State Treasurer State of Michigan trimmed its position in shares of Ciena Co. (NYSE:CIEN) by 17.3% in the second quarter, HoldingsChannel reports. The institutional investor owned 42,400 shares of the communications equipment provider’s stock after selling 8,900 shares during the period. State Treasurer State of Michigan’s holdings in Ciena were worth $1,744,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Creative Planning increased its holdings in Ciena by 3.8% in the 2nd quarter. Creative Planning now owns 8,152 shares of the communications equipment provider’s stock valued at $335,000 after purchasing an additional 302 shares in the last quarter. Flagship Harbor Advisors LLC lifted its position in shares of Ciena by 98.5% during the second quarter. Flagship Harbor Advisors LLC now owns 645 shares of the communications equipment provider’s stock worth $26,000 after purchasing an additional 320 shares during the last quarter. Oakbrook Investments LLC lifted its position in shares of Ciena by 4.1% during the first quarter. Oakbrook Investments LLC now owns 10,100 shares of the communications equipment provider’s stock worth $377,000 after purchasing an additional 400 shares during the last quarter. Parkside Financial Bank & Trust lifted its position in shares of Ciena by 29.6% during the first quarter. Parkside Financial Bank & Trust now owns 1,789 shares of the communications equipment provider’s stock worth $67,000 after purchasing an additional 409 shares during the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its position in shares of Ciena by 1.7% during the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 25,339 shares of the communications equipment provider’s stock worth $946,000 after purchasing an additional 426 shares during the last quarter. Institutional investors and hedge funds own 92.64% of the company’s stock.

CIEN has been the topic of several research analyst reports. Raymond James increased their price target on shares of Ciena from $48.00 to $53.00 and gave the stock an “outperform” rating in a research report on Friday, June 7th. Nomura increased their price target on shares of Ciena from $50.00 to $52.00 and gave the stock a “buy” rating in a research report on Friday, June 7th. B. Riley increased their price target on shares of Ciena from $48.00 to $55.00 and gave the stock a “buy” rating in a research report on Friday, June 7th. Piper Jaffray Companies increased their price target on shares of Ciena from $41.00 to $45.00 and gave the stock a “neutral” rating in a research report on Thursday, June 6th. Finally, Goldman Sachs Group increased their price target on shares of Ciena from $45.00 to $53.00 and gave the stock a “buy” rating in a research report on Friday, June 7th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $46.79.

In other Ciena news, CEO Gary B. Smith sold 9,600 shares of the stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $41.78, for a total value of $401,088.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Rick Hamilton sold 1,951 shares of the stock in a transaction dated Friday, June 21st. The shares were sold at an average price of $44.05, for a total transaction of $85,941.55. The disclosure for this sale can be found here. Insiders sold 91,389 shares of company stock valued at $3,868,593 in the last quarter. Corporate insiders own 1.20% of the company’s stock.

NYSE:CIEN traded up $0.63 during trading hours on Tuesday, hitting $43.70. The stock had a trading volume of 1,006 shares, compared to its average volume of 1,950,522. Ciena Co. has a one year low of $25.71 and a one year high of $46.78. The company has a debt-to-equity ratio of 0.33, a quick ratio of 2.36 and a current ratio of 2.83. The stock has a market cap of $6.68 billion, a P/E ratio of 39.24, a price-to-earnings-growth ratio of 1.45 and a beta of 1.11. The firm has a 50 day moving average price of $43.48.

Ciena (NYSE:CIEN) last released its quarterly earnings results on Thursday, June 6th. The communications equipment provider reported $0.48 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.41 by $0.07. The company had revenue of $865.00 million during the quarter, compared to analysts’ expectations of $818.23 million. Ciena had a net margin of 5.98% and a return on equity of 12.37%. The business’s quarterly revenue was up 18.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.23 earnings per share. As a group, sell-side analysts expect that Ciena Co. will post 1.74 EPS for the current fiscal year.

About Ciena

Ciena Corporation provides network hardware, software, and services that support the transport, switching, aggregation, service delivery, and management of video, data, and voice 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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Institutional Ownership by Quarter for Ciena (NYSE:CIEN)

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