Macquarie Group Ltd. Cuts Stake in Ciena Corporation (CIEN)

Macquarie Group Ltd. decreased its position in shares of Ciena Corporation (NYSE:CIEN) by 9.3% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 90,274 shares of the communications equipment provider’s stock after selling 9,268 shares during the quarter. Macquarie Group Ltd. owned approximately 0.06% of Ciena Corporation worth $2,259,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of CIEN. Parametric Portfolio Associates LLC grew its stake in shares of Ciena Corporation by 8.4% during the 1st quarter. Parametric Portfolio Associates LLC now owns 161,614 shares of the communications equipment provider’s stock worth $3,816,000 after acquiring an additional 12,554 shares during the period. Credit Agricole S A lifted its holdings in Ciena Corporation by 325.3% during the 1st quarter. Credit Agricole S A now owns 30,523 shares of the communications equipment provider’s stock worth $721,000 after purchasing an additional 23,346 shares in the last quarter. OppenheimerFunds Inc. lifted its holdings in Ciena Corporation by 30.8% during the 1st quarter. OppenheimerFunds Inc. now owns 29,817 shares of the communications equipment provider’s stock worth $704,000 after purchasing an additional 7,018 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in Ciena Corporation by 4.0% during the 1st quarter. Principal Financial Group Inc. now owns 582,192 shares of the communications equipment provider’s stock worth $13,746,000 after purchasing an additional 22,409 shares in the last quarter. Finally, Teachers Advisors LLC lifted its holdings in Ciena Corporation by 21.1% during the 1st quarter. Teachers Advisors LLC now owns 4,900,040 shares of the communications equipment provider’s stock worth $115,690,000 after purchasing an additional 853,793 shares in the last quarter.

In related news, CEO Gary B. Smith sold 8,000 shares of the business’s stock in a transaction dated Thursday, October 12th. The stock was sold at an average price of $21.74, for a total value of $173,920.00. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO James E. Moylan, Jr. sold 2,000 shares of the business’s stock in a transaction dated Thursday, October 19th. The stock was sold at an average price of $21.10, for a total value of $42,200.00. The disclosure for this sale can be found here. Insiders sold 94,310 shares of company stock worth $2,147,284 over the last quarter. 1.45% of the stock is owned by company insiders.

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CIEN has been the topic of a number of recent research reports. Citigroup Inc. raised Ciena Corporation from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $23.87 to $29.00 in a report on Wednesday, August 30th. Nomura dropped their price objective on Ciena Corporation from $30.00 to $28.00 and set a “buy” rating on the stock in a report on Friday, September 1st. Piper Jaffray Companies reissued a “buy” rating and set a $30.00 price objective on shares of Ciena Corporation in a report on Thursday, August 31st. UBS AG set a $31.00 price objective on Ciena Corporation and gave the stock a “buy” rating in a report on Wednesday, August 30th. Finally, Zacks Investment Research cut Ciena Corporation from a “buy” rating to a “hold” rating in a report on Wednesday, August 2nd. One research analyst has rated the stock with a sell rating, five have issued a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the company’s stock. Ciena Corporation currently has an average rating of “Buy” and an average target price of $29.53.

Ciena Corporation (NYSE CIEN) opened at 21.94 on Monday. Ciena Corporation has a one year low of $18.94 and a one year high of $27.98. The stock has a market capitalization of $3.13 billion, a PE ratio of 24.00 and a beta of 1.69. The company’s 50 day moving average price is $21.82 and its 200-day moving average price is $23.73.

Ciena Corporation (NYSE:CIEN) last posted its earnings results on Thursday, August 31st. The communications equipment provider reported $0.51 EPS for the quarter, topping analysts’ consensus estimates of $0.49 by $0.02. The company had revenue of $728.70 million for the quarter, compared to the consensus estimate of $726.81 million. Ciena Corporation had a return on equity of 25.53% and a net margin of 4.99%. The firm’s revenue for the quarter was up 8.7% on a year-over-year basis. During the same period in the previous year, the business earned $0.42 earnings per share. Analysts expect that Ciena Corporation will post $1.74 earnings per share for the current year.

About Ciena Corporation

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.

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Institutional Ownership by Quarter for Ciena Corporation (NYSE:CIEN)

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