Meeder Asset Management Inc. Trims Stake in Ciena Co. (NYSE:CIEN)

Meeder Asset Management Inc. reduced its position in Ciena Co. (NYSE:CIEN) by 48.5% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 17,714 shares of the communications equipment provider’s stock after selling 16,694 shares during the period. Meeder Asset Management Inc.’s holdings in Ciena were worth $728,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Clearbridge Investments LLC increased its position in Ciena by 83.9% in the 1st quarter. Clearbridge Investments LLC now owns 2,321 shares of the communications equipment provider’s stock valued at $87,000 after acquiring an additional 1,059 shares during the period. Campbell & CO Investment Adviser LLC acquired a new position in Ciena in the 2nd quarter valued at about $258,000. Robeco Institutional Asset Management B.V. acquired a new position in Ciena in the 1st quarter valued at about $13,802,000. Piedmont Investment Advisors Inc. increased its position in Ciena by 30.7% in the 1st quarter. Piedmont Investment Advisors Inc. now owns 8,166 shares of the communications equipment provider’s stock valued at $305,000 after acquiring an additional 1,917 shares during the period. Finally, Northern Trust Corp increased its position in Ciena by 1.3% during the 1st quarter. Northern Trust Corp now owns 3,124,045 shares of the communications equipment provider’s stock worth $116,652,000 after purchasing an additional 41,253 shares during the period. Hedge funds and other institutional investors own 88.05% of the company’s stock.

In related news, Director Thomas Michael Nevens sold 2,000 shares of the company’s stock in a transaction that occurred on Thursday, July 11th. The stock was sold at an average price of $43.40, for a total value of $86,800.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Gary B. Smith sold 9,600 shares of the company’s stock in a transaction that occurred on Friday, May 24th. The shares were sold at an average price of $35.16, for a total value of $337,536.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 96,389 shares of company stock worth $4,078,383. Insiders own 1.20% of the company’s stock.

CIEN opened at $41.52 on Thursday. The stock has a market cap of $6.53 billion, a P/E ratio of 37.07, a P/E/G ratio of 1.40 and a beta of 1.11. The company has a debt-to-equity ratio of 0.33, a current ratio of 2.83 and a quick ratio of 2.36. The stock’s 50 day simple moving average is $43.42 and its 200 day simple moving average is $40.10. Ciena Co. has a 1-year low of $27.04 and a 1-year high of $46.78.

Ciena (NYSE:CIEN) last released its quarterly earnings results on Thursday, June 6th. The communications equipment provider reported $0.48 earnings per share for the quarter, topping analysts’ consensus estimates of $0.41 by $0.07. The business had revenue of $865.00 million for the quarter, compared to analysts’ expectations of $818.23 million. Ciena had a return on equity of 12.37% and a net margin of 5.98%. The company’s revenue was up 18.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.23 EPS. Research analysts expect that Ciena Co. will post 1.74 EPS for the current fiscal year.

Several equities analysts have issued reports on CIEN shares. Rosenblatt Securities reiterated a “hold” rating and set a $38.00 target price on shares of Ciena in a research report on Monday, June 3rd. Citigroup boosted their target price on Ciena from $50.00 to $55.00 and gave the stock a “buy” rating in a research report on Friday, June 7th. Stifel Nicolaus boosted their target price on Ciena from $46.00 to $54.00 and gave the stock a “buy” rating in a research report on Friday, June 7th. Morgan Stanley set a $41.00 target price on Ciena and gave the stock a “hold” rating in a research report on Friday, June 7th. Finally, Barclays started coverage on Ciena in a research report on Wednesday, August 7th. They set an “overweight” rating and a $50.00 target price on the stock. One research analyst has rated the stock with a sell rating, nine have given a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the stock. Ciena presently has a consensus rating of “Buy” and an average target price of $46.71.

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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Institutional Ownership by Quarter for Ciena (NYSE:CIEN)

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