Ciena Co. (NYSE:CIEN) Shares Sold by First Hawaiian Bank

First Hawaiian Bank decreased its position in shares of Ciena Co. (NYSE:CIEN) by 10.2% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 12,280 shares of the communications equipment provider’s stock after selling 1,397 shares during the quarter. First Hawaiian Bank’s holdings in Ciena were worth $1,041,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Commonwealth Equity Services LLC grew its position in Ciena by 107.9% during the second quarter. Commonwealth Equity Services LLC now owns 46,467 shares of the communications equipment provider’s stock valued at $2,239,000 after buying an additional 24,120 shares during the period. Oppenheimer Asset Management Inc. grew its position in shares of Ciena by 26.4% during the 2nd quarter. Oppenheimer Asset Management Inc. now owns 10,647 shares of the communications equipment provider’s stock valued at $513,000 after acquiring an additional 2,227 shares during the period. Envestnet Asset Management Inc. grew its position in shares of Ciena by 42.2% during the 2nd quarter. Envestnet Asset Management Inc. now owns 223,051 shares of the communications equipment provider’s stock valued at $10,747,000 after acquiring an additional 66,214 shares during the period. Thompson Siegel & Walmsley LLC acquired a new position in Ciena in the 2nd quarter worth about $4,866,000. Finally, WINTON GROUP Ltd acquired a new position in Ciena in the 2nd quarter worth about $729,000. 91.99% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Ciena news, SVP Joseph Cumello sold 1,289 shares of the stock in a transaction dated 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 transaction, 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP David M. Rothenstein sold 3,500 shares of the business’s stock in a transaction that occurred 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 directly owns 199,997 shares in the company, valued at $13,485,797.71. This trade represents a 1.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 47,131 shares of company stock valued at $3,924,465. 0.83% of the stock is currently owned by company insiders.

Ciena Stock Performance

Shares of Ciena stock opened at $82.22 on Friday. Ciena Co. has a one year low of $43.30 and a one year high of $91.82. The company has a market cap of $11.68 billion, a price-to-earnings ratio of 87.47, a PEG ratio of 5.95 and a beta of 0.89. The business’s 50 day moving average price is $76.42 and its 200 day moving average price is $62.83. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.99 and a current ratio of 4.06.

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

Ciena announced that its board has initiated a stock buyback plan on Wednesday, October 2nd that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the communications equipment provider to reacquire up to 10.5% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of analysts have recently commented on CIEN shares. Evercore ISI cut 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. Citigroup upped their price objective on shares of Ciena from $84.00 to $98.00 and gave the stock a “buy” rating in a research report on Friday, December 13th. Bank of America upgraded shares of Ciena from a “neutral” rating to a “buy” rating and lifted their target price for the company from $70.00 to $95.00 in a research report on Friday, December 13th. Needham & Company LLC upped their price target on shares of Ciena from $80.00 to $95.00 and gave the stock a “buy” rating in a research report on Friday, December 13th. Finally, Barclays raised their price target on shares of Ciena from $67.00 to $97.00 and gave the company an “overweight” rating in a research note on Friday, December 13th. Seven research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, Ciena currently has a consensus rating of “Moderate Buy” and a consensus price target of $77.00.

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.