Ciena Co. (NYSE:CIEN) Shares Sold by Glenmede Trust Co. NA

Glenmede Trust Co. NA trimmed its stake in shares of Ciena Co. (NYSE:CIEN) by 40.1% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 154,911 shares of the communications equipment provider’s stock after selling 103,881 shares during the period. Glenmede Trust Co. NA owned about 0.11% of Ciena worth $9,541,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Hoese & Co LLP acquired a new position in Ciena during the third quarter worth $25,000. UMB Bank n.a. increased its position in shares of Ciena by 424.4% in the third quarter. UMB Bank n.a. now owns 451 shares of the communications equipment provider’s stock valued at $28,000 after buying an additional 365 shares in the last quarter. Canton Hathaway LLC purchased a new stake in shares of Ciena in the 2nd quarter worth about $40,000. First Horizon Advisors Inc. boosted its position in shares of Ciena by 152.8% in the 3rd quarter. First Horizon Advisors Inc. now owns 847 shares of the communications equipment provider’s stock worth $52,000 after buying an additional 512 shares in the last quarter. Finally, Quarry LP grew its stake in Ciena by 118.9% in the 2nd quarter. Quarry LP now owns 1,572 shares of the communications equipment provider’s stock valued at $76,000 after acquiring an additional 854 shares during the last quarter. Hedge funds and other institutional investors own 91.99% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on CIEN shares. Bank of America restated a “neutral” rating and set a $59.00 target price on shares of Ciena in a research report on Thursday, September 5th. Morgan Stanley lowered Ciena from an “overweight” rating to an “equal weight” rating and set a $63.00 target price on the stock. in a research note on Monday, October 28th. BNP Paribas downgraded Ciena from an “outperform” rating to a “neutral” rating and raised their price target for the stock from $59.00 to $67.00 in a research report on Wednesday, October 9th. Citigroup upgraded Ciena from a “sell” rating to a “buy” rating and upped their price objective for the company from $44.00 to $68.00 in a research report on Monday, September 23rd. Finally, JPMorgan Chase & Co. cut Ciena from an “overweight” rating to a “neutral” rating and set a $65.00 price objective for the company. in a research report on Monday, October 7th. Eight analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $63.08.

Insider Transactions at Ciena

In other news, SVP Jason Phipps sold 2,200 shares of the firm’s stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $61.49, for a total value of $135,278.00. Following the transaction, the senior vice president now owns 91,149 shares of the company’s stock, valued at approximately $5,604,752.01. This trade represents a 2.36 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Joseph Cumello sold 1,289 shares of the company’s stock in a transaction on Friday, November 15th. The stock was sold at an average price of $68.99, for a total transaction of $88,928.11. Following the sale, the senior vice president now directly owns 39,486 shares of the company’s stock, valued at approximately $2,724,139.14. This trade represents a 3.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 10,489 shares of company stock worth $657,051 in the last three months. 0.83% of the stock is currently owned by company insiders.

Ciena Price Performance

Ciena stock opened at $69.79 on Friday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.99 and a current ratio of 4.06. The company has a market cap of $10.08 billion, a price-to-earnings ratio of 74.25, a PEG ratio of 5.62 and a beta of 0.94. Ciena Co. has a 1 year low of $42.20 and a 1 year high of $73.47. The firm has a 50 day moving average price of $66.25 and a 200 day moving average price of $55.86.

Ciena (NYSE:CIEN) last released its quarterly earnings data on Wednesday, September 4th. The communications equipment provider reported $0.35 EPS for the quarter, topping analysts’ consensus estimates of $0.26 by $0.09. Ciena had a return on equity of 5.98% and a net margin of 3.44%. The business had revenue of $942.30 million during the quarter, compared to the consensus estimate of $928.31 million. During the same period in the prior year, the firm posted $0.36 EPS. The business’s revenue for the quarter was down 11.8% on a year-over-year basis. Sell-side analysts predict that Ciena Co. will post 1.13 earnings per share for the current year.

Ciena declared that its board has approved a stock repurchase program on Wednesday, October 2nd that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the communications equipment provider to purchase up to 10.5% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its stock is undervalued.

About Ciena

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.