Tower Research Capital LLC TRC Acquires 13,656 Shares of Ciena Co. (NYSE:CIEN)
Tower Research Capital LLC TRC boosted its holdings in Ciena Co. (NYSE:CIEN) by 282.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 18,489 shares of the communications equipment provider’s stock after purchasing an additional 13,656 shares during the period. Tower Research Capital LLC TRC’s holdings in Ciena were worth $761,000 at the end of the most recent reporting period.
A number of other institutional investors have also bought and sold shares of the business. Flagship Harbor Advisors LLC increased its position in shares of Ciena by 98.5% in the second quarter. Flagship Harbor Advisors LLC now owns 645 shares of the communications equipment provider’s stock valued at $26,000 after acquiring an additional 320 shares during the period. Tobam purchased a new position in shares of Ciena during the second quarter valued at about $33,000. Mizuho Securities Co. Ltd. purchased a new position in shares of Ciena during the first quarter valued at about $37,000. Coastal Capital Group Inc. purchased a new position in shares of Ciena during the second quarter valued at about $41,000. Finally, FinTrust Capital Advisors LLC purchased a new position in shares of Ciena during the first quarter valued at about $57,000. 88.13% of the stock is owned by institutional investors and hedge funds.
Several brokerages recently issued reports on CIEN. MKM Partners reduced their price target on shares of Ciena to $51.00 and set a “buy” rating on the stock in a research report on Friday, September 6th. Rosenblatt Securities upgraded shares of Ciena from a “neutral” rating to a “buy” rating and boosted their price target for the company from $45.00 to $47.00 in a research report on Thursday, August 29th. Jefferies Financial Group boosted their price target on shares of Ciena from $50.00 to $55.00 and gave the company a “buy” rating in a research report on Friday, June 7th. Nomura reduced their price target on shares of Ciena from $52.00 to $47.00 and set a “buy” rating on the stock in a research report on Friday, September 6th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Ciena in a research report on Tuesday, September 3rd. Nine analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $48.52.
CIEN traded down $1.10 during midday trading on Tuesday, reaching $40.19. The company’s stock had a trading volume of 1,309,984 shares, compared to its average volume of 2,889,848. The firm has a market capitalization of $6.17 billion, a price-to-earnings ratio of 35.88, a PEG ratio of 1.23 and a beta of 1.14. The company has a current ratio of 2.90, a quick ratio of 2.45 and a debt-to-equity ratio of 0.32. Ciena Co. has a 1 year low of $28.23 and a 1 year high of $46.78. The stock’s 50-day moving average is $41.63 and its 200-day moving average is $40.12.
Ciena (NYSE:CIEN) last announced its quarterly earnings data on Thursday, September 5th. The communications equipment provider reported $0.71 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.50 by $0.21. The business had revenue of $960.60 million for the quarter, compared to analysts’ expectations of $930.64 million. Ciena had a net margin of 6.77% and a return on equity of 13.64%. The business’s revenue was up 17.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.48 earnings per share. As a group, equities research analysts forecast that Ciena Co. will post 1.88 earnings per share for the current fiscal year.
Ciena Company Profile
Ciena Corporation provides network hardware, software, and services that support the transport, switching, aggregation, service delivery, and management of video, data, and voice traffic on communications networks worldwide. The company's Networking Platforms segment offers hardware networking solutions optimized for the convergence of coherent optical transport, optical transport network switching, and packet switching.
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