Keybank National Association OH Reduces Stock Position in Ciena Co. (NYSE:CIEN)

Keybank National Association OH lessened its stake in shares of Ciena Co. (NYSE:CIEN) by 57.5% during the fourth quarter, HoldingsChannel.com reports. The fund owned 6,880 shares of the communications equipment provider’s stock after selling 9,323 shares during the quarter. Keybank National Association OH’s holdings in Ciena were worth $583,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in CIEN. Versant Capital Management Inc boosted its holdings in shares of Ciena by 925.0% in the fourth quarter. Versant Capital Management Inc now owns 328 shares of the communications equipment provider’s stock worth $28,000 after buying an additional 296 shares during the last quarter. Parkside Financial Bank & Trust boosted its holdings in shares of Ciena by 409.8% in the fourth quarter. Parkside Financial Bank & Trust now owns 520 shares of the communications equipment provider’s stock worth $44,000 after buying an additional 418 shares during the last quarter. First Horizon Advisors Inc. boosted its holdings in shares of Ciena by 152.8% in the third 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 during the last quarter. Kieckhefer Group LLC purchased a new position in shares of Ciena in the fourth quarter worth approximately $59,000. Finally, UMB Bank n.a. boosted its holdings in shares of Ciena by 59.2% in the fourth quarter. UMB Bank n.a. now owns 718 shares of the communications equipment provider’s stock worth $61,000 after buying an additional 267 shares during the last quarter. Hedge funds and other institutional investors own 91.99% of the company’s stock.

Insiders Place Their Bets

In other Ciena news, CEO Gary B. Smith sold 13,600 shares of the business’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $83.66, for a total transaction of $1,137,776.00. Following the completion of the transaction, the chief executive officer now owns 425,749 shares in the company, valued at $35,618,161.34. The trade was a 3.10 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Brodie Gage sold 350 shares of the business’s stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $85.91, for a total value of $30,068.50. Following the transaction, the senior vice president now owns 49,547 shares of the company’s stock, valued at $4,256,582.77. This trade represents a 0.70 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 63,442 shares of company stock valued at $5,337,764 over the last ninety days. 0.93% of the stock is owned by insiders.

Wall Street Analyst Weigh In

CIEN has been the topic of a number of recent analyst reports. Needham & Company LLC restated a “buy” rating and set a $95.00 target price on shares of Ciena in a research note on Friday, January 10th. Northland Securities raised their target price on shares of Ciena from $46.00 to $60.00 and gave the stock a “market perform” rating in a research note on Friday, December 13th. Citigroup raised their target price on shares of Ciena from $84.00 to $98.00 and gave the stock a “buy” rating in a research note on Friday, December 13th. JPMorgan Chase & Co. upgraded shares of Ciena from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $84.00 to $88.00 in a research note on Tuesday, January 28th. Finally, Rosenblatt Securities decreased their target price on shares of Ciena from $94.00 to $79.00 and set a “neutral” rating on the stock in a research note on Friday. Five equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, Ciena currently has a consensus rating of “Moderate Buy” and a consensus target price of $77.62.

Ciena Price Performance

Ciena stock opened at $68.75 on Monday. Ciena Co. has a 52-week low of $43.30 and a 52-week high of $101.44. The company has a quick ratio of 2.72, a current ratio of 3.55 and a debt-to-equity ratio of 0.54. The firm’s fifty day moving average is $84.29 and its 200 day moving average is $73.14. The company has a market cap of $9.80 billion, a price-to-earnings ratio of 120.62, a PEG ratio of 1.54 and a beta of 0.91.

Ciena (NYSE:CIEN) last released its quarterly earnings data 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 2.09% and a return on equity of 4.72%. The business had revenue of $1.12 billion for the quarter, compared to the consensus estimate of $1.10 billion. During the same quarter last year, the business earned $0.56 EPS. Ciena’s revenue for the quarter was down .5% compared to the same quarter last year. Sell-side analysts forecast that Ciena Co. will post 1.6 EPS for the current fiscal year.

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.