Mutual of America Capital Management LLC Has $9.51 Million Stake in Ciena Corporation $CIEN

Mutual of America Capital Management LLC trimmed its position in shares of Ciena Corporation (NYSE:CIEN) by 7.6% during the 3rd quarter, HoldingsChannel reports. The firm owned 65,288 shares of the communications equipment provider’s stock after selling 5,401 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Ciena were worth $9,511,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Global Retirement Partners LLC grew its holdings in shares of Ciena by 11.1% during the third quarter. Global Retirement Partners LLC now owns 698 shares of the communications equipment provider’s stock valued at $102,000 after buying an additional 70 shares in the last quarter. Nisa Investment Advisors LLC grew its stake in Ciena by 1.3% during the 3rd quarter. Nisa Investment Advisors LLC now owns 6,475 shares of the communications equipment provider’s stock valued at $943,000 after acquiring an additional 80 shares in the last quarter. GAMMA Investing LLC increased its holdings in shares of Ciena by 2.3% in the 3rd quarter. GAMMA Investing LLC now owns 4,071 shares of the communications equipment provider’s stock valued at $593,000 after purchasing an additional 92 shares during the period. Fifth Third Wealth Advisors LLC lifted its position in shares of Ciena by 2.3% in the third quarter. Fifth Third Wealth Advisors LLC now owns 4,889 shares of the communications equipment provider’s stock worth $712,000 after purchasing an additional 112 shares in the last quarter. Finally, Nwam LLC boosted its holdings in shares of Ciena by 4.7% during the third quarter. Nwam LLC now owns 2,505 shares of the communications equipment provider’s stock worth $404,000 after purchasing an additional 113 shares during the period. Hedge funds and other institutional investors own 91.99% of the company’s stock.

Ciena Stock Up 1.3%

Shares of Ciena stock opened at $232.13 on Tuesday. Ciena Corporation has a 12-month low of $49.21 and a 12-month high of $261.13. The company has a quick ratio of 2.09, a current ratio of 2.73 and a debt-to-equity ratio of 0.56. The stock has a 50 day moving average price of $222.08 and a two-hundred day moving average price of $163.41. The stock has a market capitalization of $32.70 billion, a P/E ratio of 273.09, a PEG ratio of 1.27 and a beta of 1.13.

Ciena (NYSE:CIEN) last issued its quarterly earnings data on Thursday, December 11th. The communications equipment provider reported $0.91 earnings per share for the quarter, topping analysts’ consensus estimates of $0.76 by $0.15. Ciena had a net margin of 2.59% and a return on equity of 8.38%. The business had revenue of $1.35 billion during the quarter, compared to analysts’ expectations of $1.29 billion. During the same period in the previous year, the company earned $0.54 earnings per share. Ciena’s revenue for the quarter was up 20.1% on a year-over-year basis. Equities analysts expect that Ciena Corporation will post 1.6 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Patrick Gallagher sold 11,618 shares of the business’s stock in a transaction dated Monday, January 12th. The stock was sold at an average price of $227.45, for a total transaction of $2,642,514.10. Following the completion of the transaction, the director owned 50,184 shares of the company’s stock, valued at approximately $11,414,350.80. The trade was a 18.80% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Joseph Cumello sold 11,929 shares of the stock in a transaction that occurred on Monday, January 12th. The shares were sold at an average price of $229.82, for a total value of $2,741,522.78. Following the sale, the senior vice president owned 49,475 shares of the company’s stock, valued at approximately $11,370,344.50. The trade was a 19.43% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 167,890 shares of company stock valued at $38,277,035 in the last quarter. Insiders own 0.93% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. BNP Paribas Exane set a $185.00 price objective on shares of Ciena and gave the company an “outperform” rating in a research note on Monday, October 13th. Barclays increased their price objective on Ciena from $138.00 to $279.00 and gave the stock an “overweight” rating in a report on Friday, December 12th. B. Riley reaffirmed a “neutral” rating on shares of Ciena in a research report on Friday, December 12th. UBS Group lifted their price target on Ciena from $120.00 to $230.00 and gave the company a “neutral” rating in a report on Friday, December 12th. Finally, Zacks Research upgraded Ciena from a “hold” rating to a “strong-buy” rating in a report on Tuesday, December 23rd. Two analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat.com, Ciena currently has an average rating of “Moderate Buy” and an average target price of $241.67.

Ciena Profile

Ciena Corporation (NYSE: CIEN) is a global supplier of telecommunications networking equipment, software and services. The company develops high-capacity optical transport systems and packet-optical platforms that enable service providers, cloud operators and large enterprises to build, manage and scale their networks. Ciena’s product portfolio includes coherent optical solutions, packet networking platforms and a suite of network automation software designed to optimize bandwidth, reduce latency and simplify network operations.

In addition to hardware offerings, Ciena provides professional services and support, including network design, implementation and ongoing maintenance.