New York State Common Retirement Fund Sells 53,200 Shares of Ciena Co. (NYSE:CIEN)

New York State Common Retirement Fund reduced its position in shares of Ciena Co. (NYSE:CIEN) by 8.2% in the first quarter, according to its most recent filing with the SEC. The fund owned 598,843 shares of the communications equipment provider’s stock after selling 53,200 shares during the quarter. New York State Common Retirement Fund owned about 0.39% of Ciena worth $32,769,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. BlackRock Inc. raised its holdings in Ciena by 7.3% during the 1st quarter. BlackRock Inc. now owns 15,877,338 shares of the communications equipment provider’s stock valued at $868,808,000 after buying an additional 1,085,289 shares during the period. Spring Creek Capital LLC raised its holdings in Ciena by 364.0% during the 4th quarter. Spring Creek Capital LLC now owns 4,652,391 shares of the communications equipment provider’s stock valued at $245,879,000 after buying an additional 3,649,669 shares during the period. Congress Asset Management Co. MA raised its holdings in Ciena by 1.7% during the 1st quarter. Congress Asset Management Co. MA now owns 3,655,467 shares of the communications equipment provider’s stock valued at $200,027,000 after buying an additional 60,976 shares during the period. UBS Asset Management Americas Inc. raised its holdings in Ciena by 851.2% during the 4th quarter. UBS Asset Management Americas Inc. now owns 2,802,104 shares of the communications equipment provider’s stock valued at $148,091,000 after buying an additional 2,507,510 shares during the period. Finally, Norges Bank purchased a new stake in Ciena during the 4th quarter valued at $135,287,000. Hedge funds and other institutional investors own 90.18% of the company’s stock.

In related news, VP David M. Rothenstein sold 2,500 shares of the firm’s stock in a transaction dated Monday, March 15th. The stock was sold at an average price of $54.56, for a total transaction of $136,400.00. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, SVP Stephen B. Alexander sold 2,000 shares of the firm’s stock in a transaction dated Monday, March 15th. The shares were sold at an average price of $54.56, for a total value of $109,120.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 33,387 shares of company stock worth $1,795,338. Insiders own 0.96% of the company’s stock.

Several analysts recently weighed in on the company. Zacks Investment Research upgraded Ciena from a “sell” rating to a “hold” rating and set a $60.00 price target on the stock in a report on Tuesday, February 16th. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell increased their price target on Ciena from $65.00 to $70.00 and gave the company a “buy” rating in a report on Friday, June 4th. Rosenblatt Securities increased their target price on Ciena from $45.00 to $50.00 and gave the stock a “neutral” rating in a research note on Tuesday, March 2nd. Colliers Securities reiterated a “buy” rating and issued a $58.00 target price on shares of Ciena in a research note on Friday, March 5th. Finally, B. Riley increased their target price on Ciena from $50.00 to $53.00 and gave the stock a “neutral” rating in a research note on Friday, June 4th. They noted that the move was a valuation call. Five analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $60.07.

Shares of Ciena stock opened at $59.01 on Friday. The stock has a market capitalization of $9.15 billion, a price-to-earnings ratio of 25.22, a P/E/G ratio of 1.68 and a beta of 0.81. The company has a debt-to-equity ratio of 0.25, a quick ratio of 3.06 and a current ratio of 3.57. Ciena Co. has a 12 month low of $38.03 and a 12 month high of $61.51. The company’s fifty day moving average price is $54.42.

Ciena (NYSE:CIEN) last announced its quarterly earnings results on Wednesday, June 2nd. The communications equipment provider reported $0.62 EPS for the quarter, beating the consensus estimate of $0.48 by $0.14. The firm had revenue of $833.90 million for the quarter, compared to analyst estimates of $829.15 million. Ciena had a return on equity of 14.97% and a net margin of 10.77%. The business’s revenue for the quarter was down 6.7% on a year-over-year basis. During the same quarter last year, the firm posted $0.76 earnings per share. As a group, research analysts forecast that Ciena Co. will post 2.27 earnings per share for the current year.

About Ciena

Ciena Corporation provides network hardware, software, and services that support the transport, routing, 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 products and solutions that optimized for the convergence of coherent optical transport, optical transport network switching, and packet switching.

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Institutional Ownership by Quarter for Ciena (NYSE:CIEN)

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