Elo Mutual Pension Insurance Co Sells 677 Shares of Ciena Corporation $CIEN

Elo Mutual Pension Insurance Co reduced its stake in Ciena Corporation (NYSE:CIEN) by 3.8% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 17,255 shares of the communications equipment provider’s stock after selling 677 shares during the quarter. Elo Mutual Pension Insurance Co’s holdings in Ciena were worth $1,403,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of CIEN. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in shares of Ciena in the 1st quarter worth $1,137,000. HB Wealth Management LLC boosted its holdings in Ciena by 12.7% during the first quarter. HB Wealth Management LLC now owns 7,971 shares of the communications equipment provider’s stock worth $482,000 after purchasing an additional 900 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Ciena by 0.5% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 38,910 shares of the communications equipment provider’s stock worth $2,351,000 after purchasing an additional 178 shares in the last quarter. LPL Financial LLC increased its stake in Ciena by 28.6% in the 1st quarter. LPL Financial LLC now owns 48,879 shares of the communications equipment provider’s stock valued at $2,954,000 after buying an additional 10,856 shares during the last quarter. Finally, Vestcor Inc purchased a new stake in Ciena in the 1st quarter valued at about $609,000. 91.99% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

CIEN has been the topic of a number of research analyst reports. Needham & Company LLC boosted their target price on Ciena from $90.00 to $130.00 and gave the stock a “buy” rating in a research note on Friday, September 5th. JPMorgan Chase & Co. boosted their price objective on Ciena from $105.00 to $140.00 and gave the stock an “overweight” rating in a research report on Friday, September 5th. Wall Street Zen downgraded Ciena from a “strong-buy” rating to a “buy” rating in a research note on Saturday, November 8th. BNP Paribas set a $185.00 target price on Ciena and gave the stock an “outperform” rating in a research note on Monday, October 13th. Finally, Bank of America boosted their price target on shares of Ciena from $135.00 to $155.00 and gave the stock a “buy” rating in a report on Wednesday, September 17th. Two analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $153.20.

Ciena Stock Up 2.1%

Shares of NYSE CIEN opened at $200.33 on Friday. The company has a debt-to-equity ratio of 0.55, a current ratio of 3.28 and a quick ratio of 2.52. The stock has a market capitalization of $28.26 billion, a PE ratio of 206.53, a P/E/G ratio of 2.62 and a beta of 1.17. Ciena Corporation has a one year low of $49.21 and a one year high of $214.17. The business’s fifty day moving average price is $173.86 and its 200-day moving average price is $118.60.

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

Insider Buying and Selling at Ciena

In related news, Director Bruce L. Claflin sold 8,461 shares of the firm’s stock in a transaction that occurred on Wednesday, September 24th. The shares were sold at an average price of $140.12, for a total value of $1,185,555.32. Following the completion of the transaction, the director directly owned 54,624 shares of the company’s stock, valued at approximately $7,653,914.88. This trade represents a 13.41% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Brodie Gage sold 350 shares of Ciena stock in a transaction that occurred 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 of the company’s stock, valued at $6,884,992.08. This represents a 0.85% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 51,935 shares of company stock valued at $8,029,442. 0.93% of the stock is owned by corporate insiders.

Ciena Profile

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.