California State Teachers Retirement System Decreases Stock Position in Ciena Co. (NYSE:CIEN)

California State Teachers Retirement System trimmed its position in shares of Ciena Co. (NYSE:CIEN) by 2.2% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 219,506 shares of the communications equipment provider’s stock after selling 4,881 shares during the period. California State Teachers Retirement System owned approximately 0.14% of Ciena worth $8,196,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in CIEN. Mizuho Securities Co. Ltd. bought a new position in Ciena in the first quarter valued at approximately $37,000. PRW Wealth Management LLC acquired a new stake in Ciena in the fourth quarter worth $38,000. Investors Research Corp acquired a new stake in Ciena in the first quarter worth $39,000. Ffcm LLC raised its holdings in Ciena by 355.7% in the fourth quarter. Ffcm LLC now owns 1,276 shares of the communications equipment provider’s stock worth $43,000 after purchasing an additional 996 shares during the period. Finally, Oregon Public Employees Retirement Fund raised its holdings in Ciena by 3,337.5% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 1,908,421 shares of the communications equipment provider’s stock worth $56,000 after purchasing an additional 1,852,903 shares during the period. Institutional investors own 92.91% of the company’s stock.

In other news, CEO Gary B. Smith sold 4,800 shares of the stock in a transaction dated Wednesday, April 24th. The shares were sold at an average price of $40.15, for a total value of $192,720.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP James Frodsham sold 2,000 shares of the stock in a transaction dated Friday, April 12th. The shares were sold at an average price of $37.40, for a total transaction of $74,800.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 100,933 shares of company stock worth $3,895,075. Corporate insiders own 1.20% of the company’s stock.

Shares of NYSE:CIEN traded up $0.99 during trading on Monday, reaching $42.12. The stock had a trading volume of 3,956,900 shares, compared to its average volume of 2,863,802. The stock has a market capitalization of $6.38 billion, a PE ratio of 37.61, a price-to-earnings-growth ratio of 1.38 and a beta of 1.13. Ciena Co. has a 52 week low of $25.18 and a 52 week high of $46.23. The business’s fifty day moving average is $38.82. The company has a current ratio of 2.83, a quick ratio of 2.36 and a debt-to-equity ratio of 0.33.

Ciena (NYSE:CIEN) last issued its earnings results on Thursday, June 6th. The communications equipment provider reported $0.48 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.41 by $0.07. Ciena had a net margin of 5.98% and a return on equity of 12.37%. The business had revenue of $865.00 million for the quarter, compared to analyst estimates of $818.23 million. During the same period in the prior year, the firm earned $0.23 earnings per share. Ciena’s revenue was up 18.5% on a year-over-year basis. As a group, research analysts predict that Ciena Co. will post 1.72 earnings per share for the current year.

A number of equities research analysts recently commented on the stock. Goldman Sachs Group raised their price objective on shares of Ciena from $45.00 to $53.00 and gave the stock a “buy” rating in a report on Friday, June 7th. JPMorgan Chase & Co. downgraded shares of Ciena from a “neutral” rating to an “underweight” rating in a report on Monday, April 22nd. Piper Jaffray Companies lifted their target price on shares of Ciena from $41.00 to $45.00 and gave the stock a “neutral” rating in a report on Thursday, June 6th. B. Riley boosted their price objective on shares of Ciena from $48.00 to $55.00 and gave the company a “buy” rating in a report on Friday, June 7th. Finally, Dougherty & Co boosted their price objective on shares of Ciena from $40.00 to $50.00 and gave the company a “buy” rating in a report on Wednesday, March 6th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $45.83.

Ciena Profile

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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