Central Pacific Bank Trust Division Makes New $543,000 Investment in Ciena Co. (NYSE:CIEN)

Central Pacific Bank Trust Division bought a new position in Ciena Co. (NYSE:CIEN) in the 1st quarter, Holdings Channel.com reports. The fund bought 11,042 shares of the communications equipment provider’s stock, valued at approximately $543,000.

Several other large investors also recently added to or reduced their stakes in CIEN. Vanguard Group Inc. lifted its stake in shares of Ciena by 1.0% in the third quarter. Vanguard Group Inc. now owns 15,084,694 shares of the communications equipment provider’s stock worth $712,903,000 after buying an additional 155,964 shares during the last quarter. BNP Paribas Asset Management Holding S.A. raised its stake in Ciena by 7.9% during the 4th quarter. BNP Paribas Asset Management Holding S.A. now owns 5,021,719 shares of the communications equipment provider’s stock valued at $226,028,000 after purchasing an additional 368,897 shares during the last quarter. Capital World Investors raised its stake in Ciena by 29.1% during the 4th quarter. Capital World Investors now owns 3,513,633 shares of the communications equipment provider’s stock valued at $158,149,000 after purchasing an additional 791,215 shares during the last quarter. Senvest Management LLC raised its stake in Ciena by 23.0% during the 4th quarter. Senvest Management LLC now owns 2,952,264 shares of the communications equipment provider’s stock valued at $132,881,000 after purchasing an additional 552,882 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in shares of Ciena by 18.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,162,410 shares of the communications equipment provider’s stock valued at $97,331,000 after buying an additional 332,181 shares in the last quarter. 91.99% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the stock. Morgan Stanley raised shares of Ciena from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $53.00 to $55.00 in a report on Wednesday, June 12th. Barclays decreased their price objective on shares of Ciena from $63.00 to $55.00 and set an “overweight” rating on the stock in a report on Friday, June 7th. JPMorgan Chase & Co. decreased their price objective on shares of Ciena from $67.00 to $60.00 and set an “overweight” rating on the stock in a report on Thursday, May 30th. Raymond James lowered shares of Ciena from a “strong-buy” rating to an “outperform” rating and decreased their price objective for the stock from $59.00 to $54.00 in a report on Thursday, June 6th. Finally, B. Riley cut their price target on shares of Ciena from $68.00 to $66.00 and set a “buy” rating on the stock in a research report on Friday, June 7th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, Ciena has an average rating of “Moderate Buy” and an average target price of $57.25.

Insider Activity at Ciena

In other Ciena news, CEO Gary B. Smith sold 4,166 shares of Ciena stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $49.16, for a total transaction of $204,800.56. Following the completion of the transaction, the chief executive officer now directly owns 376,777 shares of the company’s stock, valued at $18,522,357.32. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, CEO Gary B. Smith sold 4,166 shares of Ciena stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $49.16, for a total transaction of $204,800.56. Following the completion of the sale, the chief executive officer now owns 376,777 shares of the company’s stock, valued at $18,522,357.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Joseph Cumello sold 1,288 shares of Ciena stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $49.00, for a total value of $63,112.00. Following the sale, the senior vice president now directly owns 49,883 shares of the company’s stock, valued at approximately $2,444,267. The disclosure for this sale can be found here. Over the last three months, insiders sold 19,654 shares of company stock valued at $929,794. 0.83% of the stock is owned by corporate insiders.

Ciena Stock Up 0.0 %

Shares of CIEN traded up $0.02 during mid-day trading on Wednesday, hitting $46.75. 32,814 shares of the company’s stock were exchanged, compared to its average volume of 1,838,946. The company has a market cap of $6.72 billion, a PE ratio of 44.93, a P/E/G ratio of 4.85 and a beta of 0.95. Ciena Co. has a 52 week low of $39.94 and a 52 week high of $63.24. The company has a 50-day simple moving average of $47.99 and a 200 day simple moving average of $49.70. The company has a debt-to-equity ratio of 0.53, a current ratio of 3.88 and a quick ratio of 2.76.

Ciena (NYSE:CIEN) last issued its quarterly earnings results on Thursday, June 6th. The communications equipment provider reported $0.27 earnings per share for the quarter, topping the consensus estimate of $0.15 by $0.12. The company had revenue of $910.80 million during the quarter, compared to analysts’ expectations of $895.80 million. Ciena had a net margin of 3.71% and a return on equity of 7.16%. The business’s quarterly revenue was down 19.6% on a year-over-year basis. During the same period last year, the business earned $0.59 EPS. On average, research analysts forecast that Ciena Co. will post 1.19 earnings per share for the current fiscal year.

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.