Ciena Corporation $CIEN Holdings Cut by Mutual of America Capital Management LLC

Mutual of America Capital Management LLC cut its stake in shares of Ciena Corporation (NYSE:CIEN) by 7.6% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 65,288 shares of the communications equipment provider’s stock after selling 5,401 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Ciena were worth $9,511,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Atreides Management LP acquired a new position in Ciena during the 2nd quarter valued at approximately $102,705,000. Balyasny Asset Management L.P. boosted its holdings in shares of Ciena by 3,577.9% during the second quarter. Balyasny Asset Management L.P. now owns 1,032,393 shares of the communications equipment provider’s stock valued at $83,965,000 after acquiring an additional 1,004,323 shares during the period. Vaughan Nelson Investment Management L.P. grew its position in shares of Ciena by 375.4% during the second quarter. Vaughan Nelson Investment Management L.P. now owns 1,235,696 shares of the communications equipment provider’s stock worth $100,499,000 after acquiring an additional 975,792 shares during the last quarter. Rokos Capital Management LLP increased its holdings in shares of Ciena by 546.9% in the 2nd quarter. Rokos Capital Management LLP now owns 997,425 shares of the communications equipment provider’s stock worth $81,106,000 after acquiring an additional 843,235 shares during the period. Finally, William Blair Investment Management LLC lifted its position in Ciena by 35.0% in the 2nd quarter. William Blair Investment Management LLC now owns 2,708,540 shares of the communications equipment provider’s stock valued at $220,286,000 after purchasing an additional 702,909 shares during the last quarter. Institutional investors own 91.99% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on CIEN shares. JPMorgan Chase & Co. upped their target price on shares of Ciena from $215.00 to $250.00 and gave the stock an “overweight” rating in a research report on Friday, December 12th. Stifel Nicolaus increased their price objective on Ciena to $280.00 and gave the stock a “buy” rating in a report on Thursday, January 22nd. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Ciena in a research note on Wednesday, January 21st. Citigroup increased their price target on Ciena to $280.00 and gave the stock a “buy” rating in a research note on Friday, December 12th. Finally, UBS Group upped their price objective on shares of Ciena from $120.00 to $230.00 and gave the stock a “neutral” rating in a report on Friday, December 12th. Two research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and seven have assigned a Hold rating to the company. Based on data from MarketBeat.com, Ciena presently has a consensus rating of “Moderate Buy” and an average target price of $241.67.

Ciena Price Performance

Shares of Ciena stock opened at $232.13 on Tuesday. Ciena Corporation has a 52 week low of $49.21 and a 52 week high of $261.13. The company has a current ratio of 2.73, a quick ratio of 2.09 and a debt-to-equity ratio of 0.56. The stock has a market cap of $32.70 billion, a PE ratio of 273.09, a price-to-earnings-growth ratio of 1.27 and a beta of 1.13. The company’s 50-day moving average price is $222.08 and its two-hundred day moving average price is $163.41.

Ciena (NYSE:CIEN) last announced its quarterly earnings data on Thursday, December 11th. The communications equipment provider reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.76 by $0.15. Ciena had a net margin of 2.59% and a return on equity of 8.38%. The company had revenue of $1.35 billion for the quarter, compared to analysts’ expectations of $1.29 billion. During the same quarter in the previous year, the company posted $0.54 EPS. The business’s revenue was up 20.1% compared to the same quarter last year. As a group, sell-side analysts anticipate that Ciena Corporation will post 1.6 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO Gary B. Smith sold 83,552 shares of the firm’s stock in a transaction on Monday, January 5th. The stock was sold at an average price of $229.44, for a total transaction of $19,170,170.88. Following the completion of the sale, the chief executive officer directly owned 307,885 shares of the company’s stock, valued at $70,641,134.40. This trade represents a 21.34% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Joseph Cumello sold 11,929 shares of Ciena stock in a transaction on Monday, January 12th. The stock was sold at an average price of $229.82, for a total value of $2,741,522.78. Following the completion of the transaction, the senior vice president owned 49,475 shares in the company, valued at $11,370,344.50. The trade was a 19.43% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 167,890 shares of company stock valued at $38,277,035 in the last three months. Insiders own 0.93% of the company’s stock.

Ciena Company Profile

Ciena Corporation (NYSE: CIEN) is a global supplier of telecommunications networking equipment, software and services. The company develops high-capacity optical transport systems and packet-optical platforms that enable service providers, cloud operators and large enterprises to build, manage and scale their networks. Ciena’s product portfolio includes coherent optical solutions, packet networking platforms and a suite of network automation software designed to optimize bandwidth, reduce latency and simplify network operations.

In addition to hardware offerings, Ciena provides professional services and support, including network design, implementation and ongoing maintenance.