November 10, 2019 at 2:26 pm

Synovus Financial Corp Purchases New Position in Ciena Co. (NYSE:CIEN)

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Synovus Financial Corp purchased a new stake in Ciena Co. (NYSE:CIEN) in the 3rd quarter, HoldingsChannel reports. The firm purchased 8,027 shares of the communications equipment provider’s stock, valued at approximately $318,000.

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Several other hedge funds and other institutional investors have also recently made changes to their positions in CIEN. JPMorgan Chase & Co. boosted its position in Ciena by 0.3% during the second quarter. JPMorgan Chase & Co. now owns 2,929,324 shares of the communications equipment provider’s stock worth $121,861,000 after purchasing an additional 8,269 shares during the period. Invesco Ltd. boosted its position in Ciena by 35.6% during the second quarter. Invesco Ltd. now owns 2,367,784 shares of the communications equipment provider’s stock worth $97,386,000 after purchasing an additional 621,927 shares during the period. Nuveen Asset Management LLC bought a new stake in Ciena during the second quarter worth approximately $77,706,000. Ion Asset Management Ltd. bought a new stake in Ciena during the second quarter worth approximately $74,161,000. Finally, Holocene Advisors LP bought a new stake in Ciena during the second quarter worth approximately $53,362,000. 88.63% of the stock is owned by institutional investors and hedge funds.

Shares of CIEN traded up $0.30 during mid-day trading on Friday, hitting $37.45. The company’s stock had a trading volume of 1,666,054 shares, compared to its average volume of 2,702,497. Ciena Co. has a one year low of $30.33 and a one year high of $46.78. The company has a debt-to-equity ratio of 0.32, a quick ratio of 2.45 and a current ratio of 2.90. The firm has a market capitalization of $5.76 billion, a PE ratio of 33.44, a price-to-earnings-growth ratio of 0.94 and a beta of 1.06. The stock’s 50-day moving average is $37.80 and its two-hundred day moving average is $39.91.

Ciena (NYSE:CIEN) last issued its earnings results on Thursday, September 5th. The communications equipment provider reported $0.71 EPS for the quarter, beating analysts’ consensus estimates of $0.50 by $0.21. The business had revenue of $960.60 million during the quarter, compared to analyst estimates of $930.64 million. Ciena had a return on equity of 13.64% and a net margin of 6.77%. Ciena’s revenue was up 17.3% on a year-over-year basis. During the same period in the prior year, the company posted $0.48 earnings per share. Analysts expect that Ciena Co. will post 1.88 EPS for the current fiscal year.

CIEN has been the subject of a number of recent analyst reports. B. Riley set a $56.00 target price on Ciena and gave the stock a “buy” rating in a research report on Friday, October 25th. Rosenblatt Securities raised Ciena from a “neutral” rating to a “buy” rating and upped their target price for the stock from $45.00 to $47.00 in a research report on Thursday, August 29th. ValuEngine cut Ciena from a “buy” rating to a “hold” rating in a research report on Friday, September 6th. UBS Group decreased their target price on Ciena from $46.00 to $43.00 and set a “neutral” rating for the company in a research report on Friday, September 6th. Finally, Barclays increased their price objective on Ciena from $50.00 to $53.00 and gave the company an “overweight” rating in a research report on Friday, September 6th. Nine equities research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $48.35.

In related news, CEO Gary B. Smith sold 1,750 shares of the company’s stock in a transaction on Monday, October 28th. The stock was sold at an average price of $37.12, for a total value of $64,960.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO James E. Moylan, Jr. sold 2,000 shares of the company’s stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $36.96, for a total value of $73,920.00. The disclosure for this sale can be found here. Insiders sold 47,688 shares of company stock valued at $1,877,809 over the last 90 days. 1.20% of the stock is currently owned by corporate insiders.

Ciena 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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Want to see what other hedge funds are holding CIEN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Ciena Co. (NYSE:CIEN).

Institutional Ownership by Quarter for Ciena (NYSE:CIEN)

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