Millennium Management LLC Cuts Stock Position in Ciena Co. (NYSE:CIEN)
Millennium Management LLC cut its position in shares of Ciena Co. (NYSE:CIEN) by 56.1% during the 3rd quarter, Holdings Channel.com reports. The firm owned 523,669 shares of the communications equipment provider’s stock after selling 667,851 shares during the period. Millennium Management LLC’s holdings in Ciena were worth $20,543,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently made changes to their positions in CIEN. Flagship Harbor Advisors LLC boosted its stake in Ciena by 98.5% in the second quarter. Flagship Harbor Advisors LLC now owns 645 shares of the communications equipment provider’s stock worth $26,000 after buying an additional 320 shares in the last quarter. Tobam bought a new position in Ciena during the second quarter valued at approximately $33,000. CENTRAL TRUST Co bought a new position in Ciena during the third quarter valued at approximately $39,000. Coastal Capital Group Inc. purchased a new position in shares of Ciena during the second quarter worth approximately $41,000. Finally, MUFG Americas Holdings Corp purchased a new position in shares of Ciena during the third quarter worth approximately $55,000. 91.13% of the stock is currently owned by institutional investors.
In other news, CFO James E. Moylan, Jr. sold 2,000 shares of the firm’s stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $37.26, for a total value of $74,520.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Judith M. Obrien sold 17,071 shares of the firm’s stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $39.45, for a total transaction of $673,450.95. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 51,313 shares of company stock worth $1,977,005. 1.20% of the stock is owned by company insiders.
Ciena (NYSE:CIEN) last issued its quarterly earnings data on Thursday, September 5th. The communications equipment provider reported $0.71 EPS for the quarter, beating the consensus estimate of $0.50 by $0.21. The firm had revenue of $960.60 million during the quarter, compared to the consensus estimate of $930.64 million. Ciena had a net margin of 6.77% and a return on equity of 13.64%. The company’s quarterly revenue was up 17.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.48 earnings per share. As a group, sell-side analysts expect that Ciena Co. will post 1.88 earnings per share for the current fiscal year.
A number of equities research analysts have recently issued reports on CIEN shares. Nomura reaffirmed a “buy” rating and issued a $43.00 price objective (down previously from $47.00) on shares of Ciena in a research note on Wednesday, October 2nd. Evercore ISI started coverage on shares of Ciena in a report on Wednesday, September 11th. They set an “outperform” rating and a $48.00 target price on the stock. Stifel Nicolaus set a $54.00 target price on shares of Ciena and gave the stock a “buy” rating in a research report on Friday, September 6th. Morgan Stanley boosted their price target on shares of Ciena from $41.00 to $43.00 and gave the stock an “equal weight” rating in a research note on Friday, September 6th. Finally, ValuEngine lowered shares of Ciena from a “buy” rating to a “hold” rating in a research report on Friday, September 6th. Nine equities research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Ciena currently has an average rating of “Buy” and an average price target of $48.48.
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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