Perkins Capital Management Inc. Has $908,000 Stock Holdings in Ciena Co. (NYSE:CIEN)

Perkins Capital Management Inc. decreased its position in Ciena Co. (NYSE:CIEN) by 11.9% in the 3rd quarter, HoldingsChannel reports. The fund owned 14,750 shares of the communications equipment provider’s stock after selling 2,000 shares during the period. Perkins Capital Management Inc.’s holdings in Ciena were worth $908,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently modified their holdings of the company. SG Americas Securities LLC increased its holdings in Ciena by 1,171.4% in the 2nd quarter. SG Americas Securities LLC now owns 44,854 shares of the communications equipment provider’s stock valued at $2,161,000 after buying an additional 41,326 shares during the period. First Hawaiian Bank acquired a new position in Ciena in the second quarter worth about $661,000. Susquehanna Fundamental Investments LLC acquired a new position in Ciena in the second quarter worth about $5,039,000. Bank of New York Mellon Corp lifted its stake in Ciena by 13.8% during the second quarter. Bank of New York Mellon Corp now owns 1,499,035 shares of the communications equipment provider’s stock worth $72,223,000 after purchasing an additional 181,358 shares during the period. Finally, Tidal Investments LLC grew its stake in shares of Ciena by 372.8% in the 1st quarter. Tidal Investments LLC now owns 36,744 shares of the communications equipment provider’s stock valued at $1,817,000 after purchasing an additional 28,972 shares during the period. Institutional investors own 91.99% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have weighed in on CIEN shares. BNP Paribas cut Ciena from an “outperform” rating to a “neutral” rating and upped their price target for the company from $59.00 to $67.00 in a research report on Wednesday, October 9th. Stifel Nicolaus raised their price objective on shares of Ciena from $68.00 to $75.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Morgan Stanley cut Ciena from an “overweight” rating to an “equal weight” rating and set a $63.00 price target for the company. in a report on Monday, October 28th. Northland Securities reissued a “market perform” rating and issued a $46.00 price objective on shares of Ciena in a research note on Tuesday, September 3rd. Finally, JPMorgan Chase & Co. lowered Ciena from an “overweight” rating to a “neutral” rating and set a $65.00 target price for the company. in a research note on Monday, October 7th. Eight investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, Ciena presently has a consensus rating of “Hold” and an average price target of $63.08.

Insider Buying and Selling

In other Ciena news, SVP Jason Phipps sold 2,200 shares of the business’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $61.49, for a total value of $135,278.00. Following the completion of the transaction, the senior vice president now directly owns 91,149 shares of the company’s stock, valued at approximately $5,604,752.01. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Ciena news, SVP Jason Phipps sold 2,200 shares of the firm’s stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $61.49, for a total transaction of $135,278.00. Following the sale, the senior vice president now directly owns 91,149 shares in the company, valued at approximately $5,604,752.01. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP David M. Rothenstein sold 3,500 shares of the firm’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $56.24, for a total transaction of $196,840.00. Following the sale, the senior vice president now owns 205,421 shares in the company, valued at approximately $11,552,877.04. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 9,200 shares of company stock valued at $568,123. 0.83% of the stock is owned by company insiders.

Ciena Stock Performance

Shares of NYSE:CIEN opened at $68.53 on Thursday. The stock has a market capitalization of $9.90 billion, a P/E ratio of 72.90, a P/E/G ratio of 5.20 and a beta of 0.94. The company has a current ratio of 4.06, a quick ratio of 2.99 and a debt-to-equity ratio of 0.53. Ciena Co. has a 1-year low of $42.20 and a 1-year high of $69.91. The business has a 50-day moving average price of $61.65 and a two-hundred day moving average price of $53.41.

Ciena (NYSE:CIEN) last issued its earnings results on Wednesday, September 4th. The communications equipment provider reported $0.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.26 by $0.09. The firm had revenue of $942.30 million for the quarter, compared to analysts’ expectations of $928.31 million. Ciena had a return on equity of 5.98% and a net margin of 3.44%. The company’s revenue was down 11.8% compared to the same quarter last year. During the same quarter last year, the business earned $0.36 earnings per share. Equities analysts predict that Ciena Co. will post 1.13 earnings per share for the current year.

Ciena announced that its board has initiated a share repurchase plan on Wednesday, October 2nd that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the communications equipment provider to buy up to 10.5% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its shares are undervalued.

Ciena Profile

Ciena Corporation provides hardware and software services for delivery of video, data, and voice traffic metro, aggregation, and access communications network worldwide. The company’s Networking Platforms segment offers convergence of coherent optical transport, open optical networking, optical transport network switching, IP routing, and switching services.