Tradewinds LLC. Sells 1,325 Shares of Ciena Co. (NYSE:CIEN)

Tradewinds LLC. reduced its holdings in shares of Ciena Co. (NYSE:CIEN) by 19.2% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 5,575 shares of the communications equipment provider’s stock after selling 1,325 shares during the quarter. Tradewinds LLC.’s holdings in Ciena were worth $343,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also made changes to their positions in the business. Hoese & Co LLP acquired a new stake in Ciena during the third quarter worth approximately $25,000. UMB Bank n.a. lifted its holdings in Ciena by 424.4% during the 3rd quarter. UMB Bank n.a. now owns 451 shares of the communications equipment provider’s stock worth $28,000 after purchasing an additional 365 shares during the last quarter. Canton Hathaway LLC bought a new stake in Ciena in the 2nd quarter valued at $40,000. First Horizon Advisors Inc. grew its holdings in Ciena by 152.8% in the 3rd quarter. First Horizon Advisors Inc. now owns 847 shares of the communications equipment provider’s stock valued at $52,000 after buying an additional 512 shares in the last quarter. Finally, Covestor Ltd increased its position in Ciena by 339.5% during the 1st quarter. Covestor Ltd now owns 1,213 shares of the communications equipment provider’s stock worth $60,000 after buying an additional 937 shares during the period. 91.99% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on CIEN shares. Northland Securities reissued a “market perform” rating and issued a $46.00 target price on shares of Ciena in a research report on Tuesday, September 3rd. Rosenblatt Securities increased their target price on shares of Ciena from $54.00 to $60.00 and gave the stock a “neutral” rating in a research report on Thursday, September 5th. Morgan Stanley downgraded shares of Ciena from an “overweight” rating to an “equal weight” rating and set a $63.00 price target for the company. in a research report on Monday, October 28th. JPMorgan Chase & Co. downgraded Ciena from an “overweight” rating to a “neutral” rating and set a $65.00 price target on the stock. in a research report on Monday, October 7th. Finally, Citigroup raised Ciena from a “sell” rating to a “buy” rating and lifted their price objective for the company from $44.00 to $68.00 in a report on Monday, September 23rd. Eight investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $63.08.

Ciena Stock Down 0.9 %

CIEN stock opened at $66.50 on Thursday. The firm has a 50-day moving average price of $64.65 and a 200-day moving average price of $55.04. Ciena Co. has a 12 month low of $42.20 and a 12 month high of $73.47. The company has a current ratio of 4.06, a quick ratio of 2.99 and a debt-to-equity ratio of 0.53. The stock has a market capitalization of $9.60 billion, a P/E ratio of 70.75, a price-to-earnings-growth ratio of 5.45 and a beta of 0.94.

Ciena (NYSE:CIEN) last issued its quarterly earnings data on Wednesday, September 4th. The communications equipment provider reported $0.35 EPS for the quarter, beating the consensus estimate of $0.26 by $0.09. The business had revenue of $942.30 million during the quarter, compared to the consensus estimate of $928.31 million. Ciena had a net margin of 3.44% and a return on equity of 5.98%. The firm’s revenue was down 11.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.36 EPS. As a group, equities research analysts anticipate that Ciena Co. will post 1.13 EPS for the current fiscal year.

Ciena declared that its Board of Directors has approved a stock buyback 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 repurchase up to 10.5% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.

Insider Buying and Selling

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 transaction of $135,278.00. Following the completion of 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Joseph Cumello sold 1,289 shares of the business’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 completion of the sale, the senior vice president now directly owns 39,486 shares in the company, valued at approximately $2,724,139.14. This represents a 3.16 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 10,489 shares of company stock worth $657,051 in the last 90 days. Insiders own 0.83% of the company’s stock.

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.