AT Bancorp reduced its stake in shares of Ciena (NYSE:CIEN) by 5.9% in the first quarter, Holdings Channel reports. The fund owned 66,748 shares of the communications equipment provider’s stock after selling 4,214 shares during the quarter. AT Bancorp’s holdings in Ciena were worth $1,729,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently bought and sold shares of CIEN. Schwab Charles Investment Management Inc. lifted its holdings in shares of Ciena by 6.4% during the 4th quarter. Schwab Charles Investment Management Inc. now owns 957,269 shares of the communications equipment provider’s stock worth $20,036,000 after acquiring an additional 57,924 shares during the last quarter. Swarthmore Group Inc. bought a new stake in shares of Ciena during the 4th quarter worth $5,396,000. Winslow Evans & Crocker Inc. bought a new stake in shares of Ciena during the 4th quarter worth $561,000. First Manhattan Co. lifted its holdings in shares of Ciena by 126.6% during the 4th quarter. First Manhattan Co. now owns 106,900 shares of the communications equipment provider’s stock worth $2,237,000 after acquiring an additional 59,730 shares during the last quarter. Finally, Peregrine Capital Management LLC lifted its holdings in shares of Ciena by 0.6% during the 4th quarter. Peregrine Capital Management LLC now owns 1,305,791 shares of the communications equipment provider’s stock worth $27,330,000 after acquiring an additional 8,159 shares during the last quarter.
In related news, SVP James E. Moylan, Jr. sold 2,000 shares of the business’s stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $23.13, for a total transaction of $46,260.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Gary B. Smith sold 8,000 shares of the business’s stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $23.23, for a total transaction of $185,840.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 90,505 shares of company stock valued at $2,346,927. Insiders own 1.38% of the company’s stock.
Ciena (NYSE:CIEN) last issued its quarterly earnings data on Tuesday, March 6th. The communications equipment provider reported $0.15 EPS for the quarter, beating the consensus estimate of $0.07 by $0.08. The firm had revenue of $646.14 million during the quarter, compared to the consensus estimate of $641.77 million. Ciena had a net margin of 27.76% and a return on equity of 14.10%. The company’s quarterly revenue was up 4.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.17 earnings per share. equities analysts anticipate that Ciena will post 1.08 earnings per share for the current year.
A number of analysts have recently issued reports on the stock. Zacks Investment Research raised shares of Ciena from a “sell” rating to a “buy” rating and set a $30.00 price objective for the company in a report on Tuesday, March 13th. Northland Securities reaffirmed a “buy” rating and set a $34.00 price objective on shares of Ciena in a report on Monday, March 19th. ValuEngine downgraded shares of Ciena from a “buy” rating to a “hold” rating in a report on Monday. Needham & Company LLC reissued a “buy” rating and issued a $29.00 price target (up from $24.00) on shares of Ciena in a research note on Wednesday, March 7th. Finally, B. Riley boosted their price target on shares of Ciena from $27.50 to $31.00 and gave the stock a “buy” rating in a research note on Wednesday, March 7th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-two have given a buy rating to the stock. Ciena has a consensus rating of “Buy” and an average price target of $30.04.
Ciena Corporation provides hardware, software, and services that support the transport, switching, aggregation, service delivery, and management of voice, video, and data traffic on communications networks worldwide. The company's Networking Platforms segment offers hardware networking solutions optimized for the convergence of coherent optical transport, optical transport network switching, and packet switching.
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