Janney Capital Management LLC Sells 378 Shares of Ciena Co. (NYSE:CIEN)

Janney Capital Management LLC lessened its holdings in Ciena Co. (NYSE:CIEN) by 3.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 9,268 shares of the communications equipment provider’s stock after selling 378 shares during the quarter. Janney Capital Management LLC’s holdings in Ciena were worth $571,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the business. Hoese & Co LLP bought a new position in Ciena during the 3rd quarter worth approximately $25,000. UMB Bank n.a. boosted its stake in Ciena by 424.4% during the 3rd quarter. UMB Bank n.a. now owns 451 shares of the communications equipment provider’s stock worth $28,000 after acquiring an additional 365 shares during the last quarter. Headlands Technologies LLC bought a new position in Ciena during the 1st quarter worth approximately $40,000. Canton Hathaway LLC acquired a new stake in Ciena during the 2nd quarter worth approximately $40,000. Finally, Covestor Ltd raised its holdings in Ciena by 339.5% during the 1st quarter. Covestor Ltd now owns 1,213 shares of the communications equipment provider’s stock worth $60,000 after buying an additional 937 shares during the period. Institutional investors own 91.99% of the company’s stock.

Ciena Price Performance

Shares of CIEN opened at $63.97 on Monday. The company has a market cap of $9.24 billion, a price-to-earnings ratio of 68.05, a PEG ratio of 8.31 and a beta of 0.94. Ciena Co. has a 1-year low of $42.17 and a 1-year high of $69.91. The company’s fifty day simple moving average is $61.11 and its 200 day simple moving average is $52.95. 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 (NYSE:CIEN) last issued its earnings results on Wednesday, September 4th. The communications equipment provider reported $0.35 earnings per share for the quarter, topping analysts’ consensus estimates of $0.26 by $0.09. Ciena had a net margin of 3.44% and a return on equity of 5.98%. The business had revenue of $942.30 million for the quarter, compared to the consensus estimate of $928.31 million. During the same period in the previous year, the company earned $0.36 earnings per share. The firm’s revenue for the quarter was down 11.8% on a year-over-year basis. On average, research analysts forecast that Ciena Co. will post 1.13 earnings per share for the current fiscal year.

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

Insiders Place Their Bets

In other Ciena news, SVP Jason Phipps sold 2,200 shares of Ciena stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $61.49, for a total transaction of $135,278.00. Following the completion of the transaction, the senior vice president now directly owns 91,149 shares of the company’s stock, valued at $5,604,752.01. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Ciena news, SVP Jason Phipps sold 2,200 shares of Ciena stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $61.49, for a total transaction of $135,278.00. Following the completion of the transaction, the senior vice president now directly owns 91,149 shares of the company’s stock, valued at $5,604,752.01. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP David M. Rothenstein sold 3,500 shares of Ciena stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $67.43, for a total transaction of $236,005.00. Following the transaction, the senior vice president now directly owns 199,997 shares of the company’s stock, valued at approximately $13,485,797.71. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 9,200 shares of company stock valued at $568,123 over the last ninety days. 0.83% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages have commented on CIEN. JPMorgan Chase & Co. downgraded shares of 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. Northland Securities restated a “market perform” rating and set a $46.00 target price on shares of Ciena in a report on Tuesday, September 3rd. Needham & Company LLC restated a “buy” rating and set a $65.00 target price on shares of Ciena in a report on Thursday, September 5th. BNP Paribas downgraded shares of Ciena from an “outperform” rating to a “neutral” rating and raised their target price for the stock from $59.00 to $67.00 in a report on Wednesday, October 9th. Finally, Barclays raised their target price on shares of Ciena from $55.00 to $67.00 and gave the stock an “overweight” rating in a report on Thursday, September 5th. Eight investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, Ciena currently has a consensus rating of “Hold” and a consensus target price of $63.08.

Ciena 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.