Ciena Co. (NYSE:CIEN) Sees Large Decline in Short Interest

Ciena Co. (NYSE:CIEN) was the recipient of a large drop in short interest during the month of January. As of January 31st, there was short interest totalling 7,780,000 shares, a drop of 8.5% from the January 15th total of 8,500,000 shares. Approximately 5.1% of the shares of the company are short sold. Based on an average daily volume of 2,790,000 shares, the days-to-cover ratio is currently 2.8 days.

CIEN has been the subject of several research analyst reports. Dougherty & Co increased their price objective on shares of Ciena from $40.00 to $48.00 and gave the company a “buy” rating in a research report on Friday, December 13th. Stifel Nicolaus reissued a “buy” rating and set a $54.00 price target on shares of Ciena in a research report on Thursday, December 12th. Needham & Company LLC reissued a “hold” rating on shares of Ciena in a research report on Monday, December 9th. B. Riley set a $56.00 price target on shares of Ciena and gave the stock a “buy” rating in a research report on Friday, October 25th. Finally, Zacks Investment Research lowered shares of Ciena from a “hold” rating to a “sell” rating and set a $45.00 price target for the company. in a research report on Friday, December 13th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and eighteen have issued a buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $49.09.

Ciena stock traded down $0.12 during trading on Friday, reaching $43.19. The company had a trading volume of 1,053,419 shares, compared to its average volume of 1,668,352. The firm’s 50-day simple moving average is $42.36 and its 200 day simple moving average is $40.11. Ciena has a 1-year low of $32.76 and a 1-year high of $46.78. The firm has a market capitalization of $6.64 billion, a PE ratio of 26.99, a price-to-earnings-growth ratio of 1.07 and a beta of 1.11. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.41 and a current ratio of 2.82.

Ciena (NYSE:CIEN) last announced its earnings results on Thursday, December 12th. The communications equipment provider reported $0.58 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.63 by ($0.05). Ciena had a return on equity of 13.67% and a net margin of 7.09%. The business had revenue of $968.00 million for the quarter, compared to analyst estimates of $966.28 million. During the same period last year, the firm earned $0.53 EPS. The company’s revenue for the quarter was up 8.8% compared to the same quarter last year. Analysts anticipate that Ciena will post 2.3 EPS for the current year.

In related news, CEO Gary B. Smith sold 3,750 shares of the stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $37.65, for a total value of $141,187.50. Also, CFO James E. Moylan, Jr. sold 2,000 shares of the stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $37.26, for a total transaction of $74,520.00. The disclosure for this sale can be found here. Insiders sold a total of 108,587 shares of company stock valued at $5,691,735 over the last ninety days. 1.20% of the stock is currently owned by insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of CIEN. First Trust Advisors LP raised its holdings in shares of Ciena by 1,791.1% during the 3rd quarter. First Trust Advisors LP now owns 3,396,801 shares of the communications equipment provider’s stock worth $133,257,000 after acquiring an additional 3,217,184 shares during the period. FMR LLC raised its holdings in shares of Ciena by 605.3% during the 1st quarter. FMR LLC now owns 1,249,825 shares of the communications equipment provider’s stock worth $46,669,000 after acquiring an additional 1,072,632 shares during the period. Menora Mivtachim Holdings LTD. purchased a new position in shares of Ciena during the 3rd quarter worth $40,458,000. Captrust Financial Advisors raised its holdings in shares of Ciena by 23,228,850.0% during the 4th quarter. Captrust Financial Advisors now owns 464,579 shares of the communications equipment provider’s stock worth $19,912,000 after acquiring an additional 464,577 shares during the period. Finally, LSV Asset Management raised its holdings in shares of Ciena by 26.3% during the 4th quarter. LSV Asset Management now owns 2,139,826 shares of the communications equipment provider’s stock worth $91,349,000 after acquiring an additional 445,826 shares during the period. Institutional investors and hedge funds own 90.29% of the company’s stock.

Ciena Company Profile

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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