Nordea Investment Management AB Sells 31,400 Shares of Ciena Co. (NYSE:CIEN)

Nordea Investment Management AB lessened its holdings in shares of Ciena Co. (NYSE:CIEN) by 50.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 31,300 shares of the communications equipment provider’s stock after selling 31,400 shares during the quarter. Nordea Investment Management AB’s holdings in Ciena were worth $1,169,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CIEN. Norges Bank acquired a new stake in shares of Ciena in the 4th quarter valued at about $59,613,000. BlackRock Inc. raised its stake in shares of Ciena by 9.6% in the 4th quarter. BlackRock Inc. now owns 17,899,503 shares of the communications equipment provider’s stock valued at $606,974,000 after purchasing an additional 1,561,445 shares during the period. Wedge Capital Management L L P NC raised its stake in shares of Ciena by 4,444.8% in the 1st quarter. Wedge Capital Management L L P NC now owns 1,040,039 shares of the communications equipment provider’s stock valued at $38,835,000 after purchasing an additional 1,017,155 shares during the period. JPMorgan Chase & Co. raised its stake in shares of Ciena by 41.9% in the 1st quarter. JPMorgan Chase & Co. now owns 2,921,055 shares of the communications equipment provider’s stock valued at $109,071,000 after purchasing an additional 862,017 shares during the period. Finally, Trinity Street Asset Management LLP acquired a new stake in shares of Ciena in the 1st quarter valued at about $28,965,000. 93.29% of the stock is currently owned by hedge funds and other institutional investors.

In other news, SVP Rick Hamilton sold 1,951 shares of the business’s stock in a transaction that occurred on Friday, June 21st. The stock was sold at an average price of $44.05, for a total transaction of $85,941.55. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Thomas Michael Nevens sold 7,000 shares of the business’s stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $34.24, for a total value of $239,680.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 106,041 shares of company stock valued at $4,219,747. Corporate insiders own 1.20% of the company’s stock.

Several analysts have issued reports on the company. Rosenblatt Securities reissued a “hold” rating and issued a $38.00 price target on shares of Ciena in a research note on Monday, June 3rd. Morgan Stanley set a $156.00 price objective on Mongodb and gave the company a “hold” rating in a report on Friday, June 7th. Zacks Investment Research cut Haynes International from a “hold” rating to a “sell” rating in a report on Wednesday, May 8th. Stifel Nicolaus raised their price objective on Vail Resorts from $219.00 to $230.00 and gave the company a “hold” rating in a report on Friday, June 7th. Finally, Raymond James raised their price objective on Maverix Metals from C$5.50 to C$6.00 and gave the company an “outperform” rating in a report on Friday, June 7th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $46.65.

Ciena stock traded down $0.83 during midday trading on Friday, reaching $43.04. 1,651,526 shares of the company’s stock were exchanged, compared to its average volume of 3,159,020. Ciena Co. has a 52 week low of $25.18 and a 52 week high of $46.23. The company has a current ratio of 2.83, a quick ratio of 2.36 and a debt-to-equity ratio of 0.33. The company has a market cap of $6.80 billion, a price-to-earnings ratio of 38.43, a price-to-earnings-growth ratio of 1.46 and a beta of 1.13. The firm has a 50-day moving average price of $42.36.

Ciena (NYSE:CIEN) last posted its quarterly earnings results on Thursday, June 6th. The communications equipment provider reported $0.48 EPS for the quarter, topping analysts’ consensus estimates of $0.41 by $0.07. Ciena had a return on equity of 12.37% and a net margin of 5.98%. The business had revenue of $865.00 million during the quarter, compared to analysts’ expectations of $818.23 million. During the same quarter last year, the company posted $0.23 earnings per share. Ciena’s quarterly revenue was up 18.5% on a year-over-year basis. On average, sell-side analysts expect that Ciena Co. will post 1.74 earnings per share for the current year.

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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