Tidal Investments LLC Has $1.87 Million Holdings in Ciena Co. (NYSE:CIEN)

Tidal Investments LLC decreased its holdings in Ciena Co. (NYSE:CIEN) by 31.9% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 30,420 shares of the communications equipment provider’s stock after selling 14,251 shares during the quarter. Tidal Investments LLC’s holdings in Ciena were worth $1,874,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of CIEN. Envestnet Portfolio Solutions Inc. boosted its stake in shares of Ciena by 55.5% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 10,441 shares of the communications equipment provider’s stock valued at $503,000 after buying an additional 3,725 shares during the period. Pallas Capital Advisors LLC acquired a new position in Ciena in the 2nd quarter valued at $355,000. Fifth Third Wealth Advisors LLC bought a new stake in shares of Ciena during the 2nd quarter valued at $227,000. 1620 Investment Advisors Inc. bought a new position in shares of Ciena in the second quarter worth $146,000. Finally, New York State Teachers Retirement System raised its stake in Ciena by 0.7% in the second quarter. New York State Teachers Retirement System now owns 169,852 shares of the communications equipment provider’s stock valued at $8,183,000 after purchasing an additional 1,133 shares in the last quarter. Institutional investors own 91.99% of the company’s stock.

Insider Transactions at Ciena

In other news, SVP Joseph Cumello sold 1,289 shares of the firm’s stock in a transaction that occurred on Friday, November 15th. The shares were 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 owns 39,486 shares of the company’s stock, valued at $2,724,139.14. This trade represents a 3.16 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, SVP David M. Rothenstein sold 3,500 shares of Ciena stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $67.43, for a total transaction of $236,005.00. Following the completion of the sale, the senior vice president now owns 199,997 shares of the company’s stock, valued at $13,485,797.71. This represents a 1.72 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 6,989 shares of company stock worth $460,211 over the last three months. 0.83% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of brokerages have issued reports on CIEN. Needham & Company LLC increased their price objective on shares of Ciena from $80.00 to $95.00 and gave the stock a “buy” rating in a research note on Friday. Rosenblatt Securities increased their price target on shares of Ciena from $75.00 to $94.00 and gave the stock a “neutral” rating in a research report on Friday. Evercore ISI downgraded shares of Ciena from an “outperform” rating to an “in-line” rating and set a $65.00 price objective for the company. in a research report on Tuesday, October 15th. JPMorgan Chase & Co. downgraded Ciena from an “overweight” rating to a “neutral” rating and set a $65.00 target price on the stock. in a report on Monday, October 7th. Finally, 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. Seven equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, Ciena has a consensus rating of “Moderate Buy” and a consensus price target of $77.00.

Ciena Stock Up 1.6 %

Shares of CIEN opened at $91.19 on Tuesday. The company has a market capitalization of $13.17 billion, a PE ratio of 159.98, a PEG ratio of 5.95 and a beta of 0.95. The stock’s 50-day moving average price is $69.46 and its two-hundred day moving average price is $58.23. 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 12 month low of $42.20 and a 12 month high of $91.82.

Ciena (NYSE:CIEN) last announced its earnings results on Thursday, December 12th. The communications equipment provider reported $0.54 EPS for the quarter, missing the consensus estimate of $0.66 by ($0.12). Ciena had a net margin of 3.44% and a return on equity of 5.98%. The company had revenue of $1.12 billion during the quarter, compared to the consensus estimate of $1.10 billion. During the same quarter in the previous year, the company earned $0.56 earnings per share. The business’s revenue was down .5% on a year-over-year basis. On average, analysts anticipate that Ciena Co. will post 1.13 EPS for the current year.

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

Ciena Company 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.