Rhumbline Advisers Sells 2,705 Shares of Ciena Corporation $CIEN

Rhumbline Advisers decreased its position in shares of Ciena Corporation (NYSE:CIEN) by 0.7% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 378,655 shares of the communications equipment provider’s stock after selling 2,705 shares during the quarter. Rhumbline Advisers’ holdings in Ciena were worth $30,796,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in CIEN. Bayforest Capital Ltd lifted its position in Ciena by 34.7% in the 1st quarter. Bayforest Capital Ltd now owns 636 shares of the communications equipment provider’s stock valued at $38,000 after acquiring an additional 164 shares in the last quarter. Allworth Financial LP lifted its holdings in shares of Ciena by 107.5% during the second quarter. Allworth Financial LP now owns 718 shares of the communications equipment provider’s stock valued at $58,000 after purchasing an additional 372 shares in the last quarter. National Bank of Canada FI lifted its holdings in shares of Ciena by 15.4% during the first quarter. National Bank of Canada FI now owns 1,147 shares of the communications equipment provider’s stock valued at $69,000 after purchasing an additional 153 shares in the last quarter. Quarry LP boosted its position in shares of Ciena by 65.6% during the first quarter. Quarry LP now owns 1,593 shares of the communications equipment provider’s stock valued at $96,000 after buying an additional 631 shares during the last quarter. Finally, Parkside Financial Bank & Trust increased its holdings in Ciena by 82.5% in the 2nd quarter. Parkside Financial Bank & Trust now owns 1,203 shares of the communications equipment provider’s stock worth $98,000 after buying an additional 544 shares in the last quarter. 91.99% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Ciena

In related news, SVP Brodie Gage sold 350 shares of the company’s stock in a transaction on Wednesday, October 15th. The shares were sold at an average price of $169.36, for a total transaction of $59,276.00. Following the completion of the transaction, the senior vice president owned 40,653 shares in the company, valued at approximately $6,884,992.08. This represents a 0.85% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Bruce L. Claflin sold 8,461 shares of the firm’s stock in a transaction on Wednesday, September 24th. The shares were sold at an average price of $140.12, for a total transaction of $1,185,555.32. Following the transaction, the director directly owned 54,624 shares of the company’s stock, valued at $7,653,914.88. The trade was a 13.41% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 51,935 shares of company stock worth $8,029,442. 0.93% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts have issued reports on the stock. BNP Paribas set a $185.00 target price on shares of Ciena and gave the company an “outperform” rating in a research note on Monday, October 13th. Citigroup boosted their price objective on shares of Ciena from $141.00 to $230.00 and gave the company a “buy” rating in a report on Monday, November 10th. Morgan Stanley upgraded shares of Ciena from an “underweight” rating to an “equal weight” rating and raised their target price for the stock from $100.00 to $140.00 in a report on Friday, October 10th. Bank of America lifted their target price on shares of Ciena from $135.00 to $155.00 and gave the stock a “buy” rating in a research report on Wednesday, September 17th. Finally, UBS Group increased their price target on Ciena from $78.00 to $120.00 and gave the company a “neutral” rating in a report on Friday, September 5th. Two analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, Ciena currently has a consensus rating of “Moderate Buy” and an average price target of $153.20.

Ciena Stock Performance

Shares of NYSE CIEN opened at $200.33 on Thursday. The stock has a market cap of $28.26 billion, a PE ratio of 206.53, a price-to-earnings-growth ratio of 2.62 and a beta of 1.17. Ciena Corporation has a 1 year low of $49.21 and a 1 year high of $214.17. The firm has a fifty day moving average price of $172.61 and a 200-day moving average price of $118.02. The company has a debt-to-equity ratio of 0.55, a current ratio of 3.28 and a quick ratio of 2.52.

Ciena (NYSE:CIEN) last released its quarterly earnings data on Thursday, April 6th. The communications equipment provider reported $0.47 earnings per share for the quarter. Ciena had a return on equity of 6.62% and a net margin of 3.10%.The firm had revenue of $844.44 million during the quarter. Equities analysts anticipate that Ciena Corporation will post 1.6 earnings per share for the current fiscal year.

About Ciena

Ciena Corporation provides hardware and software services for delivery of video, data, and voice traffic metro, aggregation, and access communications network worldwide. The company’s Networking Platforms segment offers convergence of coherent optical transport, open optical networking, optical transport network switching, IP routing, and switching services.