Bank of Montreal Can Sells 22,870 Shares of Ciena Corporation $CIEN

Bank of Montreal Can lowered its stake in shares of Ciena Corporation (NYSE:CIEN) by 39.4% during the 2nd quarter, HoldingsChannel reports. The fund owned 35,185 shares of the communications equipment provider’s stock after selling 22,870 shares during the period. Bank of Montreal Can’s holdings in Ciena were worth $2,862,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently made changes to their positions in CIEN. Bayforest Capital Ltd raised its stake in shares of Ciena by 34.7% during the 1st quarter. Bayforest Capital Ltd now owns 636 shares of the communications equipment provider’s stock valued at $38,000 after purchasing an additional 164 shares during the period. National Bank of Canada FI grew its holdings in Ciena by 15.4% during the 1st quarter. National Bank of Canada FI now owns 1,147 shares of the communications equipment provider’s stock valued at $69,000 after buying an additional 153 shares in the last quarter. UMB Bank n.a. increased its position in shares of Ciena by 27.3% during the second quarter. UMB Bank n.a. now owns 1,556 shares of the communications equipment provider’s stock valued at $127,000 after buying an additional 334 shares during the period. Quarry LP lifted its holdings in shares of Ciena by 65.6% in the first quarter. Quarry LP now owns 1,593 shares of the communications equipment provider’s stock worth $96,000 after buying an additional 631 shares in the last quarter. Finally, Oliver Lagore Vanvalin Investment Group purchased a new stake in shares of Ciena in the second quarter worth about $180,000. 91.99% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other Ciena news, Director Bruce L. Claflin sold 8,461 shares of the firm’s stock in a transaction on Wednesday, September 24th. The shares were sold at an average price of $140.12, for a total value of $1,185,555.32. Following the sale, the director owned 54,624 shares of the company’s stock, valued at $7,653,914.88. This trade represents a 13.41% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Brodie Gage sold 350 shares of the company’s stock in a transaction dated Wednesday, October 15th. The shares were sold at an average price of $169.36, for a total transaction of $59,276.00. Following the transaction, the senior vice president directly owned 40,653 shares of the company’s stock, valued at approximately $6,884,992.08. This trade represents a 0.85% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 58,974 shares of company stock worth $8,655,764. 0.93% of the stock is currently owned by corporate insiders.

Ciena Trading Up 0.9%

NYSE CIEN opened at $209.36 on Thursday. The firm has a market cap of $29.53 billion, a PE ratio of 215.83, a price-to-earnings-growth ratio of 2.62 and a beta of 1.17. Ciena Corporation has a 1-year low of $49.21 and a 1-year high of $214.17. The stock has a 50-day moving average of $160.18 and a 200-day moving average of $109.73. The company has a current ratio of 3.28, a quick ratio of 2.52 and a debt-to-equity ratio of 0.55.

Ciena (NYSE:CIEN) last announced its quarterly earnings results on Thursday, April 6th. The communications equipment provider reported $0.47 EPS for the quarter. Ciena had a return on equity of 6.62% and a net margin of 3.10%.The business had revenue of $844.44 million for the quarter. As a group, sell-side analysts forecast that Ciena Corporation will post 1.6 EPS for the current year.

Analyst Upgrades and Downgrades

CIEN has been the subject of several recent analyst reports. UBS Group boosted their price objective on shares of Ciena from $78.00 to $120.00 and gave the company a “neutral” rating in a research note on Friday, September 5th. Wall Street Zen lowered shares of Ciena from a “strong-buy” rating to a “buy” rating in a research report on Saturday, November 8th. Argus increased their price objective on Ciena from $100.00 to $135.00 and gave the stock a “buy” rating in a research report on Friday, September 5th. Stifel Nicolaus lifted their price objective on Ciena from $120.00 to $152.00 and gave the company a “buy” rating in a research note on Tuesday, September 23rd. Finally, Evercore ISI upped their target price on Ciena from $120.00 to $200.00 and gave the stock an “in-line” rating in a research note on Monday. Three research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $153.20.

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.