02 June, 2017
The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. ETRADE Capital Management LLC now owns 41,469 shares of the communications equipment provider's stock worth $904,000 after buying an additional 142 shares during the period. The stock has an average rating of "Buy" and an average target price of $28.13.
Ciena Co. has a 52-week low of $17.59 and a 52-week high of $27.98. The stock rose 15.67% or $3.68 reaching $27.16 per share. The company's shares closed yesterday at $101.50, close to its 52-week high of $101.61.
Stock is now moving with a positive distance from the 200 day simple moving average of approximately 2.62%, and has a poor year to date (YTD) performance of -3.81% which means the stock is constantly subtracting to its value from the previous fiscal year end price. Ciena Corporation (NYSE:CIEN) has a market cap of $3.29B and the number of outstanding shares have been calculated 141.32M. Traders acquired 7,124 put options on the company. When we divide the current volume by the three-month average volume, we get a relative volume of 8.11.
Investors were clearly impressed with the company's numbers, as Ciena Corporation shares surged almost 9% in premarket trading Thursday following the report. The analysts estimated EPS for the higher end at 0.42 and lower end at 0.33 while the year ago reported earnings per share was 0.39.
Revenues rose 10.3% from previous year to $707.02 million, also topping analysts' view for $694.84 million.
Return on equity reveals how much profit a company earned in comparison to the total amount of shareholder equity found on the balance sheet. The company's quarterly revenue was up 10.3% on a year-over-year basis. For the last period, the company reported quarter over quarter EPS growth of 132.10% and quarter over quarter sales growth of 8.40%. Another trade for 1,320 shares valued at $31,614 was sold by Phipps Jason. If you are reading this article on another website, it was illegally stolen and reposted in violation of United States & worldwide copyright & trademark law. The correct version of this news story can be accessed at https://sportsperspectives.com/2017/06/01/elkfork-partners-llc-boosts-stake-in-ciena-co-cien-updated.html.
Several other large investors also recently added to or reduced their stakes in the company. State Street Corp increased its stake in shares of Ciena by 3.6% in the first quarter. 21997668 shares were traded on Ciena Corporation's last session. NY boosted its stake in Ciena by 0.3% in the first quarter. Closely-held shares are those owned by insiders, major shareholders and employees, while restricted stock refers to insider shares that can not be traded because of a temporary restriction such as the lock-up period after an initial public offering. Peconic Partners LLC bought a new stake in shares of Ciena during the first quarter valued at $2,361,000. The shares were sold at an average price of $23.25, for a total value of $23,250.00. Commonwealth Of Pennsylvania Pub School Empls Retrmt holds 20,629 shares or 0.01% of its portfolio. The Par Capital Management Inc holds 591,450 shares with $84.44 million value, down from 621,450 last quarter. Finally, Emerald Advisers Inc. Renaissance Ltd Liability accumulated 0.16% or 4.03 million shares. Aperio Group LLC now owns 19,702 shares of the communications equipment provider's stock valued at $430,000 after buying an additional 639 shares in the last quarter. Whittier Trust has 0% invested in Ciena Corporation (NYSE:CIEN). The average estimate of 14 analysts surveyed by Zacks Investment Research was for earnings of 37 cents per share. The stock of Ciena Corporation (NYSE:CIEN) has "Overweight" rating given on Tuesday, January 12 by Morgan Stanley. On Friday, September 2 the stock rating was downgraded by Drexel Hamilton to "Hold". Closing price generally refers to the last price at which a stock trades during a regular trading session. Zynga Inc. (ZNGA) shares have been seen trading -0.69% off its 52 week- peak value and changed 58.59% from its 52 week-bottom price value. Bank of America Corp cut Ciena from a "buy" rating to a "neutral" rating and raised their target price for the stock from $26.39 to $28.00 in a research report on Friday, March 3rd.
Currently, the analyst consensus on Ciena Corp is Strong Buy and the average price target is $29.10, representing a 7.0% upside.
