Waratah Capital Advisors Ltd. Trims Position in Ciena Co. (CIEN)

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Waratah Capital Advisors Ltd. lessened its stake in Ciena Co. (NYSE:CIEN) by 61.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 188,397 shares of the communications equipment provider’s stock after selling 295,789 shares during the period. Waratah Capital Advisors Ltd.’s holdings in Ciena were worth $7,035,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CIEN. Raymond James Financial Services Advisors Inc. raised its stake in shares of Ciena by 286.6% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 27,924 shares of the communications equipment provider’s stock valued at $1,043,000 after acquiring an additional 20,701 shares during the last quarter. State Treasurer State of Michigan raised its stake in shares of Ciena by 1.4% in the first quarter. State Treasurer State of Michigan now owns 51,300 shares of the communications equipment provider’s stock valued at $1,916,000 after acquiring an additional 700 shares during the last quarter. First Mercantile Trust Co. bought a new position in shares of Ciena in the first quarter valued at approximately $129,000. Cetera Advisors LLC bought a new position in shares of Ciena in the first quarter valued at approximately $235,000. Finally, Optimum Investment Advisors bought a new position in shares of Ciena in the first quarter valued at approximately $1,402,000. Institutional investors and hedge funds own 94.44% of the company’s stock.

Shares of Ciena stock traded up $0.12 during midday trading on Wednesday, reaching $33.33. The company had a trading volume of 64,676 shares, compared to its average volume of 2,278,872. The company has a debt-to-equity ratio of 0.33, a current ratio of 2.98 and a quick ratio of 2.52. The firm has a market cap of $5.16 billion, a P/E ratio of 29.77, a P/E/G ratio of 1.29 and a beta of 1.02. Ciena Co. has a 1-year low of $22.99 and a 1-year high of $45.70.

Ciena (NYSE:CIEN) last issued its quarterly earnings results on Tuesday, March 5th. The communications equipment provider reported $0.27 earnings per share for the quarter, beating analysts’ consensus estimates of $0.21 by $0.06. The business had revenue of $778.53 million during the quarter, compared to analyst estimates of $761.62 million. Ciena had a net margin of 5.03% and a return on equity of 10.73%. Ciena’s revenue for the quarter was up 20.5% compared to the same quarter last year. During the same quarter last year, the business posted $0.15 earnings per share. On average, sell-side analysts expect that Ciena Co. will post 1.53 EPS for the current year.

In other Ciena news, SVP Rick Hamilton sold 9,652 shares of Ciena stock in a transaction on Thursday, May 9th. The shares were sold at an average price of $34.95, for a total transaction of $337,337.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP James E. Moylan, Jr. sold 2,000 shares of Ciena stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $43.38, for a total transaction of $86,760.00. The disclosure for this sale can be found here. Insiders have sold a total of 199,174 shares of company stock valued at $7,878,603 in the last ninety days. Company insiders own 1.20% of the company’s stock.

A number of research firms have recently issued reports on CIEN. Nomura lifted their target price on shares of Ciena from $40.00 to $50.00 and gave the company a “buy” rating in a research note on Wednesday, March 6th. Citigroup lifted their target price on shares of Ciena to $50.00 and gave the company a “buy” rating in a research note on Wednesday, March 6th. Argus reiterated an “average” rating and issued a $53.00 target price on shares of Ciena in a research note on Wednesday, March 6th. Piper Jaffray Companies lifted their target price on shares of Ciena to $41.00 and gave the company a “neutral” rating in a research note on Tuesday, March 5th. Finally, BMO Capital Markets lifted their target price on shares of Ciena from $42.00 to $50.00 and gave the company an “outperform” rating in a research note on Wednesday, March 6th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $42.13.

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About Ciena

Ciena Corporation provides network hardware, software, and services that support the transport, switching, aggregation, service delivery, and management of video, data, and voice traffic on communications networks worldwide. The company's Networking Platforms segment offers hardware networking solutions optimized for the convergence of coherent optical transport, optical transport network switching, and packet switching.

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Institutional Ownership by Quarter for Ciena (NYSE:CIEN)

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