Schroder Investment Management Group now owns 2,982,417 shares of the communications equipment provider’s stock worth $65,822,000 after purchasing an additional 200,907 shares during the last quarter. Westfield Capital Management Co. LP lifted its position in shares of Ciena by 21.5% during the third quarter. Westfield Capital Management Co. LP now owns 2,594,285 shares of the communications equipment provider’s stock worth $56,996,000 after purchasing an additional 459,190 shares during the last quarter. Finally, Rubric Capital Management LP bought a new position in shares of Ciena during the third quarter worth about $33,373,000.
In other Ciena news, VP Andrew C. Petrik sold 3,800 shares of the firm’s stock in a transaction that occurred on Thursday, December 21st. The shares were sold at an average price of $21.22, for a total value of $80,636.00. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Gary B. Smith sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 21st. The shares were sold at an average price of $20.55, for a total transaction of $205,500.00. The disclosure for this sale can be found here. Insiders sold 219,743 shares of company stock worth $4,693,621 in the last 90 days. 1.45% of the stock is owned by company insiders.
Ciena (NYSE:CIEN) last announced its quarterly earnings results on Thursday, December 7th. The communications equipment provider reported $0.46 EPS for the quarter, missing the consensus estimate of $0.50 by ($0.04). Ciena had a net margin of 45.04% and a return on equity of 18.32%. The firm had revenue of $744.40 million during the quarter, compared to analyst estimates of $736.91 million. During the same quarter in the previous year, the business posted $0.44 EPS. Ciena’s revenue for the quarter was up 3.9% compared to the same quarter last year. equities research analysts forecast that Ciena Co. will post 1 EPS for the current fiscal year.
Ciena declared that its board has approved a share buyback plan on Thursday, December 7th that authorizes the company to buyback $300.00 million in outstanding shares. This buyback authorization authorizes the communications equipment provider to buy shares of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.
Several equities analysts have recently commented on the stock. Raymond James Financial set a $33.00 price target on shares of Ciena and gave the stock a “buy” rating in a research report on Thursday, December 7th. B. Riley reduced their price target on shares of Ciena from $30.50 to $28.00 and set a “buy” rating on the stock in a research report on Tuesday, December 5th. Zacks Investment Research raised shares of Ciena from a “sell” rating to a “hold” rating in a research report on Monday. Piper Jaffray Companies cut shares of Ciena from an “overweight” rating to a “neutral” rating and increased their price target for the stock from $20.76 to $22.00 in a research report on Friday, December 8th. Finally, Needham & Company LLC cut their target price on shares of Ciena from $26.00 to $24.00 and set a “buy” rating on the stock in a report on Friday, December 8th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty have assigned a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $28.48.
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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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