Ciena Co. (NYSE:CIEN) Shares Acquired by Millennium Management LLC

Millennium Management LLC increased its position in shares of Ciena Co. (NYSE:CIEN) by 640.7% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 64,466 shares of the communications equipment provider’s stock after purchasing an additional 55,763 shares during the period. Millennium Management LLC’s holdings in Ciena were worth $3,106,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in CIEN. Kapitalo Investimentos Ltda purchased a new stake in shares of Ciena during the 4th quarter worth $30,000. Register Financial Advisors LLC acquired a new stake in shares of Ciena during the first quarter worth approximately $33,000. Headlands Technologies LLC acquired a new position in Ciena in the first quarter worth $40,000. Canton Hathaway LLC acquired a new position in shares of Ciena during the second quarter valued at $40,000. Finally, Covestor Ltd boosted its holdings in shares of Ciena by 339.5% during the first quarter. Covestor Ltd now owns 1,213 shares of the communications equipment provider’s stock valued at $60,000 after acquiring an additional 937 shares during the period. 91.99% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Ciena

In other Ciena news, SVP Jason Phipps sold 2,200 shares of the stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $61.49, for a total transaction of $135,278.00. Following the sale, the senior vice president now directly owns 91,149 shares in the company, valued at $5,604,752.01. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, SVP David M. Rothenstein sold 3,500 shares of the firm’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $56.24, for a total value of $196,840.00. Following the completion of the sale, the senior vice president now owns 205,421 shares in the company, valued at approximately $11,552,877.04. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Jason Phipps sold 2,200 shares of the firm’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $61.49, for a total transaction of $135,278.00. Following the completion of the sale, the senior vice president now owns 91,149 shares of the company’s stock, valued at $5,604,752.01. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.83% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

CIEN has been the topic of several research reports. Morgan Stanley boosted their price target on shares of Ciena from $60.00 to $63.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 9th. Stifel Nicolaus lifted their target price on Ciena from $68.00 to $75.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Rosenblatt Securities lifted their target price on Ciena from $54.00 to $60.00 and gave the company a “neutral” rating in a research note on Thursday, September 5th. JPMorgan Chase & Co. cut Ciena from an “overweight” rating to a “neutral” rating and set a $65.00 target price on the stock. in a research note on Monday, October 7th. Finally, Barclays lifted their target price on Ciena from $55.00 to $67.00 and gave the company an “overweight” rating in a research note on Thursday, September 5th. Six research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $62.92.

Ciena Trading Down 1.1 %

Shares of CIEN stock opened at $67.73 on Tuesday. Ciena Co. has a 52-week low of $39.94 and a 52-week high of $69.91. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.99 and a current ratio of 4.06. The firm has a market capitalization of $9.73 billion, a PE ratio of 65.13, a PEG ratio of 8.83 and a beta of 0.94. The stock has a fifty day simple moving average of $57.24 and a two-hundred day simple moving average of $51.21.

Ciena (NYSE:CIEN) last announced its quarterly earnings data on Wednesday, September 4th. The communications equipment provider reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.26 by $0.09. The business had revenue of $942.30 million during the quarter, compared to the consensus estimate of $928.31 million. Ciena had a net margin of 3.44% and a return on equity of 5.98%. The firm’s quarterly revenue was down 11.8% compared to the same quarter last year. During the same quarter last year, the firm earned $0.36 earnings per share. On average, analysts predict that Ciena Co. will post 1.13 EPS for the current fiscal year.

Ciena announced that its Board of Directors has approved a share repurchase program on Wednesday, October 2nd that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the communications equipment provider to purchase up to 10.5% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.

Ciena Company 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.