Ciena Corporation (CIEN) Position Raised by Russell Investments Group Ltd.

Russell Investments Group Ltd. increased its position in shares of Ciena Corporation (NYSE:CIEN) by 378.8% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 205,381 shares of the communications equipment provider’s stock after purchasing an additional 162,486 shares during the quarter. Russell Investments Group Ltd. owned approximately 0.14% of Ciena worth $4,512,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in CIEN. Becker Capital Management Inc. acquired a new stake in Ciena in the 3rd quarter valued at about $27,188,000. Artemis Investment Management LLP acquired a new stake in Ciena in the 2nd quarter valued at about $28,400,000. FIL Ltd acquired a new stake in Ciena in the 2nd quarter valued at about $23,010,000. Zweig DiMenna Associates LLC increased its position in Ciena by 326.3% in the 2nd quarter. Zweig DiMenna Associates LLC now owns 767,296 shares of the communications equipment provider’s stock valued at $19,198,000 after acquiring an additional 587,296 shares in the last quarter. Finally, Quentec Asset Management LLC acquired a new stake in Ciena in the 2nd quarter valued at about $14,512,000.

In related news, VP Andrew C. Petrik sold 1,251 shares of Ciena stock in a transaction that occurred on Friday, September 15th. The shares were sold at an average price of $21.60, for a total transaction of $27,021.60. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Gary B. Smith sold 12,634 shares of Ciena stock in a transaction that occurred on Thursday, September 21st. The stock was sold at an average price of $21.25, for a total transaction of $268,472.50. The disclosure for this sale can be found here. Insiders have sold a total of 81,052 shares of company stock worth $1,726,778 in the last three months. 1.45% of the stock is owned by insiders.

CIEN has been the subject of several research reports. UBS set a $31.00 price objective on shares of Ciena and gave the company a “buy” rating in a research report on Wednesday, August 30th. Citigroup upgraded shares of Ciena from a “neutral” rating to a “buy” rating and raised their price objective for the company from $23.87 to $29.00 in a research report on Wednesday, August 30th. B. Riley restated a “buy” rating and issued a $34.25 price objective on shares of Ciena in a research report on Tuesday, August 29th. Stifel Nicolaus restated a “buy” rating and issued a $30.00 price objective on shares of Ciena in a research report on Friday, September 1st. Finally, Piper Jaffray Companies restated a “buy” rating and issued a $30.00 price objective on shares of Ciena in a research report on Thursday, August 31st. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $28.48.

Ciena Corporation (NYSE CIEN) opened at $21.50 on Thursday. The stock has a market cap of $3,086.87, a PE ratio of 15.41, a PEG ratio of 1.38 and a beta of 1.67. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.93 and a quick ratio of 1.68. Ciena Corporation has a one year low of $19.40 and a one year high of $27.98.

Ciena (NYSE:CIEN) last released its quarterly earnings data on Thursday, December 7th. The communications equipment provider reported $0.46 earnings per share for the quarter, missing the consensus estimate of $0.50 by ($0.04). Ciena had a return on equity of 18.32% and a net margin of 45.04%. The firm had revenue of $744.40 million for the quarter, compared to the consensus estimate of $736.91 million. During the same period in the previous year, the business earned $0.44 EPS. The firm’s revenue was up 3.9% compared to the same quarter last year. sell-side analysts expect that Ciena Corporation will post 1 earnings per share for the current fiscal year.

Ciena declared that its board has authorized a stock repurchase program on Thursday, December 7th that permits the company to buyback $300.00 million in outstanding shares. This buyback authorization permits the communications equipment provider to reacquire shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

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About Ciena

Ciena Corporation is a network strategy and technology company, which provides solutions that enable a range of network operators to adopt communication architectures and deliver an array of services, relied upon by enterprise and consumer end users. It provides equipment, software and services that support the transport, switching, aggregation, service delivery and management of voice, video and data traffic on communications networks.

Institutional Ownership by Quarter for Ciena (NYSE:CIEN)

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